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- he International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.
http://africasacountry.com/2016/07/africas-austerity-apocalypse/What “The Decade of Adjustment” suggests is that unless the Fund has dramatically changed its approach the past couple of months (something their Chief Economist has subsequently questioned), far from backpedalling on austerity, the Fund keeps pushing low-income countries towards policies that prioritize fiscal adjustment, spending cuts and privatization. Their growing acceptance of what critics of structural adjustment programs have been arguing for decades, (that it depresses growth, well-being and employment, particularly in low-income countries) seems to have had minimal impact on their actions.