ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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International Financial Crisis IMF s Myopia

IMF's Myopia (By a Special Correspondent) ARGENTINA'S decision to present a 'uni- lateral' letter of intent to IMF. bypassing the brief which IMIteams normally carry for their country negotations, marks an important stage in the battle of wills between politicians and governments responsible for the welfare of the people and the IMF which seems to be most concerned about the welfare of bankers. This is not the first time the Argentine govenment has played its cards carefully: earlier, as bankers were putting pressure on Argentina to pay up interest because the March 31 deadline for US bankers was approaching, when non-payment of interest would require themto declare their Argentine loans as 'non-performing', Argentina neatly finessed the point by arguing that that was a matter ol US accounting practices and banking regulations which were US, not Argentine, problems, and it would not be hustled into making payments.

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