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2021 | OriginalPaper | Chapter

7. Banking Southern Cone Dictatorships

Author : Juan Pablo Bohoslavsky

Published in: Big Business and Dictatorships in Latin America

Publisher: Springer International Publishing

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Abstract

This chapter studies the role the financial actors—multilateral, bilateral, and private creditors—played in the context of the dictatorships in Argentina, Brazil, Chile, and Uruguay. While, at some point, all these lenders supported the economic and political survival of the Southern Cone dictatorial regimes, the assistance of the private international financial sector (foreign commercial banks), in particular, was key as it became the main lender to the regimes starting in 1977, when the Carter administration and some European countries limited the official or publicly backed loans to those dictatorships in an effort to pressure them to decrease their human rights violations.

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previous chapter From Business Associations to Business Groups: Business-Government Relations and Corporate Networks During the Military Dictatorship, Peru 1968–1980

next chapter Confronting Labor Power: Ford Motor Argentina and the Dictatorship (1976–1983)

See Juan Pablo Bohoslavsky and Abel Escribà-Folch, “Rational choice and financial complicity with human rights abuses: policy and legal implications” in Making Sovereign Financing and Human Rights Work, Juan Pablo Bohoslavsky and Jernej Letnar (eds.) (Oxford: Hart Publishing, 2013), 15–32.

James Lebovic and Erik Voeten, “The costs of shame: international organizations and foreign aid in the punishing of human rights violators,” Journal of Peace Research, vol. 46, no. 1 (January 2009), 79–97, found that multilateral development cooperation commitments showed greater sensitivity to criticism of human rights records by the United Nations Commission on Human Rights than bilateral commitments did.

Marlon Weichert, “O financiamento de atos de violação de direitos humanos por empresas durante a ditadura brasileira,” Acervo 21, no. 2 (2008), 186.

For example, Deutsche Bank provided loans to construction and chemical companies (such as IG Farben) with contracts for facilities at Auschwitz; see James Harold, The Nazi Dictatorship and the Deutsche Bank (Cambridge University Press, 2004), 215.

On how some banks made vast loans to the security forces of the South African apartheid, see First Amended Complaint, In re South African Apartheid Litigation, 617 F. Supp. 2d 228 (S.D.N.Y. 2009) (Civ. No. 03-cv-04524), paras. 160–163, available at: http://www.hausfeldllp.com/content_documents/9/KhulumaniClassActionComplai.pdf. See also Hennie van Vuuren, A Tale of Profit, Guns and Money (Johannesburg: Jacana Media, 2017).

Antonio Cassese, “Study of the Impact of Foreign Economic Aid and Assistance on Respect for Human Rights in Chile,” UN Doc. E/CN.4/Sub.2/412 (1978), vols. I–IV; see also Carlo Edoardo Altamura, “Global Banks and Latin American Dictators,” Business History Review (2020): 1–32. https://doi.org/10.1017/S0007680519001260

Ronald Wintrobe, The Political Economy of Dictatorship (New York: Cambridge University Press, 1998).

See more details in Juan Pablo Bohoslavsky and Veerle Opgenhaffen, “The Past and Present of Corporate Complicity: Financing the Argentinian Dictatorship,” Harvard Human Rights Journal, 2010, Vol. 23, 166, 157–203.

See Eric Calcagno, “Los bancos transnacionales y el endeudamiento externo en la Argentina,” Cuadernos de la CEPAL, LC/G.1483 (Santiago, Chile: November 1987), 25 and 108; and Juzgado Nacional en lo Criminal y Correccional Federal no. 2 de la Capital Federal, “Olmos, Alejandro s. denuncia,” June 13, 2000, Jurisprudencia Argentina, January 31, 2001.

See Jorge Schvarzer, Argentina 1976–1981: El endeudamiento externo como pivote de la especulación financiera (Buenos Aires: Cisea, 1983).

See Eduardo Basualdo, “La Reestructuración de la Economía Argentina Durante las Últimas Décadas: De la Sustitución de Importaciones a la Valorización Financiera,” in Neoliberalismo y sectores dominantes. Tendencias globales y experiencias nacionales, ed. Eduardo Basualdo, Eduardo and Enrique Arceo (Clacso, Buenos Aires, 2006).

