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IMF chief praises Latinamerica, which can provide ‘some lessons to the advanced world’

Sunday, November 27th 2011 - 08:11 UTC
Full article 14 comments

IMF chief Christine Lagarde who this week will be visiting Latinamerica said that Brazil, Mexico and Peru, like to many other countries in the region have done remarkably well over the past few years and can provide some lessons to the advanced countries. Read full article


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  • geo

    is there a need to have demode institution IMF !!??

    Nov 27th, 2011 - 09:37 am - Link - Report abuse 0
  • Sergio Vega

    Just ask to those countries that have been benefited with it loans under commitment to improve their economic and social mismanagement. And also to those that can´t do it because they don´t acomplish with their compromise.
    The IMF, WB and others similar international institutions last decades over LATAM gvt. is now giving good results with a region that have learnt the lesson of austerity, stability, investiment and well management on the most of their countries (unless some exceptions that confirmed the rule)......

    Nov 27th, 2011 - 10:36 am - Link - Report abuse 0
  • GeoffWard2

    “Brazil’s Bolsa Familia and Mexico’s Oportunidades programs have enjoyed particular success in breaking the intergenerational transmission of poverty”

    The majority (?) of Brasil's poor now 'live on the social', as they say in the UK.

    Because they receive - from the middle class, not from the rich - they can spend that which they have not earned.

    It has become 'entitlement money' which Dilma has not found a way to stop once a family becomes 'entitled'.

    Sounds good, even looks good in UN reports, but the bottom line is that Brasil has created a Developed World dependency society in a place which is not yet the Developed World.

    The BIG TRICK will be to insist on Education *Performance* as the quid pro quo for receiving the Bolsa.
    The external monitoring of performance against projections will reveal some REAL home truths.

    But performance is what it should be all about.
    Simply giving the Bolsa for attendance does little as the attendence is spasmodic and the education is politicisied and *very* poor by OECD standards.

    But I agree, the development of a nation progresses best with maximum 'equality' - but equality comes from *QUALITY* education leading to quality employment, not from entitlement/dependency handouts.

    Nov 27th, 2011 - 01:25 pm - Link - Report abuse 0
  • Sergio Vega

    3@ You´r right....In Chile the Gvt. has started a social help program for the poorest offering them a pocket money but just if they acomplish with some conditions as kid´s school attendance, basic health controls, minimum weekly work time, etc.
    And of course the high quality education, after their massivness, is the way to get a developed country....with high productivity standards, low corruption rates, good gvt. management, sustainable procedures, stables investiment conditions, etc., etc....

    Nov 27th, 2011 - 02:59 pm - Link - Report abuse 0
  • geo2

    Ms Lagarde

    your protected countries like ;

    Kiribati has 25 % GDP
    Samoa has 12 % GDP
    Solomon Islands has 30 % GDP current account deficits...!

    aren't they bothering you ??

    Nov 27th, 2011 - 05:40 pm - Link - Report abuse 0
  • O gara

    In Argentina since 2009 its the universal asignacion por hijo($270 a month for each child under 18)Geoffrey is right in that as in Europe a dependency culture will be created but without any question it is hugely important in keeping poorer families away from poverty

    Nov 27th, 2011 - 07:50 pm - Link - Report abuse 0
  • Yuleno

    The IMF is the ministry of finance of global capitalism.Latin America is an area where the level of poverty is such that by diverting money from the middle class to the lumpen proletariat the wheels of capitalism will keep turning and NO doubt the USA and the EU economies wil be able to get out of the crisis of it's own making(that is the capitalist based in these economies)without making all the sacrifices they currently need to make.surely the unemployed poor that lagarde is referring to are denied employment as capitalism put them in the job Market and is never able to provide jobs for all.I'm sure it's comforting to be employed and dismiss every non-working person as a drain on funds.much better than being in poverty and in need of food,water,electric And internet etc

    Nov 27th, 2011 - 08:00 pm - Link - Report abuse 0
  • GeoffWard2

    Geo #5:
    Argentina is 700-1000 bigger than the problem with the three countries. And it defaults.

    Kiribati (The Gilbert Islands, as was) is in the central, equatorial Pacific Ocean. It became independent from the United Kingdom in 1979.
    The permanent population is 103,000.
    It is a member of the Commonwealth, the IMF and the World Bank, the United Nations.
    GDP PPP $618million; GDP (nominal) $147million (2010).
    No Defaults.

