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Salvador Allende and the International Monetary Fund, 1970–1973: The Depoliticisation and Technocratisation of Cold War Relations

Published online by Cambridge University Press:  19 May 2015

CLAUDIA KEDAR
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Abstract

This article unveils the continuous and productive relationship that developed between Chile and the IMF during Salvador Allende's presidency (1970–73). This counter-intuitive relationship was made possible by the systematic depoliticisation and technocratisation of the ties between them. By downplaying ideological discrepancies and keeping a high degree of autonomy, the IMF and Chilean technocrats blurred rigid Cold War divides and circumvented the US-imposed embargo against Allende's regime. The examination of this relationship sheds new light on Allende's positioning in the international arena and provides a unique prism to reconsider dichotomist perceptions of the Cold War in Latin America.

Spanish abstract

Este artículo muestra la continua y productiva relación que se desarrolló entre Chile y el FMI durante la presidencia de Salvador Allende (1970–73). Esta peculiar relación fue posible por la sistemática despolitización y tecnocratización de los lazos entre ellos. Al poner de lado las discrepancias ideológicas y mantener un alto grado de autonomía, el FMI y los tecnócratas chilenos hicieron menos claras las rígidas divisiones de la Guerra Fría y circunnavegaron el embargo estadounidense en contra del régimen de Allende. El examen de dicha relación ofrece una nueva perspectiva sobre el posicionamiento de Allende en la arena internacional y provee un enfoque único para reconsiderar las percepciones dicotómicas de la Guerra Fría en Latinoamérica.

Portuguese abstract

Este artigo desvela a contínua e produtiva relação que se desenvolveu entre o Chile e o FMI durante o mandato de Salvador Allende (1970–1973). Este relacionamento contra-intuitivo tornou-se possível devido à sistemática despolitização e tecnocratização da relação entre as duas partes. Minimizando as diferenças ideológicas e mantendo um alto nível de autonomia, o FMI e os tecnocratas do Chile ofuscaram as divisões da Guerra Fria e contornaram o embargo imposto pelos Estados Unidos contra o governo de Allende. A análise desta relação apresenta uma nova visão sobre o posicionamento de Allende na arena internacional e oferece um ponto de vista único para se reconsiderar percepções dicotômicas sobre a Guerra Fria na América Latina.

Keywords

Salvador AllendeIMFCold Wardepoliticisationtechnocratisationtechnocratsbureaucratic apparatusinvisible blockadeSalvador AllendeFMIGuerra Fríadespolitizacióntecnocratizacióntecnócratasaparato burocráticobloqueo invisibleSalvador AllendeFMIGuerra Friadespolitizaçãotecnocratizaçãotecnocratasaparato burocráticobloqueio invisível
Type
Research Article
Information
Journal of Latin American Studies , Volume 47 , Issue 4 , November 2015 , pp. 717 - 747
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Copyright
Copyright © Cambridge University Press 2015 

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References

1 Speech to the United Nations, 4 Dec. 1972, available at http://www.salvador-allende.cl/Discursos/1972/NU.pdf. Allende accused lending institutions, apart from the IMF, on several occasions: see also his speech in the National Stadium in Santiago, 4 Nov. 1971, available at http://www.salvador-allende.cl/Discursos/1971/PrimerAniversario.pdf.

2 Scholarship on destabilising efforts against Allende is abundant: see, for example, Qureshi, Lubna Z., Nixon, Kissinger, and Allende: U. S. Involvement in the 1973 Coup in Chile (Lanham, MD: Rowman & Littlefield, 2010)Google Scholar; Gustafson, Kristian, Hostile Intent: U. S. Covert Operations in Chile, 1964–1973 (Dulles, VA: Potomac Books, 2007)Google Scholar; Haslam, Jonathan, The Nixon Administration and the Death of Allende's Chile: A Case of Assisted Suicide (New York: Verso, 2005)Google Scholar.

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28 ‘Fund Relations with Chile’, 11 Aug. 1971, Appendix to SM/71/209, IMF Archives.

29 Statements referring to friendly Chile-IMF relations appear in several IMF internal documents and reports; see, for example, ‘Mr. Escobar's Statement on Chile. Executive Board Meeting 70/53’, EBM 70/53 (22 June 1970), IMF Archives.

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34 Jacques Barnouin to Managing Director and the Deputy Managing Director, Confidential Office Memorandum, ‘Mission to Chile, 2–20 March 1970’, 27 March 1970, WHD-Chile, Box # 49, Folder 2, IMF Archives.

