The IMF Mess

Can the Treasury Dept. push the sort of real reforms that will help deadbeat nations and their creditors come to terms?

Treasury Secretary Paul H. O'Neill came to office 20 months ago intent on transforming the face of international finance. He would just say no to big International Monetary Fund bailouts of deadbeat nations. Instead, the former Alcoa Inc. (AA ) boss hoped to usher in an era in which both countries and creditors shared responsibility for their mistakes, just like in the corporate world, where dud debts are sorted out in bankruptcy courts.

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