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Mayo 02, 2008

La decadencia del FMI

No todas las noticias económicas que aparecen en los medios de comunicación tienen que ser malas. El FMI arrastra la misma situación penosa por la que antes solían pasar los países que sufrían sus recetas draconianas.

These days, the world's most famous deficit police force is running a whopping small-country-size $400-million annual deficit of its own and is being forced into some of the same kinds of "structural adjustments" it used to impose on indebted Third World nations. In just the last four years, the IMF's total loan portfolio has shrunk from $105 billion to less than $10 billion; over half of the current portfolio consists of loans to Turkey and Pakistan. To cut costs, the agency is reducing staff and closing offices. (...)

But the IMF lost credibility after presiding over a series of economic disasters. Latin America, for example, suffered its worst long-term growth failure in modern history under the IMF's tutelage since 1980. The IMF's "shock therapy" program in Russia vastly underestimated the time it would take to transition from a planned to a capitalist economy in the early '90s. The result was a lot of shock and no therapy, and tens of millions were pushed into poverty as the economy collapsed.

Seguir las órdenes del FMI era un pasaporte seguro hacia la recesión. No es extraño que sólo los muy desesperados estén dispuestos a tragar esa medicina.

Posted by Iñigo at Mayo 2, 2008 03:52 PM

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