Letter: IMF and debt policy
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir: In her determination to castigate the rich countries for their "immoral" debt policies (Comment, 31 December), Diane Coyle seems to have forgotten that, during the 1980s, more than a half of the Third World's debts owed to the commercial banks were written off as losses.
Because of concerns that this process could in turn undermine the international financial system, much of the energy of the IMF at that time was devoted to arranging rescue packages for the most heavily indebted developing countries.
Since South Korea currently appears to be experiencing a liquidity problem rather than a fundamental imbalance in its external accounts, the IMF is correct in seeking to prevent a financial collapse that could have a domino effect on other Asian countries.
NIGEL WILKINS
London SW7
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments