Information Agency. News and Views through the Global South
BRATISLAVA, Sep 25 2009 (IPS) — whenever some Eastern European states encountered financial collapse as the economic crisis took hold, the Global Monetary Fund (IMF) stepped in and offered governments huge loans.
But, whilst the G20 summit in Pittsburgh considers reform of this IMF, some economists and sociologists are now actually asking if the social and financial expense of staying with the strict credit conditions that was included with them may possibly not be excessive for some.
Mark Weisbrot, co-director regarding the Washington-based think tank, the Centre for Economic and Policy Research told IPS: «The IMF loans are making the commercial and social circumstances during these nations worse.
«The IMF will state that then it offers to regulate, but exactly what they are doing is result in the modification also harder with actually austere (loan) conditions. Continue reading