IMF points to role of Int'l Monetary Fund in crisis

ARGENTINA: In a follow-up to the IMF mission to Argentina in April to show solidarity with the IMF's affiliates there and access the current situation, the IMF general secretary, Marcello Malentacchi, has written a letter to the International Monetary Fund drawing attention to its role and responsibility in the extreme crisis which has hit the country. Addressing his letter to Horst Köhler, managing director of the International Monetary Fund, the IMF general secretary said that in all discussions held during the international metalworkers' mission with groups such as employers' associations, the government and trade unions, the responsibility of the International Monetary Fund and its policies in this crisis were clearly highlighted. Not only had these policies failed, wrote Malentacchi, but "they have led to social and economic disintegration, and brought the country to the brink of collapse." Malentacchi insisted the International Monetary Fund should not impose more suffering on the people and strongly urged it to "abandon free-market experiments and adopt policies promoting growth with equity, putting people at the centre of development." For this, trade unions had to be involved. The full text of the IMF letter to the International Monetary Fund can be accessed on the associated link.