Thread: IMF Collects Debts on Behalf of World's Largest Banks

The IMF Collects Debts on Behalf of the World's Largest Banks
Make Iceland pay for Incompetent British Bank Deregulation


by Michael Hudson
Global Research, May 11, 2009


Last month the G-20 authorized the International Monetary Fund to increase its loan resources to $1 trillion. It’s not hard to see why. Weakening currencies in the post-Soviet states threaten to raise default rates on foreign-currency mortgages as collapse of the Baltic real estate bubble drags down Swedish banks, while the Hungarian property plunge threatens Austrian banks. It seems reasonable to infer that creditor-nation banks hope to be bailed out. The IMF is expected to lend the Baltic, central European and other debtor-country governments money to pay them. These hapless debtor economies are then to follow IMF “conditionalitiesâ€

The IMF is nothing more than an international clone of the Federal Reserve!