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IMF meets in hostile territory of Latin America

IMF managing director Christine Lagarde looks at the landscape in Machu Picchu, Peru on October 5, 2015The International Monetary Fund faces a chilly reception as it meets this week in Latin America, the region that has been most hostile toward its policy prescriptions. There is loaded history lingering in the air in Peru as IMF Managing Director Christine Lagarde and her team jet into Lima for the annual meetings of the IMF and World Bank from Friday to Sunday. In a part of the world long resent of being seen as America’s back yard, the IMF and World Bank’s loans and accompanying fiscal policy prescriptions — commonly derided as the “Washington consensus” — are often criticized as just another way for the US to maintain its dominance over the hemisphere.

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