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Monday, September 21, 2015

 

IMF: Emergency Banker to the World, or to W. Europe and FSU?

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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

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