Prologue -- Tequila and Tesobonos: Mexico 1994-95 -- From Miracle to Panic and Back: Asia 1997-98 -- Korea's Christmas Crisis -- Indonesia with Nukes: Russia 1998 -- Double Bailout for Brazil -- The IMF Fails: The Argentine Drama -- Turkey Stumbles -- Lessons Learned, Not Learned and Ignored -- A Global Firestorm -- Europe's Turn -- Saving the System -- Epilogue
Summary
The 2007 financial crisis almost brought down the global financial system and threatened to lead the world economy into a severe depression. The impact of the crisis was only curtailed by extraordinary measures taken by governments, central banks and an institution once considered by many to be defunct. Onno de Beaufort Wijnholds, a former Executive Director of the International Monetary Fund, delivers a compelling account of the inner workings of the IMF during the current crisis and those which preceded it. He profiles some of the most powerful individuals in the Fund and analyses the interplay of economics and politics that determines the success or failure of IMF policies