In mid November, Argentina got the green light from the Paris Club, a group of rich country lenders, to negotiate repayment of about $7.5 billion in defaulted debt without IMF oversight. Argentina has been unable to borrow on financial markets since its default on nearly $100 billion in 2001, for which it blames IMF-prescribed policies (see Update 60, 32, 31, 29). Economy minister Amado Boudou welcomed the decision, saying “we know what happens when the IMF sticks its nose in.” President Christina Fernández said the decision meant, “God willing, next year we can definitively emerge from default.”
15 November 2010
It is time for the IMF and World Bank to understand their own responsibility and decolonise their approach.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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