Thoughts on Argentina's Conjunctures :: Recuperating Work, Recovering Life (2005-2007)

Friday, December 30, 2005

Kirchner announces $10 billion payment of national debt to IMF

Argentina's President Kirchner recently announced a substantial payment of $10 billion to the IMF to "free" the nation from the influence of the IMF on its national economic policies ("Miceli firmó ayer la orden para pagarle toda la deuda al FMI"). This would in effect pay off all of the Argentina's debt to the IMF. The money will mostly come from the nation's reserves.

This decision has disappointed many on the left that have been lobbying for years for Argentina to refuse to pay back its almost $150 billion national debt (see, for example, "Una muestra de “soberanía económica” al servicio del FMI"). This comes after much anti-IMF rhetoric by Kirschner over the past two to three years that seems to have only only served to asuage voters at election time. In reality, the Kirschner regime has provided almost no concrete evidence that Argentina is still anything but a neoliberal puppet of the World Bank, the IMF, global capital, and the US.