IMF austerity chills crisis countries

The latest issue of Bretton Woods Update (UK) includes an article on the public sector austerity conditions in some recent IMF emergency loans and their impact, focussing on the examples of Romania and Iceland in particular. Although the IMF has urged industrialized countries to adopt deficit-financed fiscal stimulus policies to counteract the impact of the global recession, the article states that only three developing countries -- India, Mozambique and Tanzania -- have been advised by the IMF to adopt counter-cyclical stimulus policies.

Read the article here: http://www.brettonwoodsproject.org/art-564828.