Monday, September 21, 2015
IMF: Emergency Banker to the World, or to W. Europe and FSU?
As of 2015, not only is the IMF a leading lender to eight tiny Caribbean havens and Cyprus,[i] with more than $752 million outstanding to them at very low interest rates. In addition, more than two-thirds of the IMF's total loans outstanding went to just three developedcountries in Western Europe and the former Soviet Union: Portugul, Greece and the Ukraine.
[i] As of September 2015, the IMF had outstanding credits to the following tax havens: Antigua ($43.4mm), Cyprus ($594mm), Dominica ($5.4mm), Grenada ($21mm), the Seychelles ($30mm), St. Kitts ($ 22mm ), St. Lucia ($9.7 ), St. Vincent ($10.5) and Vanuatu ($17mm). These are priced at real interest rates that are close to zero. See IMF (2015), http://www.imf.org/external/np/fin/tad/balmov2.aspx?type=TOTAL.
September 21, 2015 at 02:43 PM | Permalink