35 Ibid.

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38 Del Canto to Paul Schweitzer, Note, 14 Sept. 1970, WHD-Chile, Box # 49, Folder 2, IMF Archives. Special Drawing Rights (SDRs) are an international reserve asset created by the IMF in 1969 to supplement its member countries' official reserves. Their value is now based on a basket of four key international currencies, and they can be exchanged for freely usable currencies.

39 Barnouin to Del Canto, Office Memorandum, Dr Allende's Campaign Statements about Chile's Relationship with the Fund, 14 Sept. 1970, WHD-Chile, Box # 49, Folder 2, IMF Archives.

40 Ibid.

41 Ibid.

42 Ibid.

43 Allende, Salvador, ‘Por qué soy candidato único de la izquierda’ (Speech in the Senate, 6 Jan. 1970), in Martner, Gonzalo (ed.), Salvador Allende, 1908–1973: obras escogidas (Santiago and Madrid: Centro de Estudios Políticos Simón Bolívar and Fundación Presidente Allende, 1992), pp. 275–80Google Scholar.

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48 It grew from 44 original member states in 1945 to 188 member states in 2014.

49 Chwieroth, Capital Ideas, p. 247.

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51 In Kedar, The International Monetary Fund and Latin America, I show that in the Argentine case, the WHD was in most cases surprisingly flexible and pragmatic, even when Argentina did not fulfil the conditions stipulated in various SBAs.

52 The IMF followed the composition of Allende's team closely and prepared lists indicating the ministers' political affiliation: see ‘First Cabinet of Chilean President Salvador Allende, 3 Nov. 1970’, WHD-Chile, Box # 49, Folder 2, IMF Archives.

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55 ‘Alfonso Inostroza asumió la presidencia del Banco Central’, El Mercurio, 6 Nov. 1970.

56 Del Canto to Inostroza, 14 April 1971, WHD-Chile, Box 49, Folder 2, IMF Archives.

57 Central Bank of Chile, available at http://www.bcentral.cl/eng/about/functions/08c.htm.

58 Del Canto to Managing Director, ‘Recent Modifications to Chile's Exchange Regulations', 23 Dec. 1970, WHD-Chile, Box 49, Folder 2, IMF Archives.

59 Ibid.

60 Ibid.

61 State Department, ‘Memorandum for Mr Henry A. Kissinger. The White House’, 4 Dec. 1970, S/S 16364, 52–53, National Security Archive, available at www2.gwu.edu/~nsarchiv/NSAEBB/NSAEBB8/docs/doc20.pdf.

62 Phone Conversation no. 517–020, Richard Nixon, Henry Kissinger and John B. Connally, June 11, 1971, in The Nixon Administration's Response to Salvador Allende and Chilean Expropriation, available at http://nixontapeaudio.org/chile/chile.pdf.

63 Fernando A. Vera to Managing Director and Deputy Managing Director, ‘Visit to Chile’, 3 Feb. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

64 Ibid.

65 Ibid.

66 Ibid.

67 Ibid.

68 Ibid.

69 Ibid.

70 Ibid.

71 Ibid.

72 ‘Chile – Staff Report and Proposed Decision for the 1971 Art. XIV Consultation’, 11 Aug. 1971, SM/71/209, IMF Archives.

73 Ibid.

74 Ibid.

75 ‘Observaciones del Banco Central de Chile al informe del personal del FMI sobre consultas del Art. XIV con Chile, 1971’, (no date) WHD-Chile, Box 49, Folder 3, IMF Archives.

76 Marshall to Barnouin, Note, 5 Oct. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

77 Ibid.

78 The quotation is from Carlos Sansón to Acting Managing Director, ‘Mission to Chile, 7 Nov.–6 Dec.’, 11 Dec. 1973, WHD-Chile, Box 50, Folder 4, IMF Archives.

79 Marshall to Barnouin, Note, 5 Oct. 1971.

80 Del Canto to Azocar, Confidential Office Memorandum, ‘Chile: Post-Mortem on the question of Use of IMF data on Reserves by the Press', 20 Oct. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

81 Ibid.

82 Jay Reid to Del Canto, Office Memorandum, ‘Chile's Reserves and the Press', 21 Oct. 1971; Del Canto to Reid, Confidential Office Memorandum, ‘Chile – Flow of Information for International Financial Statistics', 22 Oct. 1971, both in WHD-Chile, Box 49, Folder 3, IMF Archives.

