You are here: Fairness.com > Resources > International Monetary Fund (IMF)

International Monetary Fund (IMF)


Self Description

April 2002: "The IMF is an international organization of 183 member countries, established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment." http://www.imf.org/external/about.htm

Third-Party Descriptions

May 2014: "Hungary was the first country in the European Union to be bailed out by the IMF during the global financial crisis. Its economy collapsed in 2007, and by 2008, just as the rest of the world was experiencing the crash, Hungary got its bailout, coordinated by the IMF with the European Union and the World Bank. The deal came with the usual austerity conditions. Under the caretaker government of Prime Minister Gordon Bajnai, Hungary was forced to institute immediate austerity measures."

http://www.thenation.com/article/179710/hungary-and-end-politics

July 2012: "The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world."

http://www.guardian.co.uk/business/2012/jul/21/global-elite-tax-offshore-economy

December 2011: "Meanwhile, representatives of the International Monetary Fund and European Commission walked out of negotiations last week over assistance for the heavily indebted country after the government introduced proposals to significantly restrict the independence of the Hungarian National Bank."

http://www.nytimes.com/2011/12/22/world/europe/foes-of-hungarys-government-fear-demolition-of-democracy.html

October 2011: 'In the face of considerable pressure from Europe’s leaders, the banks had been resisting requests that they voluntarily accept a loss of about 50 percent on their Greek loans, far more than the 21 percent agreed to previously. But after months of denying that Greece would have to restructure its large debt, which was trading at 40 percent of face value, European leaders forced the much larger reduction, known as a “haircut,” on the banks, while the International Monetary Fund promised more aid to Greece.'

http://www.nytimes.com/2011/10/27/world/europe/german-vote-backs-bailout-fund-as-rifts-remain-in-talks.html

June 2011: 'The European Union, the European Central Bank and the International Monetary Fund, known as the “troika,” say that is the only way out for a heavily indebted Greece, while some economists say the program resembles medieval bloodletting — a dose of pain highly unlikely to revive the patient.'

http://www.nytimes.com/2011/06/23/world/europe/23greece.html

April 2010: "The details of the plan have been settled in negotiations here with officials of the European Union, the I.M.F. and the European Central Bank. Greek officials close to the discussions said the deal would include as much as 130 billion euros in aid over the next three years at reasonable interest rates. In return, the I.M.F. asked Greece to cut public sector spending by 8 billion euros in the 14 months after the plan was adopted. Economists called that provision crucial because past reform programs by the government have relied too much on overly optimistic assumptions about the collection of unpaid taxes."

http://www.nytimes.com/2010/05/01/business/global/01euro.html

May 2009: 'Banks may still be a safe place to stash your cash, with the FDIC now insuring up to $250,000 per depositor. But after years of lending money to just about anyone with a pulse, the industry is paying a steep price. Losses on bad loans issued during the credit bubble could top $1.4 trillion, according to the International Monetary Fund. With their balance sheets in tatters and stock prices in the gutter, some of America’s biggest banks have been forced to merge to survive. And even with the U.S. government infusing money into the system to get banks lending again, “the days of easy credit are gone,” says Greg McBride, senior financial analyst with Bankrate.com.'

http://feeds.smartmoney.com/~r/smartmoney/headlines/~3/KkDdnOy_0CI/

October 2008: "The International Monetary Fund, which is in negotiations with several countries to provide emergency loans, is also working to arrange a huge credit line that would allow other countries desperate for foreign capital to borrow dollars, according to several officials."

http://www.nytimes.com/2008/10/24/business/worldbusiness/24emerge.html

May 2007: Advocacy groups and development experts took aim at an unwritten rule that has for six decades governed the financial institutions created in the aftermath of World War II: The U.S. president picks the World Bank chief, and Europe selects the head of its affiliate institution, the International Monetary Fund.

http://www.washingtonpost.com/wp-dyn/content/article/2007/05/18/AR2007051800157.html

May 2007: In pursuing an expression of no confidence [in Wolfowitz--Ed.] in place of a decisive vote, board members were working under instructions from the governments they represent, with major European countries intent on avoiding a fresh imbroglio with the Bush administration, senior officials said. European governments fear they could lose their right to name the head of the World Bank's sister institution, the International Monetary Fund.

http://www.washingtonpost.com/wp-dyn/content/article/2007/05/11/AR2007051102492.html

