IMF MEETING Brazil criticizes IMF handling of US credit crisis

[Judi Lynn]

Source: Forbes/Thomson Financial

IMF MEETING Brazil criticizes IMF handling of US credit crisis
10.20.07, 4:07 PM ET

WASHINGTON (Thomson Financial) - Brazilian Finance Minister Guido Mantega criticized the International Monetary Fund for having been lax in its handling of the US housing-related credit crisis.

'Allow me to point out the irony of this situation,' Mantega told IMF policymakers at the opening of annual meetings of the IMF and the World Bank in Washington.

'Countries that were references of good governance, of standards and codes for the financial systems, these are the very countries that are facing serious problems of financial fragility, putting at risk the prosperity of the world economy,' he told the 24-member IMF steering committee, referring to major industrialized nations.

Mantega reproached the IMF for its stance during financial turmoil that 'has its epicentre in the United States,' by far the largest shareholder in the 185-nation IMF.



Read more: http://www.forbes.com/markets/feeds/afx/2007/10/20/afx4242258.html

[Trillo]

1. Corporate: "Let's offshore it!"

Regulator: "Okay"
Corporate: "Let's take these financial instruments off the balance sheet!"
Regulator: "Okay"