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Old 07-23-2012, 08:32 AM   #1
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IMF's Peter Doyle scorns its 'tainted' leadership

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A top economist at the International Monetary Fund has poured scorn on its "tainted" leadership and said he is "ashamed" to have worked there.

Peter Doyle said in a letter to the IMF executive board that he wanted to explain his resignation after 20 years.

He writes of "incompetence", "failings" and "disastrous" appointments for the IMF's managing director, stretching back 10 years.

No one from the Washington-based IMF was immediately available for comment.

Mr Doyle, former adviser to the IMF's European Department, which is running the bailout programs for Greece, Portugal and Ireland, said the Fund's delay in warning about the urgency of the global financial crisis was a failure of the "first order".

In the letter, dated 18 June and obtained by the US broadcaster CNN, Mr Doyle said the failings of IMF surveillance of the financial crisis "are, if anything, becoming more deeply entrenched".
http://www.bbc.co.uk/news/business-18921670

Rats bailing on a sinking ship?
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Old 07-23-2012, 08:41 AM   #2
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Originally Posted by PMBug View Post:
http://www.bbc.co.uk/news/business-18921670

Rats bailing on a sinking ship?
I have seen this reported by several news sources today. Will this actually cause and meaningful changes to the IMF?

Does anyone have a good grasp of the history of the IMF? How did they get started, who authorized them, what official jurisdiction do they have, who is in charge of them, who has oversight of the IMF?
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