November 11, 2002 |
An International Monetary Fund team will arrive in Sao Paulo today on a quarterly mission to review Brazil's $30-billion loan package. The visit also will mark the fund's first formal dialogue with President-elect Luiz Inacio Lula da Silva. Although outgoing President Fernando Henrique Cardoso and his team will lead discussions with IMF-Brazil point man Jorge Marquez-Ruarte, Lula and his team will participate in talks on economic goals from Jan. 1, when his government is set to take over.
September 29, 2002 |
As protesters denounced the global economic regime, world leaders agreed Saturday to pursue new ways of resolving financial crises, including a groundbreaking bankruptcy court process for insolvent governments. Members of the International Monetary Fund's policy-making panel also promised to make good on an earlier pledge to contribute another $1 billion for Third World debt relief. The actions came during the first day of official deliberations by members of the IMF and World Bank.
August 8, 2002 |
The International Monetary Fund agreed Wednesday to its largest bailout ever, a $30-billion loan to Brazil that comes amid growing social unrest and political upheaval in South America. The announcement came at the end of a three-nation tour of the continent by U.S. Treasury Secretary Paul H. O'Neill. The visit coincided with a major shift in U.S. policy, with the Bush administration showing increased willingness to rescue the region's troubled economies.
May 28, 2002 |
Argentine President Eduardo Duhalde said Monday that provincial governors and legislators from his Peronist Party agreed to comply with conditions of International Monetary Fund aid within a week. Duhalde announced the promise after meeting Peronist leaders in the central province of La Pampa. Duhalde threatened to resign last week after governors and Congress failed to act on a similar pledge made a month ago.
January 10, 2002
Re "Not All Economies Fit the IMF Mold," Commentary, Jan. 7: Robert Kuttner provides another example of efforts to attack market-oriented economics by distorting the facts concerning the Argentine crisis. Of course legitimate complaints can be raised about particular policies advocated by the IMF and the U.S. government, but the Argentine crisis is not the result of market fundamentalism. It was not economic liberalization that caused the crisis but Argentina's huge budget deficits and overvalued currency.
December 6, 2001 |
The International Monetary Fund poured cold water on Argentina's hopes for a much-needed $1.3-billion loan in December, saying it was unable to complete the needed review at this time. The move takes the recession-mired South American nation closer to committing the biggest sovereign debt default in history. In a spartan statement, the international lender said that any cash for Argentina was unlikely soon, given an increasingly strained relationship with Buenos Aires. The U.S.
November 17, 2001 |
Anti-capitalism demonstrators, marching under banners that said "Smash the state," taunted police and attacked a McDonald's restaurant in Ottawa, Canada's capital. As roughly 200 people protesting international financial meetings in Ottawa walked down a central thoroughfare, about a dozen youths used sticks and rocks to smash the windows of the restaurant, which was closed.
CALIFORNIA | LOCAL
November 13, 2001
The global situation may not be nearly as dire as Robert Reich presents (Commentary, Nov. 6). The forceful actions of the U.S. authorities to loosen the reins on monetary and fiscal policy, now mirrored by similar actions in Europe, should go a long way to prevent his worst-case scenario from materializing. Reich is off base in accusing the International Monetary Fund of insisting on fiscal austerity as the quid pro quo for financial assistance. The fund rarely advocates balanced budgets; instead, it works with governments to devise the fiscal policy stance appropriate to a country's circumstances.
November 12, 2001 |
The U.S. supported the International Monetary Fund's objectives for achieving a sustainable financial situation in Argentina, a senior Bush administration official said Sunday. The official, who spoke on condition of anonymity, said President Bush expressed concern about "its good friend" in a meeting with Argentine President Fernando de la Rua outside the U.N. General Assembly session.