Better off Without Them?

By Alan Cibils | October 20, 2004

There is a popular saying in Argentina: más vale estar solo que mal acompañado(better to be alone than in bad company). Increasingly Argentines are wondering whether it isn’t time to go it alone and leave  the International Financial Institutions (IFIs, the IMF, the World Bank, and the Inter-American Development Bank) behind.

Much is at stake for both Argentina and the IMF in the current negotiations. Central issues are Argentina’s defaulted debt renegotiation process, the country’s continued debt payments to the IFIs, and its ability to design  and implement economic policies that run contrary to IMF prescriptions but would reduce its appalling levels of hunger, poverty and unemployment.

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