What Happens if the IMF & World Bank Abrogate their agreement?

Texas Bill

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Feb 11, 2003
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According to today's DR1 Newsletter, the IMF representatives have left the country "for consultations" in Washington!

Evidently, since their spokesman said the Government was in violation with the "Letter of Intent and the Consensus of Washington", the team is returning with some idea of abrogating the original agreement qualifying the loan to the DR.

Did I read the wrong "between the lines" synopsis, or is that the opinion of others?

It would appear that Hippo has stubbed his toe and ended up on his face. Doesn't he realize that just because a deal has been signed, that it can be withdrawn for cause? He seems to believe he is infallable and can piss on anyone just because he wants to.

Golo, I'd like your opinion on Hippo's latest faux pas. Give us some of your inside dope and clear this up!

Texas Bill
 
Apr 26, 2002
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Take the Money and Run

Has not some of the money already been disbursed? I remember from a few weeks ago when the Peso fell to 27:1 that it was because the Central Bank had received dollars from the IMF agreement.

World class thiefs have no interest in the "cost" of money. Just take it and run, baby. It's in Miami and Zurich already.

What will be interesting is the pressure that the IMF can try and put on Hippo. Only the Bushees can do anything about it. Hippo may be betting that his willingness to be a US proxy in regard to Iraq and Venezuela gives him a license to steal. And it may, at least for as long as he remains useful.
 
Apr 26, 2002
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The latest is that Malkum denies that the IMF has exited negotiations. However, Bear Stearns confirmed today that the IMF did in fact leave.

Meanwhile, protestors controlled the Autopista Duarte near Villa Altagracia for seven hours last night. The first victim: A Vinacola del Norte truck carrying whiskey and wine. No wonder it lasted seven hours - lot's of fuel to keep the rebels going.
 

samiam

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Mar 5, 2003
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A taste of his own medicine

Texas Bill said:
.....Doesn't he realize that just because a deal has been signed, that it can be withdrawn for cause?.....
Texas Bill

He should realize. He did exactly that with Union Fenosa!Regardless of cause. Chopolitoe: Rebel without a cause.......or a clue. :pirate:
 

samiam

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Mar 5, 2003
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Porfio_Rubirosa said:
However, Bear Stearns confirmed today that the IMF did in fact leave.

Not only that, Standard & Poors down graded the long-term foreign and local currency credit ratings on the Dominican Republic to 'B-' from 'B+. This is the second time our credit ratings are lowered in six months. That is a very clear sign that the IMF is very put off by Chopolito's economic policy.

In my opinion our economy is more of an ongoing improvisation than a premeditated policy. Damn!!!! where is that Diablorojko when you want to pick on someone.
:mad:
 

mondongo

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Jan 1, 2002
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B- credit rating is not as good as it looks....it is the worst possible solvent rating...the next step is a country in default. Here are some countries with a better credit rating than that of the DR:

* Jamaica
* Lebanon
* Mongolia
* Pakistan
* Vietnam
* Trinidad & Tobago

So let me cut to the chase.....you can count with the fingers of one hand those countries with a worse credit rating...and u wouldn't need to use your thumb and forefinger!!
 

Criss Colon

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Jan 2, 2002
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The Dominican Economy is DONE,stick a fork in it!

Why do I keep reading Threads about the Economy in the DR? It is just a never ending story,and "fiction" at that! The Dominican Government does absolutely nothing to curtail spending/borrowing!In fact you can read daily of their arrogance and studidity on DR1's News Summary! Or are they so stupid after all? They have new jepettas,and houses,rolex watches,and we don't!But please sstop trying to use normal economic principles to analyse this "Alice In Wonderland" country! CCCCCCCCCC
 

Texas Bill

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Feb 11, 2003
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What Happens if the IMF & World Bank Abrogate their agtrrmrnt?

I reitterate the original question!

Latest news is that the IMF is back with bigger guns and is, in effect, telling the government to quit playing footsie and get down to the business of solving their fiscal problems (that's in the plural, by the way) instead of all the rhetoric aimed at the political agenda and the obvious empty promises being made.

Hippo is already laying the groundwork for defaulting on all the foreign loans that have been made to his government by pointing the finger at the IMF for requiring elimination of the 5% export tax and other of his so-called solutions to the self-inflicted problems.

I give ANY government elected a maximum of 6 months before the country is totally bankrupt and in default internationally.

Texas Bill
 

mondongo

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Jan 1, 2002
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I was shocked to read that the IMF actually required Bozo to eliminate the 5% tax. If this is the new IMF, then maybe they can actually help. This was in sharp contrast to their officisl statement last week.