See, William Darity and Bobbie Horn, The loan pushers: The role of commercial banks in the international debt crisis (Pensacola: Ballinger, 1988); and Cynthia Lichtenstein, “The U.S. Response to the International Debt Crisis: The International Lending Supervision Act 1983,” Virginia Journal of International Law, 25, no. 2 (1985), 401–435.

Calculated by the author based on data from BAI, the IMF, and Central Bank of Argentina.

The level of global activity in 1982 was 1.3% lower than 1975, Ernesto Feldman and Juan Sommer, Crisis financiera y endeudamiento externo en Argentina (Buenos Aires: CET/IPAL, 1984), 114; Aldo Ferrer, ¿Puede Argentina pagar su deuda externa? (Buenos Aires: El Cid, 1982), 93.

Mario Damil and Roberto Frenkel, “Restauración Democrática y Política Económica: Argentina 1984–1991,” in Juan Morales and Gary McMahon, La política económica en la transición a la democracia: Lecciones de Argentina, Bolivia, Chile y Uruguay, (Santiago: Cieplan, 199).

See Thomas Scheetz, ‘Gastos militares en Chile, Perú y la Argentina’, Desarrollo Económico, (October–December 1985), 319.

Ibid.

According to conservative estimations, defense imports expenditures evolved as follows: US$1.57 billion in 1975, US$1.19 billion in 1976, and US$626.1 million in 1977, Scheetz, “Gastos miliatares” (data in 1982 US dollars).

Department of State Report, “‘Evolution’ of US Human Rights Policy in Argentina,” State Argentina Declassification Project (1975–1984), available at foia.state.gov/documents/Argentina/0000AA65.pdf

This section draws from Juan Pablo Bohoslavsky and Marcelo Torelly, “Financial Complicity: The Brazilian Dictatorship Under the ‘Macroscope’” in Dustin Sharp (ed.), Justice and Economic Violence in Transition (New York, Springer, 2013), 233.

Michael Wallerstein, “The Collapse of Democracy in Brazil: Its Economic Determinants,” Latin American Research Review, 1980 15:3 15, 3–40.

The annual inflation rate was 26% during the period 1955–1960 and 62% between 1960 and 1963.

Between 1955 and 1960, the GDP per capita growth was 4.8%, while between 1960 and 1963 it was 2.1%.

See Wolfgang Heinz and Hugo Fruhling, Determinants of Gross Human Rights Violations by State and State-Sponsored Actors in Brazil, Uruguay, Chile, and Argentina (1960–1990) (The Hague: Kluwer Law International, 1999), 29.

Matias Spektor, Kissinger e o Brasil, (Rio de Janeiro: Jorge Zahar, 2009).

Thomas Skidmore, The Politics of Military Rule in Brazil, 1964–1985 (New York: Oxford University Press, 1988), 30.

Carolina Siqueira Conte, The Interaction of Economics and Politics in Brazil During the Military Dictatorship (Ohio University: Master thesis, 2001), 22.

In 1964, it had only been 3.4%.

GDP growth went from 3.7% (1962–1967) to 11.3% (1968–1974), with the industrial sector playing a leading role during those years; Wener Baer, Richard Newfarmer, and Thomas Trebat, “On State Capitalism in Brazil: Some New Issues and Questions,” Inter-American Economic Affairs 30 (1976): 75–77.

Skidmore, The Politics, 140.

Heinz and Fruhling, Determinants, 53.

James Green, “Restless youth: the 1968 Brazilian student movement as seen from Washington,” in 1968–40 anos depois, eds. Carlos Fico and Maria Paula Araújo (Rio de Janeiro: 7 Letras, 2011), 31–61.

Skidmore, The Politics, 109.

Bresser Pereira, Luiz, “Six Interpretations of the Brazilian Social Formation,” Latin American Perspectives 11, no. 40 (1984): 61.

Salaries among top professionals, technocrats, and managers increased dramatically. Skidmore, The Politics, 107.

Celso Lafer, O Sistema Político Brasileiro (São Paulo: Perspectiva, 1978), 65–66, 65–66.

Siqueira Conte, “The Interaction,” 9, 56.

World Bank, World Tables, 48, 423, 426; see also Albert Fishlow, “Brazil’s Economic Miracle,” The World Today, no. 29 (1973): 474.

Alfred Stepan, Authoritarian Brazil: Origins, Policies, and Future (Hew Haven: Yale University Press, 1973), 70.

Skidmore, The Politics, 36, 39, and 55.

