Argentina "obedient " Victim
Interview With Eduardo Galeano
ARGENTINA DID EVERYTHING IT WAS ORDERED TO DO BY THE INTERNATIONAL MONETARY FUND AND IT'S DESTROYED...
Does Eduardo Galeano really not know that the IMF spent a lot of time telling Argentina to (a) balance its budget (either by reducing tax evasion or cutting spending) or (b) move off of its hard peg of the value of the peso to the dollar?
I guess filed most of their complaints quietly, since the public documents of the BWIs were full of praise for Argentina's economic and fiscal management.
Quoting myself quoting them:
>Though the orthodox now blame Argentina for bringing on its own
>woes, not long ago it was the model of orthodoxy. The IMF's 1999
>review of the country praised its "strong investment-led growth,"
>"commended the authorities for their prudent economic management,"
>and "noted the substantial progress made by Argentina in recent
>years in structural reforms, particularly in privatization,
>deregulation, pension reform."
>
>Of particular relevance to the current crisis, the Fund "observed
>that the currency convertibility plan has served Argentina well, and
>continues to be an adequate framework for stable growth." (More on
>this in a moment.) A year later, the Fund's annual review noted the
>strains from recession, but continued to praise the authorities'
>prudent fiscal management (i.e., budget cuts) and continuing
>structural reforms (i.e., privatization and deregulation). The
>currency regime was praised again. The banking system was praised
>for its admirable soundness. These are the very same banks that
>Argentines spent the holiday season lining up in front of, hoping to
>be reunited with their threatened deposits.