The present Managing Director, Christine Lagarde, is trying to persuade Asian economies to surrender the savings of their peoples so that the IMF can continue to funnel the bulk of its funds into Europe, despite the risk of bankruptcy if Greece leaves the eurozone, to be followed by Spain, Portugal and Ireland and possibly Italy and France.
Even though the Western countries were bad global citizens and created the conditions that led to the 2008 financial crash, they will not admit their fault and are not prepared to suffer the pain resulting from their actions. Instead, they seek to make the poorer economies, such as China, India and Brazil, suffer.
Until Brazil and other South American countries understood the folly of accepting advice from the IMF and the World Bank, they suffered immense economic hardships from the 1970s onwards as a result of implementing the wrong economic policies. The prescriptions of the IMF and the World Bank were geared towards the benefit of Western Europe, North America and Australia."
See the rest of the article: Western remedies toxic to Asian economies|Top News|chinadaily.com.cn
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