Jagdish Madan spots a growing trend in international financial markets- funds from the developing world helping in the takeover of western financial institutions and corporates:
Linked by kuffir. Join Blogbharti facebook group.With very few developing countries approaching the International Monetary Fund (IMF) for loans and preferring easier alternatives, the IMF’s survival is at stake. It has, consequently become difficult for it to control the Third World through its financial muscle. It is a sign of changing times and equations that the IMF that had facilitated the rich West to dominate the world for the past half a century or more, is laying off employees to ensure its relevance in the financial world spac. [...]The developing countries, on the other hand, have amassed trillions of foreign exchange and are using the new found wealth to bail out the Western financial institutions hit by the sub prime market meltdown in the US. Recently, Citibank, the world’s biggest commercial bank, received $ 14.5 billion from investment funds in China and Kuwait. This over and above the $ 7.5 billion it got from Abu Dhabi Investment Authority. Merrill Lynch received $ 5.6 billion from Temasek of Singapore last year, and is now negotiating another $ 6.6 billion.


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