Argentina and China sign deals strengthening ties after G-20

[sandensea]

5. Exactly. Instead, we're using the IMF - which is worse than nothing at all.

They have deep pockets (they've already lent Argentina $21 billion just since June - plus another $7 billion later this month).

But the problem is that IMF loans come with serious strings attached - in the form of draconian budget cuts that only worsen the ongoing recession.

And it doesn't address the real causes:

Like the Bush crisis, this Macrisis was caused by financial deregulation and a popped speculative debt bubble - not budget deficits (which Argentina has financed domestically, with no need for foreign borrowing).

Who recommended it? The IMF (plus local elites).

And the IMF's solution? Deregulate some more! And cut taxes on the rich while you're at it.