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To: long-gone who wrote (12071)	5/22/1998 9:28:00 PM
From: marcos	Read Replies (2) \| Respond to of 116826

Well, I'm with you there on all points. Many of the IMF actions have unintended side-effects that seem to come from not thoroughly thinking through the consequences of loans and conditions. There are a series of posts with news releases on the Asia Forum thread about a month ago that show a botched IMF job in Korea in the first quarter, amazing stupidity as I recall thinking. For a start, one loan condition could be the keeping of accurate, clear, and open systems of accounting and reporting, with independent auditing on an ongoing basis. Even large banks in many countries have no better reporting than bulletin board stocks in North America. That's at least partly because it's the rateros who get handed the money in many cases, and who also make the local laws. Which is also true on the other side of it - Joe Taxpayer of the US is not making the decision to loan the money, his legislators are, and they will do it on the basis of political horse-trading, not on the merits of the deal as a business decision. Which is Russ' point, I think - we as a bunch of old farts bitching on the internet aren't going to make a great deal of difference in the short term. I wonder how much IMF money to Indonesia finds itself very quickly in the pockets of Suharto, his family, and his friends - and how much is left over for the big New York banks .... ah, but we may never know - we don't get to see the books. ........... cheers

To: long-gone who wrote (12071)	5/22/1998 9:47:00 PM
From: marcos	Read Replies (1) \| Respond to of 116826

tuns.ca - a piece on the Grameen Bank by Lister Sinclair on CBC radio. This is not the way to shovel megabucks down a hole in a hurry, but I know that if I had a chunk and set out to improve both the life and the economy of the average mexicano, I would not hand it over to PRIista government departments to blow on fancy prestige 'infrastructure', but lend small amounts on strict terms for specific capital investments, improvements in productive capacity. And largely to women, too - the average mexicano male would spend it on wine, women, song, and a new truck. Just like the gringos, but faster, and with more flair -g- Grameen Bank home page citechco.net