83 Barnouin to Dannemann, ‘Letter Mr. Marshall – Chile’, 29 Oct. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

84 Barnouin to Del Canto, ‘Telephone Conversation with Jorge Marshall’, 29 Oct. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

85 Ibid.

86 Vera to Del Canto, ‘Chile’, 5 No. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

87 Ibid.

88 Ibid.

89 Barnouin to Managing Director and Executive Managing Director, ‘Mission to Chile, November 10–16, 1971’, 19 Nov. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

90 Ibid.

91 Ibid.

92 Enrique Cosio-Pascal, ‘The Emerging of a Multilateral Forum for Debt Restructuring: The Paris Club’ (UNCTAD Discussion Papers, no. 192, Nov. 2008), pp. 1–12.

93 Barnouin to Managing Director and Executive Managing Director, ‘Mission to Chile, November 10–16, 1971’, 19 Nov. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

94 Ibid.

95 Ibid.

96 Ibid.

97 Ibid.

98 Ibid.

99 Barnouin to Vera, ‘Chile – Debt Renegotiation’, 24 Nov. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

100 On copper nationalisation, see, among others, Brands, Hal, ‘Richard Nixon and Economic Nationalism in Latin America: The Problem of Expropriations, 1969–1974’, Diplomacy and Statecraft, 18: 1 (2007), pp. 215–35CrossRefGoogle Scholar.

101 Barnouin to Vera, ‘Chile – Debt Renegotiation’, 24 Nov. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

102 Chilean Embassy in Washington DC to the IMF Managing Director, 29 Nov. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

103 Confidential, ‘Chile – Use of Fund Resources', Prepared by the Research Department and the Western Hemisphere Department (In consultation with the Exchange and Trade Relations, the Legal, and the Treasurer's Departments), 3 Dec. 1971, EBS/71/325, IMF Archives.

104 Cable, IMF to Chile Central Bank, 10 Dec. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

105 Cable, Reuter to Western Hemisphere Department, 31 Dec. 1971, WHD-Chile, Box 49, Folder 3, IMF Archives.

106 Fund Staff Mission to Chile, 28 Dec. 1971, EBD/71/442, IMF Archives.

107 Confidential Briefing for Mission, 27 Feb. 1972, WHD-Chile, Box 50, Folder 1, IMF Archives.

108 Ibid.

109 See, for example, Herman, Barry, Ocampo, José Antonio and Spiegel, Shari (eds.), Overcoming Development Country Debt Crisis (Oxford: Oxford University Press, 2010), p. 239CrossRefGoogle Scholar; Clarín (Chile), 23 April 1972 (reprinted in Los mil días de Salvador Allende, pp. 365–6).

110 Confidential Briefing for Mission, 27 Feb. 1972, WHD-Chile, Box 50, Folder 1, IMF Archives.

111 Ibid.

112 In 1965 the IMF adopted a similar strategy while helping Argentina reschedule its debts with the Paris Club: see Heras, Raúl García, El Fondo Monetario Internacional y el Banco Mundial en la Argentina (Buenos Aires: Lumiere, 2008), pp. 120–45Google Scholar.

113 Confidential Briefing for Mission, 27 Feb. 1972, WHD-Chile, Box 50, Folder 1, IMF Archives.

114 Office Memorandum, Del Canto to Managing Director, ‘Briefing for Visit to Chile’, 13 April 1972, WHD-Chile, Box 50, Folder 1, IMF Archives. In March 1972 Ambassador Letelier informed the US State Department that an IMF mission was assisting Chile in the elaboration of ‘acceptable alternatives to a stand-by’: see ‘Conversation between Ambassador Letelier and Dept Asst Secretary Crimmins', telegram from Department of State, 9 March 1972, Box 1149, General Records of the Department of State, Subject Numerical Files, 1970–1973 Economic, INCO 15–2, RG 59, U. S. National Archives and Records Administration.

115 Confidential Action Memorandum, The President's Assistant for National Security Affairs (Kissinger) to President Nixon, Attached to a memorandum from Hormats to Kissinger, 4 Oct. 1971, National Archives, Nixon Presidential Materials, NSC Files, Agency Files, Box 289, Treasury, Volume II 1971. Confidential. SUBJECT: U. S. Expropriation Policy in Multilateral Institutions, available at http://2001-2009.state.gov/r/pa/ho/frus/nixon/iv/15575.htm.

