ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Soviet Union- Short, but Not Insignificant

lead in arranging so-called adjustment programme loans so that banks could be saved from massive defaults. Since American banks were the ones most affected, the US Congress too agreed to allocate large resources to support the IMF. The IMF's resource-base has been strengthened by increasing the funds under the General Agreement to Borrow to $ 17 billion, US responses to the IMF requests for enhanced resources have been very positive in the last 18 months or so, once it was "realised that private banks, especially American ones, were in serious trouble over their massive loans to countries like Brazil. That these countries have strongly pro-US regimes too helped, of course.

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