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NEWS
February 5, 1995
Mexico's financial crisis will serve one good purpose if it impels the large industrialized countries to upgrade their defenses against huge, destabilizing capital flows across national borders.By mustering an unprecedented $50 billion international package to support Mexico's plummeting peso, President Clinton may have achieved a temporary respite. But the allocation of such vast funds has exposed how fragile are governments and their central banks when confronting the private-sector power of globalized financial markets.
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NEWS
January 17, 1995
Speaker Newt Gingrich has disclosed to this newspaper that House Republicans will insist that Mexico adopt "pro-growth, pro-jobs, pro-investment" economic policies as a condition for the proposed $40 billion United States bailout of Mexico's plunging financial sector. He also has told us that Treasury Secretary Robert Rubin and Federal Reserve chairman Alan Greenspan "absolutely" have endorsed this approach.If this is the case, it would represent a sharp reversal of traditional U.S. policies in providing financial support to troubled nations beyond our borders.
NEWS
By William Pfaff | February 16, 1999
DAVOS, Switzerland -- It took two political men, America's Henry Kissinger and Britain's Chancellor of the Exchequer Gordon Brown, to remind the World Economic Forum that the economic policies promoted by the international trading and financial communities clash with the democracies' political policy of promoting stability and democracy.The economic program is radical and disruptive. It demands replacement of the economy that exists with a new system of internationalized industry and society, subordinated to the norms of an implacable (but infallible)
NEWS
By JONATHAN POWER | June 16, 1995
London. -- Badly shaken by the turbulence in the money markets and the Mexican crash, the Group of Seven leaders meet in Canada this weekend determined, according to their rhetoric, to fix the world's financial system, but programmed by their advisers not to stray from a safe brief.Reforming the international financial institutions -- the International Monetary Fund and the World Bank -- with a safe brief is like conceiving children with safe sex, possible only by error or inadvertence.John Maynard Keynes, one of the two great architects of the post-war reform of the disordered financial world that sowed the seeds for war, had a blueprint that is worth discussing again today:* Keynes proposed an International Monetary Fund of a size equal to one-half of the world's imports, enabling it to exercise a major influence on the global monetary system.
NEWS
April 24, 2000
IMF, World Bank deserved the wrath of D.C.'s protesters The Sun's editorial "The wrong way to exercise a right" (April 14) was quite correct in reminding protesters at the International Monetary Fund and World Bank meetings that their rights end where they seek to deny or impede the rights of others. However, The Sun veered overboard when it began scolding about the "tone of these demonstrators" and the "absolute certainty of the simplicity to which they reduce complex economic matters."
NEWS
February 5, 1994
When Michael Camdessus, director of the International Monetary Fund, goes public with angry complaints that his agency is being "scapegoated" for insisting on sound Russian reforms as a condition for more economic assistance, the world should understand what this is all about.It is about Russian incomprehension on both government and private levels of how a market economy really works. It is about the hypocrisy of outside governments, including our own, that control the IMF and yet find it convenient to complain when it carries out approved policies.
NEWS
By New York Times News Service | April 1, 1992
WASHINGTON -- The International Monetary Fund said yesterday that it had endorsed Russia's economic reform plan, paving the way for Moscow to receive up to $4 billion in IMF aid over the next year.IMF officials said Russia could begin receiving loans from the fund as early as May, a move that will place the Russian economy to some extent under the stewardship of the IMF.To qualify for the aid, Moscow still would be required to meet certain conditions including stringent targets to control the inflation rate and budget deficit.
NEWS
By Tony Avirgan | April 4, 2002
WASHINGTON -- As the United States drifts deeper into the Colombian quagmire of drugs and war, policy-makers need to take a new look at the problems of poverty, joblessness and hopelessness that have made that country such a trouble spot. And if they explore how unemployment in Colombia nearly doubled from 10.5 percent in 1990 to 19.7 percent in 2000, they will find a surprising pair of culprits -- not drug kingpins and leftist guerrillas, but the World Bank and the International Monetary Fund.
BUSINESS
By New York Times News Service | July 1, 1991
NEW DELHI, India -- Facing a grave economic crisis, the newly elected Indian government has begun urgent talks with the International Monetary Fund seeking emergency aid of several billion dollars.Yet the conditions for such assistance are stirring anxiety in this nation, which historically prides itself on self-reliance.At issue is not only the economy but also India's sensitivity to Western involvement. What makes the nation's plight especially delicate is the realization that, without bowing to Western conditions for economic change, India could slide into collapse.
NEWS
By Louis Uchitelle and Louis Uchitelle,New York Times News Service | July 6, 1992
MOSCOW -- The Russian government and the International Monetary Fund announced yesterday that they had reached a lending agreement that gives President Boris N. Yeltsin the endorsement he had sought from the West for his economic policies, but also commits him to cut back on government spending just when the deficit is rising sharply.IMF officials did not comment on the plan, beyond acknowledging that Russia will qualify for a $1 billion IMF loan, once the agreement is ratified by the IMF board in August.
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