A final development that see the stage for the explosion of structural adjustment lending was a bursting of the bubble among the international financial community. The world's leading private and public bankers(among them the IMF) believed the Third World debt crisis, which first attracted their attention in 1982, was merely a temporary illiquidity problem. It took several years of escalating and repeated bail-outs before they saw that a more long-term, comprehensive solution was needed. This world require multinational co-operation and significant changes in the mandate and practices of both the IMF and the world bank. Perhaps the 'easiest' to implement of the many required actions(from the point of view of the international financial community) has been the formulation and financing of structural adjustment programmes.