'We made many mistakes with Argentina in the 90s,' says ex-IMF chief

Former managing director of the IMF, Michel Camdessus admitted today that during his time working for the organization, they 'made many mistakes with Argentina,' particularly highlighting the 90s.

“We probably made many silly mistakes and committed errors with Argentina, but finally the debt problem has been resolved, even though it took a long time,” sustained the French economist, who headed the International Monetary Fund between 1987 and 2000.

Camdessus made the statements during a speech at the 14th Annual Meeting of the Christian Association for Company Directors (ACDE) which takes place in a downtown hotel.

With regard to the topic, the former IMF managing director estimated that “80% of the global economic growth,” over the course of the next forty years, “will come from the development of emerging countries, like Argentina,” also considering that during this time the dollar will cease to dominate the monetary system and global finance.   

“We can expect that by 2050; close to 80 percent of global economic growth will be a result of emerging countries. Today, many of these countries are reducing the gap with more developed nations, developing their middle class and bettering their quality of life,” Camsessus stated in a panel on “Progress from a local perspective.”