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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (24407)	10/22/2007 1:43:31 PM
From: elmatador	Respond to of 217549

Brazil warned bluntly at this weekend’s annual meeting of the IMF and World Bank that emerging countries were likely to abandon the fund unless they were given a greater stake in its decision- making process. “Developing countries, or many among them, would go their own way, were the perception to arise that reform will not happen or that we will be left with a purely cosmetic form,” Brazilian Finance Minister Guido Mantega said. Elmat: If not us to go out kicking ass for Doha talks and Dinossaur reform, this thing would stay like this forever. Developing states warn of IMF revolt WASHINGTON — Brazil warned bluntly at this weekend’s annual meeting of the International Monetary Fund (IMF) and World Bank that emerging countries were likely to abandon the fund unless they were given a greater stake in its decision- making process. “Developing countries, or many among them, would go their own way, were the perception to arise that reform will not happen or that we will be left with a purely cosmetic form,” Brazilian Finance Minister Guido Mantega said. Earlier this month Brazil, Argentina, Uruguay, Bolivia, Ecuador, Venezuela and Paraguay agreed to establish Banco del Sur, an independent development bank. Venezuelan Finance Minister Rodrigo Cabezas said at the time that the institution, which opens next month, would not impose the same restrictions the IMF did. Global finance chiefs at the weekend made little progress on fundamental reforms that would give emerging economies a greater say in the IMF. The closing statement from the IMF committee said fast-growing emerging market states would get more voting power in the global lender, which has long been dominated by rich developed countries — a source of dissatisfaction for many member states. However, European states would continue to decide who would govern the IMF and its decision-making committee, leaving crucial leadership issues unresolved. It said the new formula for voting shares at the IMF would be linked to a country’s economic weight and reflect members’ purchasing power, a reform developing states had sought. Brazilian President Luiz Inacio Lula da Silva, during a visit to several African countries including SA this month, urged developing countries to “wake up” and find other sources of finance than the IMF and the World Bank, which he branded “institutions of the rich countries”. Bloomberg