The Imf And The European Debt Crisis

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The IMF and the European Debt Crisis

Author : Mr. Harold James
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis The IMF and the European Debt Crisis by : Mr. Harold James

Download or read book The IMF and the European Debt Crisis written by Mr. Harold James and published by International Monetary Fund. This book was released on 2024-01-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported adjustment programs in Greece, Ireland, Portugal, and Cyprus as well as helping to monitor Spain’s adjustment program and exploring modalities for supporting Italy. Additionally, it analyzes how the euro area developments interacted with and affected the rest of Europe, including not only eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism—in the form of “Brexit” from the European Union—was, in the end, the most extreme. The IMF’s European programs embroiled the Fund in numerous controversies over the exceptionally large lending, over whether or not to impose losses on private creditors, and over the mix between external financing and internal adjustment undertaken by program countries. They also required the IMF to confront longstanding questions about its governance and evenhandedness in the treatment of different segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because it feared that such a program–even if ultimately in the interests of Greece, the client country–would trigger a panic of banks and other creditors and thus generate contagion for the rest of Europe. Learning from the Greek case, in Ireland and Portugal, the IMF pushed for debt reduction, to which the government in Ireland but not in Portugal was sympathetic. There was thus no private sector debt reduction in Ireland and Portugal. The European programs were caught up in big geopolitical debates about the appropriate role of the Fund in the aftermath of the global financial crisis. The book examines the intellectual and policy shifts that took place in the IMF as a result of the controversies about its European programs. It concludes with some reflections on how all the programs also produced genuine policy reform and held out the possibility of a return to growth and prosperity.

Laid Low

Author : Paul Blustein
Publisher : McGill-Queen's Press - MQUP
ISBN 13 : 1928096263
Total Pages : 504 pages
Book Rating : 4.9/5 (28 download)

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Book Synopsis Laid Low by : Paul Blustein

Download or read book Laid Low written by Paul Blustein and published by McGill-Queen's Press - MQUP. This book was released on 2016-10-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.

Bust

Author : Matthew Lynn
Publisher : John Wiley & Sons
ISBN 13 : 1119990688
Total Pages : 290 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis Bust by : Matthew Lynn

Download or read book Bust written by Matthew Lynn and published by John Wiley & Sons. This book was released on 2010-12-21 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Athens, Greece—May Day 2010. The International Monetary Fund (IMF) and the European Union (EU) were putting together the final details of a $100 billion euro rescue package for the country. The Greek Prime Minister, George Papandreou, had agreed to a savage package of “austerity measures” involving cuts in public spending and lower salaries and pensions. Outside, riot police were deployed as protestors gathered to fight the austerity program. A country with a history of revolution and dictatorship hovered on the brink of collapse—with the world’s financial markets watching to see if the deal cobbled together would be enough to both calm the markets and rescue the Greek economy, and with it the euro, from oblivion. In Bust: Greece, the Euro, and the Sovereign Debt Crisis, leading market commentator Matthew Lynn blends financial history, politics, and current affairs to tell the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Bust is a story of government deceit, unfettered spending, and cheap borrowing: a tale of financial folly to rank alongside the greatest in history. It charts Greece’s rise, and spectacular fall from grace, but it also explores the global repercussions of a financial disaster that has only just begun. It explains how the Greek debt crisis spread like wildfire through the rest of Europe, hitting Ireland, Portugal, Italy, and Spain, and ultimately provoking a crisis that brought the euro to the edge of collapse. And it argues that the Greek crisis is just the start of a decade of financial turmoil that will eventually force the break up of the euro, and a massive retrenchment in the living standards of all the developed economies. Written in a lively and entertaining style, Bust: Greece, the Euro, and the Sovereign Debt Crisis is an engaging and informative account of a country gone wrong and a must-read for anyone interested in world events and global economics.

The Role of the IMF in the European Debt Crisis

Author : Franz Seitz
Publisher :
ISBN 13 : 9783937804347
Total Pages : 28 pages
Book Rating : 4.8/5 (43 download)

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Book Synopsis The Role of the IMF in the European Debt Crisis by : Franz Seitz

Download or read book The Role of the IMF in the European Debt Crisis written by Franz Seitz and published by . This book was released on 2012 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

From Crisis to Convergence

Author : Mr.Dmitry Gershenson
Publisher : International Monetary Fund
ISBN 13 : 1513597221
Total Pages : 123 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis From Crisis to Convergence by : Mr.Dmitry Gershenson

Download or read book From Crisis to Convergence written by Mr.Dmitry Gershenson and published by International Monetary Fund. This book was released on 2016-03-25 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011, following years of large-scale external imbalances financed by debt, Portugal’s economy reached a crisis point. To restore economic growth and credibility with international lenders, the country embarked on a difficult path of fiscal adjustment and structural reforms. By many metrics, Portugal’s 2011–14 macroeconomic stabilization program has been a success, but going forward Portugal would benefit from policies to reduce vulnerabilities, absorb labor slack, and generate sustainable growth.

