April 30, 2003
Argentina stands with one foot on the edge of salvation. The other is stuck on the muddy path that leads deeper into a political and economic Hades. The South American nation plunged down that trail 16 months ago. Enraged by the government's continued belt-tightening and its decision to limit the amount that people could take from their bank accounts, tens of thousands of poor and middle-class Argentines ransacked stores, broke bank windows and attacked government buildings.
April 14, 2003 |
World financial leaders acknowledged Sunday that they are in danger of losing "the other war," conceding that their failure to follow through on past pledges is contributing to global poverty, health crises and other ills. Members of the International Monetary Fund and the World Bank ended their spring meetings here with fresh promises to participate in the reconstruction of Iraq.
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 20, 2002 |
Amid growing concern that a massive bailout by the International Monetary Fund may not be enough to stave off financial panic and collapse in Brazil, President Fernando Henrique Cardoso held emergency talks Monday aimed at winning concessions from the two leftist politicians who lead the race to succeed him. The candidates, Luiz Inacio Lula da Silva of the Workers' Party and Ciro Gomes of the Labor Front, both made conciliatory statements after the meetings.
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.