Ibid., 92.

Skidmore, The Politics, 36, 39, 55, 141.

Baer, Newfarmer and Trebat, “On State Capitalism,” 89.

Skidmore, The Politics, 36, 39, 55, 141.

José Carvalho Pereira, Financiamento Externo e Crescimento Econômico no Brasil: 1966/73 (Rio de Janeiro: IPEA/INPES, 1974), 96.

Guilherme Binato Pedras, “History of Public Debt in Brazil: 1964 to the Present,” in Public Debt: The Brazilian Experience, eds. Anderson Caputo Silva et al. (Brasília: National Treasury, 2010), 64.

Ibid., 64.

James Henry, The Blood Bankers: Tales from the Global Underground Economy (New York: Four Walls Eight Windows, 2003), 127–177.

Baer, Newfarmer and Trebat, “On State Capitalism,” 93.

1964: 15.75; 1965: 17.02; 1969: 12.47; 1972: 19.63; 1974: 18.25; 1976: 21; 1979: 25.10; 1982: 31.67; 1984: 54.09. Caputo Silva et al., Public Debt, 413.

Marco Aguiar et al., “Economic Dictatorship versus Democracy in Brazil,” Latin American Perspectives 11, no. 1 (1984), 18.

Eul-Soo Pang and Laura Jarnagin, “Brazilian Democracy and the Foreign Debt,” Current History (February 1984), 64.

Jeffry Frieden, “The Brazilian Borrowing Experience: From Miracle to Debacle and Back,” Latin American Research Review 22, no. 1 (1987), 95–6, 100.

Pang and Jarnagin,“Brazilian,” 64.

Frieden, “The Brazilian,” 104.

Skidmore, The Politics, 180.

Frieden, “The Brazilian,” 97.

Ibid., 116.

Skidmore, The Politics, 237.

See generally Luiz Bresser-Pereira, O Colapso de uma Aliança de Classes (São Paulo: Brasiliense, 1978), 125.

Frieden, “The Brazilian,” 116.

James Petras, “Political Economy of State Terror: Chile, El Salvador, and Brazil,” Crime and Social Justice, no. 27–28 (1987), 104.

Tony Addison, “The political economy of the transition from authoritarianism,” in Pablo de Greiff and Roger Duthie (eds), Transitional Justice and Development, (New York: Social Science Research Council, 2009), 118.

Skidmore, The Politics, 4.

SIPRI, “World Armaments and Disarmament,” SIPRI Yearbook, several years.

Carlos Wellington Leite de Almeida, “Transparência do orçamento de defesa. O caso brasileiro,” Papeles de investigación, RESDAL (August 2005): 26, http://www.resdal.org/presupuestos/caso-brasil.pdf (accessed April 26, 2018).

Instituto Brasileiro de Geografia e Estatística, “Anuário estatístico do Brasil: 1963–1990,” (IBGE: Rio de Janeiro, 1992).

Carlos Fico, Como eles agiam: os subterrâneos da Ditadura Militar (Rio de Janeiro: Record, 2001), 200.

Instituto Brasileiro de Geografia e Estatística, “Anuario.”

For example, in São Paulo the “Departamento de Ordem Política e Social” (DEOPS) was in charge of coordinating the repression.

US Arms Control and Disarmament Agency, World Military Expenditures and Arms Transfers, (1963–193) (Washington, D.C.), 23; and (1985), 55.

Fernando Cordero, “Comercio Exterior e Industria de Armas Livianas en Argentina, Brasil, Colombia, Costa Rica, Chile, República Dominicana, Perú, México y Venezuela. 1970–1980,” Ibero-Americana – Nordic Journal of Latin American Studies 7, no. 1–2 (1983), 170.

See more details in Juan Pablo Bohoslavsky and Mariana Rulli, “Corporate Complicity and Finance as a ‘Killing Agent’. The Relevance of the Chilean Case,” Journal of International Criminal Justice, 2010, Vol. 8, No. 3, 829–850.

Cassese, “Study.”

Ibid., Vol. IV, 24.

Ibid, Vol. III, 3,12.

Cental Bank of Chile, “Indicadores Económicos y Sociales de Chile 1960–2000,” (Santiago, 2001).

Cental Bank of Chile, “Deuda externa de Chile,” (Santiago, 1984).

Cassese, “Study.” Vol. III, 5.

