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corporate dominance | legacies

The IMF and Romania: A Road Less Travelled

"IMF policies have left shattered economies .. The IMF is asking recipient countries in Central and Eastern Europe to adopt measures that will lead their economies to contract.."
"The global financial crisis has suddenly become a major business opportunity for the IMF..

Since the IMF depended heavily on the interest payments from middle-income countries to support its budget, the loss of this revenue stream was acutely felt. In fact, last year the IMF's governing body went so far as to approve a proposal for cutting its staff by about 20 percent and selling some of its gold stock so as to create a trust fund that would fund administrative operations in the future.

Sadly, it appears that the countries of Central and Eastern Europe have now filled the gap left by middle-income countries, breathing new life into the IMF and other international lending institutions which had been reeling from the financial crisis - a crisis which they had in many ways provoked. Meanwhile, the ignominious role of the IMF as a multi-pronged corporate welfare machine for big business is once again being successfully smothered by the global media establishment. In doing so, the true nature of the credit crunch is being concealed, making progressive solutions to the global financial crisis that much more difficult to introduce. "

to read John Horvath's article published 4/18/2009 on the German-English cyber journal Telepolis, visit
 http://www.heise.de/tp/r4/artikel/30/30129/1.html

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