Word: camdessus
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Within a few hours, IMF president Michel Camdessus in a letter asked the U.S. to be ready to pony up additional funds. By evening, as the latest news from Seoul and Tokyo hit the Jefferson dining room in a blizzard of cell-phone calls, there was a growing sense around the table that the U.S. must, as one put it later, "intensify the effort." That meant sending to Seoul $2 billion in direct American loans that had been offered just a few weeks earlier as "a second line of defense...
...prewar period's spreading economic chaos, which had set the stage for Hitler. The organization today operates from a headquarters in Washington only a few blocks from the White House, which alone makes it suspect in the eyes of some countries. Its top executives include managing director Michel Camdessus (a Frenchman) and first deputy managing director Stanley Fischer (an American). They report to a 24-person international executive board. The IMF staff is small--just 1,100 professionals, including 759 economists--only one-fifth the size of its sister agency the World Bank, which was established at the same time...
...country's finance minister, Lim Chang-yuel, announced early Monday that a deal had been reached for an IMF bailout of between $50 and $60 billion, about three times the country's original target. But later in the day, IMF managing director Michel Camdessus threw cold water on that one, noting that nothing is final until both sides ink an agreement. The Wall Street Journal reports that the parties are still at odds over Seoul's gross domestic product growth rate for next year...
MOSCOW, RUSSIA: The head of the International Monetary Fund, Michel Camdessus, approved a $10 billion three-year loan to Russia on Thursday. The loan, which must still be approved by the IMF board, is intended to support Russian economic reforms. It includes measures to help Russia control the budget deficit, lower inflation, and stabilize the exchange rate. Russian government planners have been counting on the loan for some time, and have already factored billions from the IMF into future budget predictions. The loan comes at a convenient time. Russia's economy is heavily burdened by the cost of the Chechnya...
...West that Russian reform is moving in the wrong direction, the head of the International Monetary Fund announced that his agency would not back away from the stiff conditions it has sought for the release of more aid to Russia. As an IMF team arrived in Moscow, Michel Camdessus warned that the economic changes necessary to unlock $1.5 billion in aid "may not be easy...