Lost Decades: The Making of America's Debt Crisis and the Long Recovery

Author : Menzie D. Chinn
Publisher : W. W. Norton & Company
ISBN 13 : 0393080501
Total Pages : 304 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Lost Decades: The Making of America's Debt Crisis and the Long Recovery by : Menzie D. Chinn

Download or read book Lost Decades: The Making of America's Debt Crisis and the Long Recovery written by Menzie D. Chinn and published by W. W. Norton & Company. This book was released on 2011-09-19 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead. The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists. By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s. Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.

The Debt Crisis in the Eurozone

Author : Nikos Petropoulos
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1443861014
Total Pages : 550 pages
Book Rating : 4.4/5 (438 download)

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Book Synopsis The Debt Crisis in the Eurozone by : Nikos Petropoulos

Download or read book The Debt Crisis in the Eurozone written by Nikos Petropoulos and published by Cambridge Scholars Publishing. This book was released on 2014-06-02 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past four years, the countries of the European periphery – the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) – have been experiencing an economic-financial crisis that can only be compared to the Great Depression. To solve the crisis, the EU and the IMF instituted bailout programs for the debit countries on conditions of austerity and structural reforms. In this volume 20 social scientists, using both theoretical and empirical tools, delve into the causes and the social impacts of this crisis. The volume also provides an excellent background for a better comprehension of the dynamics of structural and political changes now taking place within the European Union. The social impacts cover a range of consequences, including poverty, unemployment, anti-migrant attitudes, a decline of welfare and health indicators, post-traumatic stress disorders, national humiliation, political alienation and social protest. The authors analyse the “international” and the “domestic” causes of the crisis, while some of them underline the importance of both factors. In the concluding chapter, the editors undertake a synthesis of the previous chapters, and extract a number of policy recommendations that – if adopted – could transform the current financial crisis into a growth-opportunity for the European Union and its member states.

Resolving the European Debt Crisis

Author : William R. Cline
Publisher : Peterson Institute
ISBN 13 : 0881326496
Total Pages : 305 pages
Book Rating : 4.8/5 (813 download)

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Book Synopsis Resolving the European Debt Crisis by : William R. Cline

Download or read book Resolving the European Debt Crisis written by William R. Cline and published by Peterson Institute. This book was released on 2012-03-15 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki La�di). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.

The Eurozone Crisis

Author : Richard E. Baldwin
Publisher :
ISBN 13 : 9781907142932
Total Pages : pages
Book Rating : 4.1/5 (429 download)

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Book Synopsis The Eurozone Crisis by : Richard E. Baldwin

Download or read book The Eurozone Crisis written by Richard E. Baldwin and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

From Economic Crisis to Reform

Author : Grigore Pop-Eleches
Publisher :
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.A/5 ( download)

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Book Synopsis From Economic Crisis to Reform by : Grigore Pop-Eleches

Download or read book From Economic Crisis to Reform written by Grigore Pop-Eleches and published by . This book was released on 2009 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: The wave of neoliberal economic reforms in the developing world since the 1980s has been regarded as the result of both severe economic crises and policy pressures from global financial institutions such as the International Monetary Fund (IMF). Using comparative evidence from the initiation and implementation of IMF programs in Latin America and Eastern Europe, From Economic Crisis to Reform shows that economic crises do not necessarily persuade governments to adopt IMF-style economic policies. Instead, ideology, interests, and institutions, at both the international and domestic levels, mediate responses to such crises. Grigore Pop-Eleches explains that the IMF's response to economic crises reflects the changing priorities of large IMF member countries. He argues that the IMF gives greater attention and favorable treatment to economic crises when they occur in economically or politically important countries. The book also shows how during the neoliberal consensus of the 1990s, economic crises triggered IMF-style reforms from governments across the ideological spectrum and how these reforms were broadly compatible with democratic politics. By contrast, during the Latin American debt crisis, the contentious politics of IMF programs reflected the ideological rivalries of the Cold War. Economic crises triggered ideologically divergent domestic policy responses and democracy was often at odds with economic adjustment. The author demonstrates that an economic crisis triggers neoliberal economic reforms only when the government and the IMF agree about the roots and severity of the crisis.

