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The IMF waves goodbye to austerity Add to ...

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The International Monetary Fund issued a dark warning this week about heightened risks to world growth. It cited the political deadlock in Washington and faltering prospects in emerging economies, and cautioned the Federal Reserve against a quick exit from monetary easing, putting the potential global bond losses stemming from an abrupt change in Fed policy at a whopping $2.3-trillion (U.S.). This is but the latest example of the IMF’s departure from its old austerity-above-all-else dogma, which it had frequently used to bludgeon hapless borrowers.

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