The IMF’s fight against covid-19 may further redeem the institution in Joe Stiglitz’s eyes
are as daunting as minister of the economy of Argentina. But Martín Guzmán, who was given the post in December, has two things going for him. He is a brilliant student of unsustainable debt, which Argentina has in abundance, including $44bn owed to theand almost $100bn of foreign-currency debt owed to private lenders. And he is a protégé of Joe Stiglitz, a Nobel-prizewinning economist at Columbia University who once served as chief economist of the World Bank.
That close affiliation presumably helped endear him to Argentina’s powerful vice-president, Cristina Fernández, who flouts economic orthodoxy but is fond of citing Mr Stiglitz. And the celebrated economist’s warm endorsement also gave Mr Guzmán credibility in his dealings with theBut the neat logic of his appointment surely suffers from an obvious flaw. Mr Stiglitz is admired as an economic theorist, but is also renowned as a bitter critic of the.
Kristalina Georgieva, who took over at the fund last year, “is making another very big step forward”, Mr Stiglitz says. They overlapped at the World Bank and kept in touch after Mr Stiglitz left. He wrote her a letter about Argentina shortly after she was appointed. And the fund quickly endorsed Mr Guzmán’s view that the country’s debt was “unsustainable”. That declaration has increased the pressure on Argentina’s creditors to forgive a hefty chunk of their claims.
Does Mr Stiglitz worry that his followers will like him less if he likes the fund more? He insists that he has stayed true to the “broad principles” that motivated his original criticisms. He has been “steadfast” in his belief that markets fail, capital can flow too freely, inequality matters and depressed economies need stimulus, not austerity. But he is, perhaps, more tactful.
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