The Global Financial Crisis

Author : George K. Zestos
Publisher : Routledge
ISBN 13 : 1317627636
Total Pages : 326 pages
Book Rating : 4.3/5 (176 download)

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Book Synopsis The Global Financial Crisis by : George K. Zestos

Download or read book The Global Financial Crisis written by George K. Zestos and published by Routledge. This book was released on 2015-10-05 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures. The detrimental social effects of the crisis in both the US and Europe are still emerging. Although there have been several studies published on the US crisis in particular, there has so far been an absence of an accessible comparative overview of both crises. This insightful text aims to fill this gap, offering a critical overview of causes, policy responses, effects and future implications. Starting with the historical context and mutation of the crisis, the book explores the policies, regulations, and governance reforms that have been implemented to cope with the US subprime mortgage crisis. A parallel analysis considers the causes of the European sovereign debt crisis and the responses of the European Union (EU), examining why the EU is as yet unable to resolve the crisis. This book is supported with eResources that include essay questions and class discussion questions in order to assist students in their understanding. This uniquely comprehensive and readable overview will be of interest and relevance to those studying financial crises, financial governance, international economics and international political economy.

A Strategy for Resolving Europe's Problem Loans

Author : Mr. Shekhar Aiyar
Publisher : International Monetary Fund
ISBN 13 : 1513511653
Total Pages : 79 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis A Strategy for Resolving Europe's Problem Loans by : Mr. Shekhar Aiyar

Download or read book A Strategy for Resolving Europe's Problem Loans written by Mr. Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.

Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

The IMF and the Crises in Greece, Ireland, and Portugal

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
ISBN 13 : 1475578814
Total Pages : 72 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The IMF and the Crises in Greece, Ireland, and Portugal by : International Monetary Fund. Independent Evaluation Office

Download or read book The IMF and the Crises in Greece, Ireland, and Portugal written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2016-09-23 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

A Comparison of the Behaviour of the IMF in the Asian and European Financial Crises

Author : Maria Krummenacher
Publisher :
ISBN 13 : 9783656466390
Total Pages : 24 pages
Book Rating : 4.4/5 (663 download)

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Book Synopsis A Comparison of the Behaviour of the IMF in the Asian and European Financial Crises by : Maria Krummenacher

Download or read book A Comparison of the Behaviour of the IMF in the Asian and European Financial Crises written by Maria Krummenacher and published by . This book was released on 2013-08 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Politics - International Politics - Topic: Globalization, Political Economics, grade: 1,0, University of Potsdam (Wirtschafts- und Sozialwissenschaftliche Fakultat), language: English, abstract: This paper will deal with the behaviour of the International Monetary Fund during the financial crises in Asia of the 1990s and the current financial crisis in Europe. The main interest lies in whether the political environment in Europe with the third party European Union (EU) and the institutions of the euro area causes a different incentive and power structure leading to a different behaviour on the part of the IMF in the European crisis when compared to the Asian crisis. In Asia, the IMF was confronted with a more or less conventional regional financial crisis and it put together an individual programme for every country asking for help. In Europe on the other hand the EU represents a new, supranational, sovereign institution that has power over its member states and has become the linchpin when dealing with the European financial crisis. My thesis is that the EU-institutions (most notably the Council of the European Union, the European Commission and the European Central Bank) took over the role the IMF had in the Asian crisis and now act as the authorities that link the financial aid to conditionalities while the IMF is marginalized into the simple task of providing financial assistance What the paper doesn t want to do: No assessment of the failure or success of the IMFs rescue packages for the Asian and European countries will be given. This goes beyond the initial interest and in case of the European crisis it is too early to assess as the crisis is still ongoing. Furthermore, the paper will abstract from the differences between the crises in Asia and Europe in terms of economic difficulties (exchange rate crisis, crisis of the financial sector, debt crisis). I think this is reasonable considering the focus does not

The Fund's Mandate-The Legal Framework

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498337996
Total Pages : 22 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Fund's Mandate-The Legal Framework by : International Monetary Fund

Download or read book The Fund's Mandate-The Legal Framework written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-01-22 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is intended to accompany “The Fund’s Role and Mandate—An Overview” (the “Mandate Overview Paper”). Taking into account the issues raised in the Mandate Overview Paper and, in particular, the potential areas for reform that it identifies, this paper provides a brief analysis of both the constraints and flexibility that exist under the existing legal framework. At the outset, it is useful to identify several aspects of this framework that are of particular relevance.

Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal

Author : Moisés J. Schwartz
Publisher : International Monetary Fund
ISBN 13 : 148430666X
Total Pages : 474 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal by : Moisés J. Schwartz

Download or read book Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal written by Moisés J. Schwartz and published by International Monetary Fund. This book was released on 2017-06-30 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.