  The Fund's Financial Folly  Sep 1, 2002  The International
Monetary Fund has gone soft on Brazil while keeping its hard
line on Argentina. Brazil gets a $30 billion IMF bailout but
Argentina stays on bread and water. The Fund and its godfather,
the US Treasury, have told Argentina to get lost because it has
failed to come up with a coherent economic plan. Brazil, on the
other hand, is rewarded for sticking to an IMF program even
while it fell deeper into debt. It is true that Brazil has not
sunk as low as Argentina, but its ramshackle capital structure
has exposed it to the whims of global markets and brought it to
the brink of disaster. This is because the supposedly ever-
vigilant local and international bond markets and...   Already
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