Even though this has been the vision driven for decades by the International Monetary Fund, austerity has been discredited as a principal method to get out of an economic crisis
In December of 2000, the International Monetary Fund (IMF) organized a bailout to address the economic crisis of Argentina which provided $7.2 billion in loans conditioned to a series of austerity measures. Two years past and the economic problems deepened. The economy shrank by 15%, unemployment exceeded 25%. The plan wasn’t working.
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