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Mix-Ansicht- Aus dem 'gang8'-Forum - IMF, Turkey and the War - Popeye, 02.03.2003, 22:20
Aus dem 'gang8'-Forum - IMF, Turkey and the War
-->Dear Gang,
Today's newspapers here in the US make it clear how far the IMF has degenerated into an arm of the U.S. State Dept., away from any link with the sound financial planning it is supposed to support.
In trying to gain Turkish support for the war, the U.S. promised a net $6 billion in direct aid, and tens of billions more in loans -- mainly from Europe and Asia via the IMF.
Suffering its worst economic depression since World War II, Turkey had requested a $16 billion aid package from the IMF, of which $1.5 billion was to to consist in new loans and the balance a payment-stretchout. The US made it clear that if Turkey did not make the huge expenditures necessary to co-invade (and to cope with domestic unrest as a reported 90 percent of Turks oppose the U.S. oil war), it would tighten the IMF screws and withhold other US aid.
If the aim of the IMF were really to promote financial solvency, it would have praised Turkey's refraining from war, for war never has helped the balance of payments of finance of any country in modern times. But instead, the IMF would extend loans only for war, not for fiscal responsibility!
The New York Times reports today (March 2, 2003,"Turkish Deputies Refuse to Accept U.S. Troops), that"as the discussions wore on and tales of American high-handedness spread, Turkish lawmakers, as well as the Turkish public, appeared to become more and more alienated.
"'The relationship is spoiled,' said Murat Mercan, a member of Parliament from the majority party. 'The Americans dictated to us. It became a business negotiation, not something between friends. It disgusted me.'"
"The main sticking point was the American insistence that the Turks continue to adhere to an agreement the country has signed with the Internaitonal Monetary Fund, which has imposed strict conditions on Turkish lawmakers to reform their economy."
"With the Americans promising $6 billion in direct aid, Turkish officials wanted to be able to receive the money before striking any new agreement with the fund, but Washington insisted that Turkey reach a deal with the fund first. American officials were worried that Turkey, armed with the new American cash, would walk away from the fund, defeating the purpose of the American aid, which was to maintain confidence in the Turkish economoy during a war."
In short, Turkey did not trust Washington to live up to its promises. It had failed to do so after the first, 1991 Oil War, and had broken promises again and again, usually saying that the Executive Branch had no real power to live up to its promises, but only Congress could do so -- and then hinting to Congress simply to ignore foreign promises.
I guess this lays bare what the IMF is all about.
Michael [Hudson]
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