ARGENTINA: Mexico Central Bank Governor Agustin Carstens in Argentina to campaigns for top IMF position
Record ID:
446580
ARGENTINA: Mexico Central Bank Governor Agustin Carstens in Argentina to campaigns for top IMF position
- Title: ARGENTINA: Mexico Central Bank Governor Agustin Carstens in Argentina to campaigns for top IMF position
- Date: 4th June 2011
- Summary: BUENOS AIRES, ARGENTINA (JUNE 03, 2011) (REUTERS) VARIOUS OF THE EXTERIOR OF THE ECONOMY MINISTRY MEXICO CENTRAL BANK GOVERNOR, AGUSTIN CARSTENS AND ARGENTINE ECONOMY MINISTER, AMADO BOUDOU ENTERING NEWS CONFERENCE JOURNALISTS CARSTENS AND BOUDOU SEATED AT NEWS CONFERENCE JOURNALIST ASKING A QUESTION (SOUNDBITE) (Spanish) MEXICO CENTRAL BANK GOVERNOR, AGUSTIN CARSTENS, SAYING: "Each country needs personal attention. The fund [IMF], more than anything, needs to have the sensitivity to consider what are the specific characteristics of each country and if they offer recommendations, that they be respectful, keeping the specific problems each country has in mind." CARSTENS AND BOUDOU LISTENING TO JOURNALISTS (SOUNDBITE) (Spanish) CARSTENS, SAYING: "I think the fund made an historic error in dissociating itself with Argentina. I think that it is not right for an institute like the Monetary Fund to have left a member country on its own. And if I become the director general, one of lessons that I learned is that it is not appropriate to let a member country fend for itself. There should always be a flexibility to maintain communication, to maintain a dialogue and keep support." CARSTENS AND BOUDOU STANDING FOLLOWING THE NEWS CONFERENCE JOURNALISTS CARSTENS AND BOUDOU AS HE SPEAKS TO JOURNALISTS CARSTENS AND BOUDOU LEAVING THE NEWS CONFERENCE
- Embargoed: 19th June 2011 13:00
- Keywords:
- Location: Argentina, Argentina
- Country: Argentina
- Topics: International Relations
- Reuters ID: LVA7DBUIXW94QA841PBTKVD5KAAY
- Story Text: Mexico Central Bank Governor Agustin Carstens said on Friday (June 03) that the selection for a new International Monetary Fund (IMF) chief should be transparent and sought the backing of Argentina in his candidacy to be the managing director of the organization saying the organization should be sensitive in working with each country.
Carstens travelled to Buenos Aires after visiting the Brazilian capital earlier in the week in his campaign to garner support in Latin America.
Many Argentines blame the IMF for its 2001 - 2002 financial crises when the country defaulted on its loan payments, a move that still has it isolated from voluntary credit markets.
"Each country needs personal attention. The fund [IMF], more than anything, needs to have the sensitivity to consider what are the specific characteristics of each country and if they offer recommendations, that they be respectful, keeping the specific problems each country has in mind," Carstens said.
Following the default, Argentina implemented economic policy counter to IMF recommendations and managed to normalize more than 90 percent of its defaulted debt entering a period of sustained expansion since late 2002.
Carstens said the Washington-based fund made mistakes in handling Argentina's debt burden and came down too hard on Latin America's third largest economy.
"I think the fund made an historic error in dissociating itself with Argentina. I think that it is not right for an institute like the Monetary Fund to have left a member country on its own. And if I become the director general, one of lessons that I learned is that it is not appropriate to let a member country fend for itself. There should always be a flexibility to maintain communication, to maintain a dialogue and keep support," added Carstens.
Carstens met with Argentine Economy Minister Amado Boudou who said he has not made a decision as of yet on whether to support the Mexican in his bid.
Carstens is a leading economist educated at the University of Chicago. He has overseen a number of financial crises in Mexico and has launched his candidacy as emerging markets seek more influence as a result of their growing economic clout.
The IMF was thrown into a crisis last month after its former boss, Dominique Strauss-Kahn, quit following charges that he tried to rape a hotel maid. Strauss-Kahn has denied those charges.
As of Friday, the only other confirmed nomination for the IMF leadership is French Finance Minister Christine Lagarde. - Copyright Holder: REUTERS
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