    The Independent State of Samoa (Navigators’ Island, Western Samoa, German Samoa, as was). The Samoan Island Group includes the U.S. Territory of American Samoa. Became independent from New Zealand in 1962.
    Population 180,000.
    Samoa is a member of the Commonwealth, the IMF and the World Bank, the United Nations.
    GDP PPP $1billion; GDP (nominal) $558million (2009).
    No Defaults.

    The Solomon Islands, an island group east of Papua New Guinea is a sovereign state. The United Kingdom established a protectorate over the Solomon Islands in 1893. Self-government was achieved in 1976 and independence two years later.
    Population 523,000.
    It is a member of the Commonwealth, the IMF and the World Bank, the United Nations.
    GDP PPP $1.5billion; GDP (nominal) $657million (2009).
    No Defaults.

    Argentina. Gained formal independence from Spain 1816.
    Population 40,09,359.
    It is a member of the United Nations.
    GDP PPP $710.7billion; GDP (nominal) $435.2billion (2011).
    The global recession of 2007–10 hit the country hard in 2009 with GDP growth slowing to 0.8. Argentine debt restructuring offers in 2005 and 2010 resumed payments on the majority of its almost $100 billion in defaulted bonds from 2001. Many overseas private bond and debt holders have yet to be repaid. The economic minister Amado Boudou said that with the offer, the Argentine government hoped ”to end the shame of 2001 once and for all. High GDP growth resumed in 2010, and the economy expanded by 8.5%. Inflation is nominally 9% (INDEC), 25-30% (independent assessors).

    Nov 27th, 2011 - 08:14 pm - Link - Report abuse 0
  • ChrisR

    GeoffWard2 #8
    Excellent post Geoff: but do you not think that we are wasting our time and effort on the Argie bloggers?
    I have never in my life thought like this but the abysmal intellect shown by almost all of them and the rabid venom by the rest does make me think why bother?

    Nov 28th, 2011 - 12:51 pm - Link - Report abuse 0
  • GeoffWard2

    Thanks Chris.
    I post because I can, being retired. And because I have always enjoyed the cut and thrust of debate.Just like this Mercopress forum, the undergraduates with whom I was mutually exposed for those many years, ranged from the lightening-fast comprehenders with huge intellects to the dullards who were there for the 'experience'. But all played the same game.
    I have never been cruel or hurtful to anyone who I think can't take it; but I am frequently cruel and hurtful.

    People come here because they want to; some are trolls and some are probably paid to have a (party) political agenda. Hell, the forum itself displays its biases with its topics and its sub-edit. phraseology.
    But the majority are just Ordinary Joes, happy to push their point of view.
    Bottom line is - I enjoy it.

    Nov 28th, 2011 - 05:49 pm - Link - Report abuse 0
  • Yuleno

    Glad you enjoy the forum Geoff.hope others can enjoy it and not be so judgemental.I believe beside legarde the OECD have more or less repeated her positive comments on Latin American economies.beware of nice words as Crazy Horse said to the Souix.

    Nov 28th, 2011 - 10:26 pm - Link - Report abuse 0
  • GeoffWard2

    Thanks, Yul.
    I am judgemental on this site and elsewhere because I stand up and rail against corruption in high places, particularly in the countries I love.
    But I also have a soft underbelly and a playful disposition when I am not shouting at the moon.

    Nov 29th, 2011 - 12:30 am - Link - Report abuse 0
  • Fido Dido

    IMF chief praises Latinamerica, which can provide ‘some lessons to the advanced world’

    The “advanced” nations aren't interested in learning from “poor” nations of how to fix problems. With technocrats (bankers who call themself politicians, unelected of course, know how to cook the numbers) in charge who created the problem and now have the answer will continue too fool the people to accept austerity measures to pay off their buddies and simply destroy the nations sovereignity. That's the whole deal and Lagarde knows that. She's just going around nations, slime and beg for more money. Note..IMF/world bank =USA=Bankrupt, but hey, as Mr Greenspan said on MSNBC, they can always print more money.

    Nov 29th, 2011 - 03:08 am - Link - Report abuse 0
  • Yuleno

    Well said#13,and they are only visible now because elected(democratically) politicians won't do their can only get dire in Europe which of course will,more than likely,impact on Latin America.

    Nov 29th, 2011 - 02:08 pm - Link - Report abuse 0

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