While the International Monetary Fund said it hopes Argentina will normalize relations with the multilateral institution, the Argentine Foreign Affairs minister Hector Timerman described the IMF as “non prestigious organization”. Read full article
“This is a non-prestigious organization; the IMF should help countries instead of monitoring banking institutions,” Timerman sentenced ... ”
In other words the IMF should hand over cash but then believe whatever the country that has borrowed says about their creditworthiness.
Well, it looks as though the IMF is about to get a GREATER role in investigating the worth of countries ...... and it looks like Argentina fears that! Why? Something to hide ??
IMF said that inflation was 6.3% in 2009 and is estimated at a 10.6% for 2010 and 2011
Is that a projection by the IMF, or is the IMF relying on government estimates? As the article itself points out, the number estimated by private institutions has been significantly lower - two times lower - than that divulged by the government.
In other words the IMF should hand over cash but then believe whatever the country that has borrowed says about their creditworthiness
Well, I think both - the IMF and the Argentine government - can be correct. Truth doesn't of necessity belongs to only one party. One can argue that the Argentine government is not trustworthy when it comes to paying off debts in time. But one can also argue that the IMF should pass more time trying to sort out policies that can actually bring economic recovery to a country, instead of forcing it to take the inefficient - and infamous - reforms the IMF tends to advise in such situations.
“I'm not surprised that they acted this way,” he went deeper in the matter. “I believed the IMF has proved inefficient for it was unable to predict the economic crisis the world was hit by in these previous years,” Timerman continued.
The Foreign Affairs Minister dragged on and assured that the IMF goal should be that of “sending aid to the countries and not acting as banking institutions police officers.”
If the IMF shoudln't be policing banks, why is he blaming them for not predicting the economic crisis?
Surely if he wants them to be able to predict these kinds of economic crisis then they HAVE to police the banks?
Have you noticed that every K government official is an expert in ALL areas? The Foreign Affairs Minister? How about economic or banking experts giving interviews? Timerman should worry more about diplomatic relations with Chile.
Timerman isn't a fool if you know by reading the history of the IMF and it's tactics. Guess what, what they did in Argentina, is exactly what they are trying in Europe Austerity measures to bail out the bankers. Only Problem of the Argentinians is, their government is selling the people out in front their eyes by lying about inflation, no wonder the government workers get more money, what is getting worthless. Timerman vs the Dominique Straus Kahn is a crook vs a crook, mmm what a game.
Comments
Disclaimer & comment rules“This is a non-prestigious organization; the IMF should help countries instead of monitoring banking institutions,” Timerman sentenced ... ”
Oct 08th, 2010 - 12:29 am - Link - Report abuse 0In other words the IMF should hand over cash but then believe whatever the country that has borrowed says about their creditworthiness.
Well, it looks as though the IMF is about to get a GREATER role in investigating the worth of countries ...... and it looks like Argentina fears that! Why? Something to hide ??
IMF said that inflation was 6.3% in 2009 and is estimated at a 10.6% for 2010 and 2011
Oct 08th, 2010 - 03:47 am - Link - Report abuse 0Is that a projection by the IMF, or is the IMF relying on government estimates? As the article itself points out, the number estimated by private institutions has been significantly lower - two times lower - than that divulged by the government.
In other words the IMF should hand over cash but then believe whatever the country that has borrowed says about their creditworthiness
Well, I think both - the IMF and the Argentine government - can be correct. Truth doesn't of necessity belongs to only one party. One can argue that the Argentine government is not trustworthy when it comes to paying off debts in time. But one can also argue that the IMF should pass more time trying to sort out policies that can actually bring economic recovery to a country, instead of forcing it to take the inefficient - and infamous - reforms the IMF tends to advise in such situations.
“I'm not surprised that they acted this way,” he went deeper in the matter. “I believed the IMF has proved inefficient for it was unable to predict the economic crisis the world was hit by in these previous years,” Timerman continued.
Oct 08th, 2010 - 09:03 am - Link - Report abuse 0The Foreign Affairs Minister dragged on and assured that the IMF goal should be that of “sending aid to the countries and not acting as banking institutions police officers.”
If the IMF shoudln't be policing banks, why is he blaming them for not predicting the economic crisis?
Surely if he wants them to be able to predict these kinds of economic crisis then they HAVE to police the banks?
Give me the money and stop asking questions
Oct 08th, 2010 - 11:40 am - Link - Report abuse 0...It's the same call you hear from every benefit claimant.
Have you noticed that every K government official is an expert in ALL areas? The Foreign Affairs Minister? How about economic or banking experts giving interviews? Timerman should worry more about diplomatic relations with Chile.
Oct 08th, 2010 - 03:49 pm - Link - Report abuse 0I knew Timerman was a fool!
Oct 08th, 2010 - 07:48 pm - Link - Report abuse 0Timerman isn't a fool if you know by reading the history of the IMF and it's tactics. Guess what, what they did in Argentina, is exactly what they are trying in Europe Austerity measures to bail out the bankers. Only Problem of the Argentinians is, their government is selling the people out in front their eyes by lying about inflation, no wonder the government workers get more money, what is getting worthless. Timerman vs the Dominique Straus Kahn is a crook vs a crook, mmm what a game.
Oct 08th, 2010 - 11:52 pm - Link - Report abuse 0Commenting for this story is now closed.
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