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GLD 379.91+0.4%Nov 11 4:00 PM EST
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To: energyplay who wrote (24358)10/20/2007 9:01:33 PM
From: elmatador  Read Replies (1) of 217693
 
Brazil/Argentina wants IMF to treat the criris hit countries like they were treated. "When crises broke out in Latin America and Asia, the IMF promptly came up with a standard package of recommendations in macroeconomics, finance and other fields - there was no hesitation in expressing opinions and dictating policies," said Brazilian Finance Minister Guido Mantega. Subsequently, many of those recommendations were shown to be mistaken or questionable, he added.

In contrast, Mantega said the IMF has had little practical to say about the current credit-market crisis triggered by losses in the U.S. subprime mortgage market. "It has been excessively cautious in its recommendations," he said.

The Group of 24, which represents developing countries, on Friday said "legitimacy and democratic deficits" in the IMF and World Bank have eroded their effectiveness and public support.

online.wsj.com
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