RE: Re: IMF

[Mark Jones]

Brad DeLongwrote:

> The IMF loaned Callaghan a lot of money to use for exchange
> rate management and to stretch out what would otherwise have been a
> very sharp, short, nasty period of macroeconomic adjustment.

As a matter of historical fact, the IMF didn't lend HMG any money at all. None of
the facilities were taken up.

Mark