With the support of the World Bank, the government tried new measures in 1987, including an increase in taxes, privatizations, and a decrease in government spending. Those measures could not be enforced; the government had lost the 1987 midterm elections, "the 15" unions that had earlier supported the government distanced themselves from it, and the business community was unable to suggest a clear course of action. The PJ, aiming for a victory in the 1989 presidential elections, opposed the measures that it believed would have a negative social impact. The "Spring plan" sought to keep the economy stable until the elections by freezing prices and wages and reducing the federal deficit. This plan had an even worse reception than the Austral plan, and none of the parties supported it. The World Bank and the IMF refused to extend credits to Argentina. Big exporters refused to sell dollars to the Central Bank, which depleted its reserves. The austral was devaluated in February 1989, and the high inflation turned into hyperinflation. The 1989 presidential elections took place during this crisis, and the Justicialist Carlos Menem became the new president.