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Montevideo, September 16th 2021 - 21:56 UTC
The International Monetary Fund, IMF, admitted on Wednesday that it had underestimated the “incredibly complicated situation” of the Argentine economy and also that taming inflation had taken much longer than originally expected. Read full article
How candid of Christine! I am moved to tears.
Let's see: Argentina would long be in default without the quick and unprecedented help of the IMF.
Not only that: the IMF even went against its own policies when it authorized Macri to use money from the loan to support the peso, even in the presence of significant capital flight.
All the evidence point to a clear intention to prop up the Macri government, first by helping the government avoid a terminal crisis, and second by giving it generous amounts so that the foreign debt could be serviced in time. Hey, what could be wrong with using some public money to ensure private creditors get their dues?
In any event, if will be interesting to see Lagarde's face if Macri loses the October election. Her IMF job should be at risk at the very least.
I've said it before so why not double down: The horrendous Argentina - IMF agreement will spell the end of Lagarde as its director and perhaps the end to the entire organisation itself. Good riddance.
Many multinational globalists are mental midgets and intellectual frauds.
Some aren't good stewards of others' money and fail in their fiduciary capacity.
I agree. Lagarde / IMF have played hard to support corrupt Macri and his merry gang of highway robbers. They have bent some of the basic rules that forbid using IMF loaned money to support a local currency when capital flight is rampant as is the case in Argentina. Mme Lagarde deserves to lose her job. However, some argue she just followed orders from Donald Trump, since the US is the most influential IMF member.
REF: underestimating the Argentine economic situation:
Did she actually imagine the Argies have some money?
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