Now, a loan to Ankara accounts for two-thirds of its credit outstanding: the IMF is, in effect, the Turkish Monetary Fund.
Here is more, on the future of the IMF.
IMF fact of the day
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This is good news. Very good news. It means that AS LENDER OF LAST RESORT TO NATIONAL GOVERNMENTS, these days the IMF has little to do because most national governments do not have a liquidity problem (it doesn’t mean that they are spending their revenues wisely, it means only that markets are willing to lend to those governments that still have to borrow–actually, even the Argentinian government can borrow but it doesn’t need it!). It does not imply that the IMF has to be closed, although it has to be greatly improved to perform that function efficiently and to be downsized after the large expansion of the past 15 years. This is the time to reform the IMF.
It is bad news only to the few economists that have been relying on the IMF for income and power.
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