Three years after the collapse of Argentina’s economy under IMF and World Bank recipes for development, the South American country’s budding recovery is stunning international observers.
Defying the IMF’s prescriptions, president Kirchner and his economic advisers have told creditors to get in line and wait, while building the economy from the bottom up. An excellent article in the New York Times relates the story.
The looting of Argentina by international finance and the subsequent disintegration of its economy in December 2001 is but one example of what has been official policy of the International Monetary Fund and the World Bank for decades:
John Perkins, a former respected member of the international banking community has blown the whistle on this practice.