> > PARIS, Sept 10 (AFP) - A leading US economist has called on IMF > head Michel Camdessus to resign over the institute's poor handling > of the Russian economic crisis, saying the IMF's actions had > contributed to the chaos. > Jeffrey Sachs, director of the Harvard Institute for > International Development, told the French daily Le Figaro that > Camdessus should step down from his post as executive director of > the International Monetary Fund. > "The IMF completely failed in its intervention in Russia from > the start", Sachs told Le Figaro in an interview to appear Friday. > "They have contributed to this debacle", he said, calling on the > G7 group of industrialised nations to respond in a "creative manner" > to the crisis -- which would not include sending the IMF back to > Moscow. > He specifically criticised the IMF's insistence that Russia did > not need financial aid in 1992, and its failure to intervene in > 1995-1996 while Moscow embarked on a "highly corrupt privatisation > programme". > A world-wide recession could now be avoided through a > "coordinated reduction in interest rates" in the United States, > Europe and Japan, he advised. > -- Regards, Tom Walker ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ #408 1035 Pacific St. Vancouver, B.C. V6E 4G7 [EMAIL PROTECTED] (604) 669-3286 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The TimeWork Web: http://www.vcn.bc.ca/timework/
