There are books on it and people who are much more versed in how the Spaniards did it, but there was a complete package of fiscal, financial, trade...a whole series of policies that were implemented. I'm not versed enough to lay out chapter and verse as to what each one was. But it was also backed up by a lot of political interplay, a lot of political action, a lot of support by the government for business delegations, for chambers of commerce, etc.
It was directed, essentially out of the prime minister's office, in that it was a national goal. It was attacked in every single aspect of how they were going to get their companies involved there.
Now, it may be, because it's been a while since I was involved in that process, that a number of the measures they engaged in you probably would not be able to do anymore under the WTO, in terms of subsidizing loans, in terms of a number of things.
I raise it at the committee because I think it would be an interesting reference point if we're going to talk about Latin America and how you start from an area where you have relatively little investment and go up geometrically every year. How would that be done, and how specifically was it done in Latin America?
I know that the businesses in Latin America, partially because of the mandate, were bidding very high prices for a lot of these privatizations. In fact, in Peru, which I remember well, I think Telefonica of Spain bid a multiple of two over what the nearest competitor did. Everybody said that they were crazy to be doing that. Now everybody says Telefonica's making too much money from us.
That doesn't give a lot of specifics to answer your question, but it was a complete play of fiscal and financial support, cultural outreach, on every single level.