Kudos to Egypt for Ditching the IMF

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"From the beginning of the Arab Spring revolts, many progressive commentators have expressed concern that people in countries such as Egypt and Tunisia might win greater political freedoms but would have their nations’ economic policies hijacked by the international financial institutions. Walden Bello, for one, reflected on pro-democracy transitions in the Philippines, Latin America, and Eastern Europe, and bemoaned a sad pattern:

Even as traditional elites hijacked the resurgent parliamentary systems, the United States and the multilateral agencies subverted them to push through austerity programs that the authoritarian regimes they previously supported had no longer been able to impose on recalcitrant citizenries. It soon became clear that Washington and the multilateral agencies wanted the new democratic regimes to use their legitimacy to impose repressive economic adjustment programs and debt management policies.

In the past decade and a half, as the terrible economic track record of IMF-imposed structural adjustment in the 1980s and ’90s has come to light, neoliberal economic policies have come under assault, and the IMF’s power has substantially diminished. This was especially true prior to the major economic downturn that started in 2008, which, ironically, gave the fund something of a new lease on life. (Ironically, because drives for deregulation promoted by Washington Consensus economists did plenty to spur the crisis in the first place.)

The IMF has by now recognized that attaching neoliberal conditions to loans to Egypt would result in a lot of political flak..."

to read Mark Engler's article published in: Dissent Magazine July 11, 2011, click on







demandside's picture
Jul. 31, 2007 4:01 pm


It's about time others follow the lead of Argentina and not succumb to empire 101 via the IMF.

Sure you can have the money, as long as none of it is spent on social programs, all contracts are awarded to US or transnational corporations, relax pollution laws, no unions,.etc. etc. etc.

norske's picture
Jul. 31, 2007 4:01 pm

What made the IMF think they could retroactively change their employees (Like Timmy Geitner) from employees (on whom they withheld FICA) to independent contractors - simply by refunding the Employer FICA to them?

Aside from manufacturing a political liability - what would be the point of it?

Why does the IMF think the rules don't apply to them?

Rodger97321's picture
Jul. 31, 2007 4:01 pm

Income Inequality Has Gone Up

The chairman of the White House Council of Economic Advisers, Jason Furman, recently wrote in the Washington Post that "Last year saw the largest single-year reduction in poverty since the 1960s."

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