ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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IMF Structural Adjustment-Short-Term Gain for Long-Term Pain

IMF Structural Adjustment Short-Term Gain for Long-Term Pain? Kari Polanyi Levitt The principal agenda of the 'donor community', including the multilateral agencies, for the past decade has been to cover the retreat of the commercial banks from exposure in indebted third world countries, with minimal losses. In the bad old days, creditors sent gun boats and marines to collect bad debts, but frequently they had to cut their losses. Today the system is more civilised, but also more creditor-friendly. The international banking fraternity has been able to hide under the skirt of the International Monetary Fund, which orchestrated a remarkably effective creditor cartel. Scores of countries caught in a debt trap are being 'adjusted' to a new world order designed by the economic elites of the major industrial countries.

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