Relationships

RoleNameTypeLast Updated
Owned by (partial or full, past or present) US Federal Government - Independent Agencies Organization May 4, 2005
Supported by (past or present) Dean Acheson Person Apr 14, 2008
Advised by (past or present) Research/Analysis Subject Prof. Paul Collier Person May 20, 2008
Employee/Contractor/Fellow/Freelancer (past or present) Peter S. Heller Person Apr 22, 2004
Employee/Contractor/Fellow/Freelancer (past or present) Advised by (past or present) Prof. Robert C. Hockett Esq. Person Jul 30, 2013
Organization Executive (past or present) Prof. Simon H. Johnson Ph.D. Person Mar 2, 2011
Organization Head/Leader (past or present) Christine Lagarde Esq. Person Jun 1, 2014
Organization Executive (past or present) Prof. Kenneth S. Rogoff Person May 21, 2007
Organization Head/Leader (past or present) Dominique Strauss-Kahn Ph.D. Person May 17, 2011
Advised by (past or present) Prof. Shang-Jin Wei Ph.D. Person Apr 17, 2008

Articles and Resources

32 Articles and Resources. Go to:  [Next 12]

Date Fairness.com Resource Read it at:
May 06, 2014 Hungary and the End of Politics How Victor Orbán launched a constitutional coup and created a one-party state.

QUOTE: What is clear is that with his re-election, Orbán has consolidated a well-orchestrated constitutional coup that has rattled the European Union’s complacency about being a club of well-behaved democracies. Since 2010, Fidesz has rewritten the Constitution without engaging any opposition parties and has granted overwhelming and unchecked power to its party leader, who in turn wasted little time in wresting control of every state institution from opposition hands, entrenching his political allies everywhere, bringing the judiciary to heel and radically centralizing political authority. The Fidesz constitutional “reform” has spawned a Frankenstate, a form of government created by stitching together perfectly normal rules from the laws of various EU members into a monstrous new whole.

Nation
Jul 21, 2012 £13tn: hoard hidden from taxman by global elite • Study estimates staggering size of offshore economy • Private banks help wealthiest to move cash into havens

QUOTE: "The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments," the report says

Guardian Unlimited
Dec 21, 2011 Foes of Hungary’s Government Fear ‘Demolition of Democracy’

QUOTE: Democracy here is dying not with a single giant blow but with many small cuts, critics say, through the legal processes of Parliament that add up to a slow-motion coup. And in its drift toward authoritarian government, aided by popular disaffection with political gridlock and a public focused mainly on economic hardship, Hungary stands as a potentially troubling bellwether for other, struggling Eastern European countries with weak traditions of democratic government.

New York Times
Oct 26, 2011 Europe Agrees to Basics of Plan to Resolve Euro Crisis

QUOTE: European leaders, in a significant step toward resolving the euro zone financial crisis, early Thursday morning obtained an agreement from banks to take a 50 percent loss on the face value of their Greek debt.

New York Times
Jun 22, 2011 Some Greeks Fear Government Is Selling Nation

QUOTE: “But at these extremely low levels, especially for those companies quoted on the stock exchange, we have to be very wary,” he added. “If we go by today’s values, as a result of the recession and the crisis the country finds itself in, it will be really selling the crown jewels at a pittance of their cost.” Mr. Papandreou’s government has not managed to make a convincing case for the sell-off to many Greeks, where the idea of a fire sale has taken hold, setting off a wave of national indignation.

New York Times
May 17, 2010 Senate Votes for a Clear Credit Score

QUOTE: The Senate, by a voice vote, approved a proposal by Senator Mark Udall, Democrat of Colorado, to require that credit reports include the numerical score, which by the most common measure ranges from 300 to 850.

New York Times
Apr 30, 2010 The Bitter Pills in the Plan to Rescue Greece

QUOTE: Racing to secure financial aid and avoid a debt default, the Greek government has agreed to austerity measures totaling 24 billion euros (about $32 billion) that will include cutting some workers’ pay and some public sector jobs as well as opening up parts of the economy, Greek officials said Friday.

New York Times
Nov 16, 2009 Taint of Corruption Is No Barrier to U.S. Visa

QUOTE: former and current State Department officials said Equatorial Guinea’s close ties to the American oil industry were the reason for the lax enforcement of the law [baring official Teodoro Nguema Obiang from entering the U.S,. to his mansion].

