Globalization Helps the Third World

[Toro]

Your facts on Argentina are simply wrong, Toro. From someone who has connections in Argentina, I can assure you that even American Embassy officials there were uneasy about the IMF mandated terms for the loans that caused the debt bomb to explode.

It was after Argentins defied the terms amd unpegged the currency that it began to recover,

As for your comments about Saul, I will take it that he just does not conform to your preferred views.

<{POST_SNAPBACK}>

My facts are correct. From someone who has connections to the World Bank and the IMF, I can assure you that the IMF wasn't trying to screw Argentina. That does NOT mean that the policy was correct. Understand that. There were several tranches of debt leant to the Argentine government that should not have been. But the IMF desperately wanted Argentina to succeed.

I have no problems with people who do not conform to my preferred views. I just prefer them to be credible.

[Guest eureka]

And I have connections to Argentina. Of course the IMF wanted it to succeed and, accordingly, placed terms that have no history of success but are only from the dreams of the neoLibs.

Argentina has only recently begun to recover after defying the IMF.

[Toro]

And I have connections to Argentina. Of course the IMF wanted it to succeed and, accordingly, placed terms that have no history of success but are only from the dreams of the neoLibs.

Argentina has only recently begun to recover after defying the IMF.

<{POST_SNAPBACK}>

Yet Argentina is going back to the IMF

While we're ripping the IMF, lets also not forget that IMF successfully bailed out Uruguay and Brazil in 2003, halting the contagion everyone was expecting after Argentina collapsed. We were all waiting especially for Brazil to go bust, but it didn't happen. Now Brazillian bonds look mighty tempting right here.

[Toro]

World Bank report

Eastern Europe and the Former Soviet Union have witnessed a significant decrease in poverty since the Russian financial crisis of 1998-99. Almost 40 million people moved out of poverty from 1998-2003. Three key factors contributed to poverty reduction: growth in wages, growth in employment, and more adequate social transfers. But poverty and vulnerability persist: more than 60 million people live on less than $2 a day.

In their recommendations, the report's authors urge countries to continue with enterprise sector reforms, boost rural growth, promote opportunities in lagging regions, increase access to good quality basic services, and produce better social safety nets especially for the working poor and children.

Link