Heinz and Fruhling, “Determinants,” 520.

The programs that aimed to finance new houses provide an example of this; Cassese, “Study,” Vol. IV, 24.

Ibid.

Scheetz, “Gastos militaes.”

Ibid., at 22, 24.

Cassese, “Study,” Vol. III, 67. As the article “How Chile Reappeared” said in Euromoney in 1977, 101–5: “Both countries [Chile and Argentina] have arguably staged an economic turnaround, which appears to have impressed the international banking fraternity. Although the Carter tirade against those countries infringing on Human Rights prompted a somewhat sticky start to the development of the two countries as a much needed sink-hole for excess banking liquidity, it is plain that doubts about the wisdom of lending to countries that contravene Human Rights are fast being dismissed.”

Center for International Policy, “Chile: An Analysis of Human Rights Violations and United States Security Assistance and Economic Programmes,” 1–2 July 1978.

S 3631-Foreign Loans Disclosure Act of 1978,124 Cong. Rec.376781978.

S 3631-Foreign Loans Disclosure Act of 1978, 124 Cong Rec 37,677 1978.

Ibid.

S 3631-Foreign Loans Disclosure Act of 1978,124 Cong. Rec.376781978.

S 3631-Foreign Loans Disclosure Act of 1978, 124 Cong Rec 37,677 1978. From January 1977 to August 1980, the United States opposed, either by voting against or by abstaining from voting, 23 loans to Argentina, 5 to Chile, 7 to Paraguay, and 11 to Uruguay.

A detail of US negative votes and abstentions on multilateral development banks’ loans for human rights reasons, in Jo Marie Griesgraber, “Implementation by the Carter Administration of Human Rights Legislation Affecting Latin America,” (unpublished PhD dissertation, Georgetown University, 1983) (on file with author), 368.

“Rights Policy Not Helped by Loans to Chile From Banks,” The Washington Post, April 13, 1978, at A19.

“Several US banks Accused of Undercutting Policy on Chile,” The Washington Post, April 12, 1978.

For example, during his trip to Argentina in March 1979, David Rockefeller—then chair of the US bank Chase Manhattan—made a public speech criticizing President Carter’s human rights policy, stressing that “it is not fair to use trade as an instrument to force other nations to do things in the way we think they must be done, because this does not benefit the human rights policy and, in addition, is detrimental to our economy and the one of other countries,” “Rockefeller opinó,” Clarín, March 9, 1979. He went even further by explaining that limiting or curtailing trade as the penalty for nonconformance with human rights standards was not only a wrong-minded approach, but also, at base, antidemocratic as it tried to impose American values on other countries; see David Rockefeller, “America’s Future: A Question of Strength and Will,” The Atlantic Community Quarterly, Spring 1979, 14–19; and David Rockefeller, “In Pursuit of a Consistent Foreign Policy: The Trilateral Commission,” Vital Speeches of the Day, June 15, 517–20. In 1978, the chairman of Lloyds Bank in London responded to criticism for granting loans to the Chilean dictatorship, admitting that this regime was repressive, but also alleging that lending money to Chile was not banned. See “Lloyds bounces Chile protest,” The Guardian, March 31, 1978.

See more details in Juan Pablo Bohoslavsky, “Another Brick in the Uruguayan Transition: Financial Complicity,” Sabine Michalowski (ed.), Corporate Accountability in the Context of Transitional Justice, (Routledge, 2012), 189.

Jaime Yaffé, “Proceso económico y política económica durante la dictadura (1973–1984)” in C. Demasi et al., La dictadura cívico militar. Uruguay 1973–1985 (Montevideo: Ediciones de la Banda Oriental, 2009), 107.

In other words, the economy’s performance is determined almost entirely by changes in the money supply.

See Yaffé, “Proceso,” 122.

100

On state budget and expenditures, see generally Paola Azar et al. ¿De quiénes, para quiénes y para qué? Las finanzas públicas de Uruguay en el siglo XX, (Fin de Siglo, Montevideo, 2009).

101

Yaffé, “Proceso,” 155.

102

Ibid.

103

Jorge Notaro, “La batalla que ganó la economía. 19721984” in Bertoni et al., El Uruguay del siglo xx. La economía, Instituto de Economía-Ediciones de la Banda Oriental, Montevideo, 2003, 110.

