International Monetary Fund

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  • Apr.20.2018: Tech titans must be reined in, says IMF’s Christine Lagarde. An urgent crackdown on big technology is needed to break its stranglehold on the economy and drive greater competition, the managing director of the IMF has said. Christine Lagarde warned that countries would suffer if power remained concentrated in the hands of such a small group of “technology titans”, but stopped short of calling for them to be broken up. In little more than a decade, Amazon, Google, Facebook and Apple Inc have turned into digital monopolies wielding enormous influence over people’s lives, prompting widespread concern matched only by anger about their tax avoidance. Google accounts for 90% of online searches in Europe, Facebook has 2bn users and Amazon has 100m subscribers to its Prime service. She suggested that she was in favour of breaking up the companies, as happened with Standard Oil a century ago, but had decided it would not work. “I’m not sure that breaking up some of the tech titans would be the right answer. It used to be the right answer. Now, when most of the assets have intangible value, how do you do the breaking up?” she said. Instead, policymakers needed to find alternative ways of diluting their power and to work out what measures were needed “quickly”. Philip Aldrick, The Times.
  • Jan.17.2018: The IMF has choked Tunisia. No wonder the people are protesting. Since the 2011 uprising, the IMF – backed by the G8 – has imposed economic reforms on Tunisia, at a cost to ordinary people. The Guardian, Jihen Chandoul
  • Dec.12.2016: IMF chief goes on trial accused of negligence after approving €400m payout to French tycoon. Christine Lagarde, the head of the International Monetary Fund, has gone on trial accused of negligence over a €400m (£335m) payment made to a French tycoon while she was the country’s finance minister. Lagarde approved the payment from public funds to the businessman Bernard Tapie, who was a friend of then president, Nicolas Sarkozy. Lagarde denied she had shown Tapie favourable treatment or awarded the controversial payout on Sarkozy’s orders. The court’s inquiry commission laments that Lagarde failed to appeal against the massive payout and criticised her for acting “carelessly and hastily”. The inquiry conclusion was damning, accusing Lagarde of a "conjunction of errors that, by their nature, number and seriousness go beyond the level of simple negligence". The Guardian, Kim Willlsher
  • Apr.16.2010: International Money Fiends. The International Monetary Fund devastated the developing world - and now it's targeting eastern Europe. In Apr.2009, the G20 pumped the IMF with £330bn of new funds. ... Nick Dearden, Director, Jubilee Debt Campaign, Red Pepper.