IMF repeats past mistakes with Latin American deals

IMF repeats past mistakes with Latin American deals
IMF approach to lending 'should be transformed'. Pic: iStock

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 process of selecting the International Monetary Fund’s next managing director must change. In particular, the tradition of choosing a European for the post – based on an unfair and anachronistic “gentlemen’s agreement” reached with the United States when the institution was established 75 years ago – needs to be discarded. But even more important, the IMF’s long-standing approach to lending should be transformed.

The fund...

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