Thursday, August 08, 2002

Brazil to Get $30 Billion IMF Aid to Stem Market Drop

Whew. On the other hand, it has the usual IMF anti-growth strings attached, in this case asking Brazil to run a budget surplus (not counting debt payments) during a recession. The best-case scenario is that Brazil's economy and budget stay afloat and merely millions of people are thrown into greater poverty. Which is still better than the alternative, but "austerity" is not called for in the current situation.

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