4 ms·
When a country takes an IMF loan, it’s often the political elites—not the general population—who make the decision. And in many cases, these elites personally b
by hammock 2y ago
When a country takes an IMF loan, it’s often the political elites—not the general population—who make the decision. And in many cases, these elites personally benefit from the deal, even if it devastates their nation in the long run
For example, in Argentina (2001), President Fernando de la Rúa followed the IMF’s austerity policies despite mass protests. The economy collapsed, and he fled the country via helicopter. But the elites who benefited from privatization kept their wealth while everyday citizens suffered