The IMF functions like the US-European bankers’ bailiffs – Varoufakis and Rogoff on BBC World Service’s World Business Report

28/08/2019 by

The International Monetary Fund’s latest $56 billion loan to Argentina is at risk of failing again. The Argentinian peso has slumped and opposition leader Alberto Fernandez wants to ditch the austerity conditions attached to IMF bailouts that have so far failed to reduce inflation, stabilise the currency or halt recession. The Washington-based multilateral organisation monitors the global economy and fights the world’s financial fires. But as Argentina struggles to keep its economy together, it appears the IMF has tough questions to answer about its effectiveness. The BBC’s Nigel Cassidy spoke with Yanis Varoufakis, Greece’s former finance minister and the prominent US economist Ken Rogoff, who used to be the chief economist at the IMF.

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