LOL…Argentina’s economy is shit and their football team sucks major ass.
And now here comes the IMF. Argentina is finished.
[SIZE=7]Argentina Bailed Out With Biggest Ever Loan In History[/SIZE]
The International Monetary Fund has officially bailed out Argentina with a $50 billion loan-the largest ever bailout loan in IMF history.
Let’s recall what happened the last time the IMF stepped in.
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IMF admits mistakes in Argentina crisis
Daily Telegraph 12:01AM BST 30 Jul 2004
[INDENT]The International Monetary Fund yesterday admitted that its mistakes helped plunge Argentina deeper into the red during the currency crisis that crippled the country’s economy three years ago.[/INDENT]
[INDENT]In a report published yesterday by its independent evaluation office, the IMF said it ought to have prevented the Argentine government from following poor economic policies.[/INDENT]
[INDENT]“IMF surveillance failed to highlight the growing vulnerabilities in the authorities’ choice of policies and the IMF erred by supporting inadequate policies too long,” it said.[/INDENT]
[INDENT]The financial meltdown that reached a climax in 2001, causing the country to default on $132 billion of foreign debt, was worsened by the government’s vain attempts to maintain the Argentine peso’s peg against the dollar. The IMF ploughed money into the country to help it sustain the peg, pledging an extra $22 billion as late as the end of 2000.[/INDENT]
[INDENT]“In retrospect, the resources used in an attempt to preserve the peg could have been better used to mitigate some of the inevitable costs of exit,” the report said.[/INDENT]
[INDENT]Although it became clear to some IMF staff that the country’s currency plan was flawed in the 1990s, they did not report their doubts to their board for fear of triggering a speculative attack on the peso. The executive board, for its part, ignored staff complaints that Argentina was not reforming its economy satisfactorily.[/INDENT]
[INDENT]Both the IMF and the US touted the country as Latin America’s economic success story but the fund maintained its support despite the fact that Argentina missed its fiscal targets every year since 1994. Analysts have also claimed that the IMF’s demands that Argentina raise taxes in 2002 worsened the crisis. The conclusions will come as a blow to the institution, whose role has come under increased scrutiny in recent years.[/INDENT]
[INDENT]Yesterday the Argentine finance minister, Roberto Lavagna, argued that the country should not be pressed too hard for repayments of its current three-year $13 billion loan. He said the IMF was now insisting it reformed its economy “in a way absent throughout the 90s” and “under a schedule that is oblivious to the political realities of the country”.[/INDENT]
the IMF (we had given it them the moniker International Mother and Father) took us this way and that way in the two decades of Moi rule running up to 2002 but which time our economy was growing negatively…if it was not currency devaluation (ostensibly to make our exports competitive - and imported raw materials and essential medicines more expensive!), it was threats of economic sanctions and withheld essential aid. Finally forced retrenchment of civil servants including vital cadres such as agricultural extension officers.
say what you wanna say but Chinaman helped us break from blind economic dictatorship when we looked east!
IMF should just fuck off and never be allowed back. But early this year Rotich went begging for $1.5b from them and they came with their shitty demands like VAT on already expensive petroleum products. We are about to be fucked proper.
Federal reserve ya states is privately owned hadi the CIA and FBI have no jurisdiction to investigate it … President Kennedy signed some executive order against the banks 6 months later akakula copper maze
Gold and silver(commodities) are money. Fiat created currency in contrast,like the dollar/shilling is not money; it is a currency. A currency represents actual money. There is no currency that represents true money. Fiat does not exist, except in one’s mind. Original paper was a receipt for gold but today’s paper money value is in the "faith’ and ‘confidence’ you put in it.
Uhuru brought us back to IMF after Kibaki has worked hard to wean us off of IMF.
Uhuru doesn’t care for the future of Kenya, it is getting clearer every passing day
