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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (11880)12/15/2001 8:44:14 AM
From: elmatador  Read Replies (1) of 74559
 
"...IMF has often told smaller, weaker, countries exactly what to do. But it is balking at trying to dictate a change in the exchange-rate regime to a big emerging economy whose citizens are strongly in favour of the current system. In part, this is a real change of philosophy: since the arrival of Horst Köhler, the Fund's German boss, the IMF takes country “ownership” of economic reforms more seriously. But partly, too, it is an attempt to avoid the blame for Argentina's mess—“ass-covering”, as it has been put by one Fund-watcher. Mr Cavallo would quickly denounce any pressure from the IMF either to default or to change the exchange-rate regime, and would ensure that any subsequent economic chaos was squarely laid at the Fund's door."

The IMF that is why the Argentina crisis is not yet unfolded.
economist.com
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