The IMF vs. El Salvador
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I understand that we want our precious El Salvador to succeed in their bitcoin/surveillance quest, but I think that we have to understand that the IMF is not a bully.
[https://en.wikipedia.org/wiki/Economy_of_El_Salvador](https://en.wikipedia.org/wiki/Economy_of_El_Salvador)
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If you look at the source above, the debt of El Salvador is about half of its GDP. That is reasonable for a wealthy country, but for a relatively poor country it is quite meaningful. If El Salvador cannot get a loan from the free market (you guys for example), they will have to get it from the IMF. The IMF has its rules for how a nation is allowed to conduct itself and one of them is that speculating on unproven assets (even if brilliant) is not allowed.
Maybe the community here will jump in on rolling over El Salvador’s loan. I’m not too interested right now.
ADDITION: El Salvador needs to roll over ~$1 billion of an IMF loan or it will default and lose its access to international capital markets. They can either borrow from the IMF or they can borrow from the international business community. The IMF, like anyone has their stipulations for that loan. If they think that the IMF is bad then they can decide not to take the loan and try to raise the money from somewhere else. Refusing to lend money is not bullying even if the system is a little messed up.
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