New York Times
Jul 03, 2009 Nicaragua: accusations of rigging elections and silencing media

QUOTE: Nicaraguan President Daniel Ortega and the Sandinista-controlled Supreme Electoral Council (CSE) stand accused of rigging last year's municipal elections...

Christian Science Monitor
May 12, 2009 gs10 Things Your Bank Won't Tell You

QUOTE: 2. “Our fees will only go up"....3. “We change our interest rates all the time"....4. “College campuses are a gold mine for us”....8. “Your money might be better off elsewhere.”

Smart Money
Nov 13, 2008 Bush, Out of Office, Could Oppose Inquiries

QUOTE: a precedent suggesting that former presidents wield lingering powers to keep matters from their administration secret. Now, as Congressional Democrats prepare to move forward with investigations of the Bush administration, they wonder whether that claim may be invoked again.

New York Times
Oct 24, 2008 West Is in Talks on Credit to Aid Poorer Nations

QUOTE: With the financial crisis engulfing developing countries from Latin America to Central Europe, raising the specter of market panic and even social unrest, Western officials are weighing coordinated action to try to stabilize these economies.

New York Times
Jun 30, 2008 Hoarding Nations Drive Food Costs Ever Higher (The Food Chain)

QUOTE: When it comes to rice, India, Vietnam, China and 11 other countries have limited or banned exports. Fifteen countries, including Pakistan and Bolivia, have capped or halted wheat exports. More than a dozen have limited corn exports. Kazakhstan has restricted exports of sunflower seeds. The restrictions are making it harder for impoverished importing countries to afford the food they need. The export limits are forcing some of the most vulnerable people, those who rely on relief agencies, to go hungry.

New York Times
Oct 14, 2007 As Angola Rebuilds, Most Find Their Poverty Persists

QUOTE: The government’s critics argue that progress would be quicker if public officials were not so busy enriching themselves. In 2003, the weekly newspaper Angolese Samanario published a list of the wealthiest people in Angola. Twelve of the top 20 were government officials; five were former government officials.

New York Times
Jul 26, 2007 A dark side to the ethanol boom? A backlash to fuel made from corn is emerging among environmentalists, economists, and antipoverty activists.

QUOTE: [One] downside to corn ethanol...is that land which until recently was growing crops for food is now growing crops for fuel .... [But] part of the problem is that in some countries – the US among them – biofuels are heavily subsidized by the federal government.

Christian Science Monitor
May 19, 2007 Debate Rises On World Bank Succession: Some World Leaders Oppose Traditional Prerogative of U.S.

QUOTE: As the White House asserted its claim on picking Wolfowitz's successor, aid groups and former bank officials demanded that the next president be selected not in deference to the Bush administration, but on professional merits.

Washington Post
May 12, 2007 Bank May Vote No Confidence In Wolfowitz

QUOTE: The World Bank executive board has concluded that the bank's president, Paul D. Wolfowitz, broke ethics rules in engineering a hefty pay raise for his girlfriend, and plans to try to end his tenure next week, senior bank officials said yesterday.

Washington Post
Sep 07, 2006 Opening Up the Club

QUOTE: Any move that makes the International Monetary Fund — and for that matter other major global institutions — look less like an old boys’ club is a good move. So the I.M.F.’s executive board began doing the right thing last week when it decided to give China, South Korea, Turkey and Mexico slightly larger voting shares — and promised them even more say to come.

New York Times
Sep 03, 2006 Off the Shelf: Aiming to Level a Global Playing Field

QUOTE: “It seemed terribly unfair,” he writes, “that in a world of richness and plenty, so many should live in such poverty.” Unfair it is...Dr. Stiglitz identifies some “special” interests opposed to change, but he offers less sense of the powerful stakeholders who will level the field for all.

New York Times
Aug 30, 2006 U.S. Seeks Bigger China Role in I.M.F.

QUOTE: In an effort to gain Chinese cooperation on international economic issues, the Bush administration is pushing for China and other developing nations to get more power in the global institution...being resisted by several countries in Europe, which would lose power to those who would be gaining it...They want voting shares to recognize the importance of other factors, like the openness of their economies and the volume of trade between European countries.

New York Times

32 Articles and Resources. Go to:  [Next 12]