116 Harmer, Allende's Chile, pp. 161–3.

117 Alberto Eguren to Enrique Lerdau, ‘Back-to-office-report – Paris Club Meeting on Chile's External Debt’, 13 April 1972; file unit 1596218, World Bank Archives.

118 ‘Agreement on Chile's Debt Reportedly Signed in Paris', Washington Post, 20 April 1972; ‘Agreement on Rescheduling Foreign Debt’, The Times, 20 April 1972; Office Memorandum, David Finch and Barnouin to Managing Director, ‘Final Chilean Debt Meetings: Paris, April 17–19’, 21 April 1972, WHD-Chile, Box 50, Folder 1, IMF Archives.

119 Ibid.

120 Ibid.

121 Barnouin to Del Canto, Office Memorandum, ‘Telephone conversation with Jorge Marshall’, 30 June 1972, WHD-Chile, Box 50, Folder 1, IMF Archives.

122 Ibid.

123 Ibid.

124 Until 1973 1 SDR was equivalent to US$1.

125 Confidential Office Memorandum, Managing Director to Members of the Executive Board, 28 July 1972, WHD-Chile, Box 50, Folder 1, IMF Archives; Chile – Gold Tranche Purchase Transaction, 27 July 1972, EBS/72/245, IMF Archives.

126 Walter Robicheck to Barnouin, Office Memorandum, ‘Negotiations with Chile’, 17 Aug. 1972, WHD-Chile, Box 50, Folder 2, IMF Archives.

127 Office Memorandum, Barnouin to Del Canto, Meeting with Ambassador Letelier, 3 Nov. 1972, WHD-Chile, Box 50, Folder 2, IMF Archives.

128 Ibid.

129 Ibid

130 Ibid.

131 Cable, Chile Central Bank to Interfund, 14 Dec. 1972, WHD-Chile, Box 50, Folder 2, IMF Archives.

132 Office Memorandum, Barnouin to Del Canto, ‘Chile – Export Performance and Second Use of Compensatory Financing Facility’, 10 Nov. 1972, WHD-Chile, Box 50, Folder 2, IMF Archives; Confidential, Secretary to Members of Executive Board, ‘Chile – Use of Fund Resources', 13 Dec. 1972, EBS/72/388, IMF Archives.

133 Cable, Interfund to Chilean Central Bank, 20 Dec. 1972, WHD-Chile, Box 50, Folder 2, IMF Archives.

134 Office Memorandum, Barnouin to Del Canto, ‘Fund Participation in the next Chilean debt meeting’, 5 April 1973, WHD-Chile, Box 50, Folder 3, IMF Archives.

135 ‘Briefing for Mission to Chile’, Approved by Del Canto and David Finch, 16 April 1973, WHD-Chile, Box 50, Folder 3, IMF Archives.

136 Confidential, ‘Staff Report for the 1973 Article XIV Consultation’, Approved by Jorge Del Canto and David Finch, 13 June 1973, SM/73,141, IMF Archives.

137 ‘Supplementary Staff Report and Amended Proposed Decision for the 1973 Article XIV Consultation’, Approved by Del Canto and David Finch, 3 July 1973, SM/73,141 Supplement 1, IMF Archives.

138 Ibid.

139 ‘Briefing for mission to Chile’, 16 April 1973.

140 Ibid.

141 Confidential Letter, Eduard Brau to Managing Director, ‘Chilean Debt Meeting – Paris, July 12–13’, 19 July 1973, WHD-Chile, Box 50, Folder 3, IMF Archives.

142 Ibid.

143 Office Memorandum, Barnouin to Del Canto, ‘Fund Visit to Chile’, 5 Sept. 1973, WHD-Chile, Box 50, Folder 4, IMF Archives.

144 Office Memorandum, Linda Koenig to Del Canto, ‘Fund Visit to Chile’, 10 Sept. 1973, WHD-Chile, Box 50, Folder 4, IMF Archives.

145 Cable, Barnouin to Del Canto, 12 Sept. 1973, WHD-Chile, Box # 50, Folder 4, IMF Archives.

146 Kedar, Claudia, ‘Chronicle of an Inconclusive Negotiation: Perón, the IMF, and the World Bank, 1946–1955’, Hispanic American Historical Review, 92: 4 (2012), pp. 637–68CrossRefGoogle Scholar.