Word: imf
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Dates: during 2000-2009
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...bitterly ironic that the policies of privatization and the free-market system forced on Africa by the Western-controlled World Bank and IMF (that have devastated many African countries) are now being reversed in the U.S. Whereas poor, suffering Americans need to be protected from the full consequences of their free-market principles (which should allow AIG, GM and the rest of them to fail), Africans were afforded no such protection - presumably because they don't vote in U.S. elections. Alex Potter, CLAREMONT, SOUTH AFRICA...
...financial assistance. When its role dwindled to near-irrelevance earlier this decade as the world economy expanded strongly, few tears were shed. Taking over as managing director in 2007, Frenchman Dominique Strauss-Kahn warned its directors that, "what might be at stake today is the very existence of the IMF...
...suddenly the IMF is the center of attention again, and this time in a new and unaccustomed role: as the hero of the hour, the institution seen as best able to rescue the collapsing world economy. A principal outcome of the April 2 meeting of G-20 leaders in London was an agreement to triple the IMF's resources to $750 billion, and to allow it to issue a further $250 billion on its own. Part of that money is supposed to go to countries suddenly in financial straits, and part is designed to serve as a more general liquidity...
...More ambitiously, against the backdrop of a weakened West, Beijing sees an opportunity to assert itself globally. China has promised to buy International Monetary Fund bonds to bolster the organization, provided it gets a greater say in the IMF, and it has called for the creation of a new international reserve currency to replace the greenback. Though this idea is unlikely to ever become reality, just by floating the possibility, Beijing is signaling to the world that it wants to be a major player...
...international markets means that over half of the mortgages in the country (denominated in euros, just like everything aimed to tourists in Budapest) have become unpayable. Macroeconomically, the state has faced a similar constraint: Therefore, the World Bank, the EU, and—most notably—the IMF have agreed to provide funding to avoid disaster. On Thursday, it was announced the country would receive over $25 billion of international bailout funds to last through the year. As David Hechlam, a director of the rating agency Fitch, commented: “They could probably get access to the markets...