Word: camdessus
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...making large cuts in interest rates, to restart credit creation and prevent further damage to the economy. A decade ago, the world also looked to Washington - and, specifically, the International Monetary Fund (IMF) - for deliverance from the financial turbulence. This was immortalized in a photograph of IMF chief Michel Camdessus peering over the shoulder of then Indonesian President Suharto, as the latter signed his country's agreement to receive IMF loans...
RESIGNED. MICHEL CAMDESSUS, 67, managing director of the International Monetary Fund who helped stabilize Mexico and Asia in recent crises; in mid-term, for personal reasons; in Washington...
...pall of suspicion over aid to Russia, U.S. officials report that food shipments have largely escaped corruption. One bit of good news for the Kremlin came from the IMF. Despite the suspicion that his organization's aid hasn't always escaped the web of corruption, IMF president Michel Camdessus insisted Tuesday that the international lending organization was duty bound to continue helping Russia through thick and thin. Even if that were true, though, it might be a better idea to keep them guessing...
Money can be such a distasteful topic that Russia's Prime Minister Yevgeny Primakov avoided asking for any when he met with Michel Camdessus. The IMF head left Moscow Wednesday making positive noises about Primakov's "pragmatism" and promised to return in January, but he signed no checks. Although Russia is desperate to get the IMF to release a $4 billion loan that has been withheld out of concern over Moscow's economic intentions, Primakov used the meeting as a fence-mending exercise. "The last meeting between the two sides was disastrous because Russian officials started shouting that they wouldn...
...With the stock market plummeting, the ruble propped up by rapidly depleting currency reserves and zero economic growth projected for this year, Moscow is looking to the IMF to keep its economy from going over the edge, reports Meier. A group of top Russian bankers approached IMF boss Marcel Camdessus today to beg for an estimated short-term $5 billion bailout, with further guarantees of up to $15 billion...