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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Bilow who wrote (6926)	10/3/1998 5:53:00 PM
From: dougjn	Respond to of 67261

I don't think anyone is claiming perfect clairvoiance with respect to the ideal solution in each situation. Not Rubin. Not Greenspan. Not Clinton. In a sense you are right that the first imperative of the IMF has been to avoid defaults. The reasons for this are not just to preserve the capital of large banks, or the capital at the center. They are more fundamentally to keep the debtor countries credit worthy. So that money will stay in, and come back, when conditions stabalize. Having said that I have previously advocated that the IMF apply remedies in the current situation that draw upon the approach of US bankruptcy laws, as applied to large corporations. That involves, among other things, forcing creditors to take some haircut. exchange2000.com Apparently the IMF has been studying my posts. <gg> exchange2000.com Doug