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After the dismissal of Hamrouche and until 1999, the state underwent a severe financial crisis and was on the verge of stopping all payments. Loans had to be negotiated with international financial institutions, particularly with the IMF, which required a structural adjustment program. State finances were saved by credits from the IMF and the European Union. Algerian negotiators, who played on the fear of the European states about the Islamist threat, said in effect, "It's either us, with all our defects, or an Islamist republic just one hour's flight from Europe." Alarmed to the point of panic, the West paid up without any conditions on how their credits were to be used. Policy thereafter fluctuated between rhetoric and laxity in letting deficits mount.
