IMF repeats past mistakes with Latin American deals
The IMF’s bizarre belief in 'expansionary austerity' would be laughable if it were not so damaging. How can it justify an approach with such a poor track record?
The fund has a long history of policy mistakes. Yet, as Christine Lagarde’s just-completed tenure showed, it has learned little from them.
Consider the case of Argentina. In mid-2018, the IMF agreed to provide the country with a heavily frontloaded three-year loan worth nearly $57 billion – the largest in the institution’s history – following a series of reckless decisions by President Mauricio Macri.
By last year, Argentina’s fiscal and current account...
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