Boudou: “It’s hard to imagine a more serious sanction from IMF than the ones we stood by all these years”
Argentina, October 9, 2010
Amado Boudou, Minister of Economy, said the chances of there being a penalty by the International Monetary Fund are almost nil and that anyway, “it is difficult to imagine a greater punishment than that we suffered all these years.”
“The IMF has already passed in Argentina in ’78, with Martinez de Hoz destroying the productive apparatus, with standby credits of the ’80s, with supporting the 1 to 1 (dollar-peso) of the ‘90s, leaving 25 percent of unemployed population, with the debt swap that led to the explosion of 2001″ said Boudou.
The chairman of the Economy Ministry said that “it’s hard to imagine a more serious sanction from IMF than the ones we stood by all these years.”
Anyway, the minister explained that “Argentina can not be technically sanctioned by article four because it is not mandatory.”
On this day, he will meet with the director of Western Hemisphere Department of the IMF, Nicolas Eyzaguirre.
Not yet confirmed whether Eyzaguirre will try to pass Article IV as “mandatory” or not. The Article provides regular reviews of the Fund on member countries.
What is known is that from this organism it is expected that the meeting will be “very pleasant and safe positive.”