104

Alvaro Rico, “Sobre el autoritarismo y el golpe de Estado. La dictadura y el dictador” in Carlo Demasi et al. (eds), La dictadura Cívico-Militar. Uruguay 1973–1985, (Montevideo: Ediciones de la Banda Oriental), 231.

105

Merilee Grindle, “Civil-Military Relations and Budgetary Politics in Latin America,” 13 Armed Forces & Society, 1987, 262; Scheetz, “Gastos militares,” 319.

106

According to the Stockholm International Peace Research Institute, these figures in principle include, among other things, expenditures on defense ministries and other governmental agencies engaged in defense projects, current military and civil personnel, operations and maintenance, procurement, military research and development, and military construction. See www.sipri.org/research/armaments/milex/resultoutput/sources_methods/definitions

107

SIPRI, “World Armaments,” 1979, 56.

108

SIPRI, “World Armaments,” 1980, 32; 1983, 174; 1984, 30; and 1990, 200.

109

Brock Blomberg, “Growth, Political Instability and the Defense Burden,” Economica, 3 (1996), 649.

110

SIPRI, “World Armaments,” 1983, 174.

111

US Arms Control and Disarmament Agency, World Military Expenditures and Arms Trade, 1969–78, 155; 1972–82, 91; 1985, 127; 1987, 123; and 1988, 107.

112

See findings in Bohoslavsky and Escribà-Folch, “Rational choice,” 15–32.

113

Salvador Bergel, “Los créditos a interés variable: Su incidencia en la deuda externa latinoamericana,” in Derecho Económico actual. Homenaje al Prof. Manuel A. Laquis, Depalma, Buenos Aires, 776–781.

114

Antonio Cassese, “Foreign Economic Assistance and Respect for Civil and Political Rights: Chile, A Case Study,” Texas International Law Journal 14 (1979): 257.

115

Cyrus Vance, “Human Rights and Foreign Policy,” Georgia Journal of International and Comparative Law Quarterly, 1977: 3, 223.

116

Benjamin Cohen, “International Debt and Linkage Strategies: Some Foreign-Policy Implications for the United States,” International Organization, (1985) 39(4), 699–727.

117

“Los prestamistas de la muerte,” Página 12, 21 June 2011.

118

This informal group was established to discuss the implications of the UN Guiding Principles on Business and Human Rights for the banking sector. Its current members are UBS, Credit Suisse, Barclays, BBVA, BNP Paribas, Deutsche Bank, ING, RBS, Standard Chartered, UniCredit, and JP Morgan.

119

Available at http://www.menschenrechte.uzh.ch/en/publikationen/thun-group-of-banks.html

120

See the letters of the UN Working Group on Business and Human Rights, http://www.ohchr.org/Documents/Issues/TransCorporations/WG_BHR_letter_Thun_Group.pdf; of the Office of the High Commissioner for Human Rights http://www.ohchr.org/Documents/Issues/Business/InterpretationGuidingPrinciples.pdf; and of the UN Independent Expert on Debt and Human Rights http://www.ohchr.org/Documents/Issues/Development/IEDebt/LetterThunGroup.pdf

121

Report to the UN Human Rights Council, A/HRC/28/59, 22 December 2014, available at http://www.undocs.org/A/HRC/28/59

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Juzgado Nacional en lo Criminal y Correccional Federal no. 2 de la Capital Federal. “Olmos, Alejandro s. denuncia.” Jurisprudencia Argentina, June 13, 2000, January 31, 2001.

Lafer, Celso. O Sistema Político Brasileiro. São Paulo: Perspectiva, 1978.

Lebovic, James, and Erik Voeten. “The costs of shame: international organizations and foreign aid in the punishing of human rights violators.” Journal of Peace Research 46, no. 1 (January 2009): 79–97.CrossRef

Lichtenstein, Cynthia. “The U.S. Response to the International Debt Crisis: The International Lending Supervision Act 1983.” Virginia Journal of International Law 25, no. 2 (1985): 401–435.

“Lloyds bounces Chile protest”, The Guardian, March 31, 1978.

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Title: Banking Southern Cone Dictatorships
Author: Juan Pablo Bohoslavsky
Publisher: Springer International Publishing
Book: Big Business and Dictatorships in Latin America
Print ISBN: 978-3-030-43924-8

Electronic ISBN: 978-3-030-43925-5

Copyright Year: 2021
DOI: https://doi.org/10.1007/978-3-030-43925-5_7

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