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 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.
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