World Bank Admits Failure of Privatizations in Latin America

[Judi Lynn]

World Bank Admits Failure of Privatizations in Latin America
Posted: 2009/03/16


HAVANA, Cuba (acn) -- Top World Bank economist for Latin America, Augusto de La Torre, recognized on Wednesday the failure of the wave of privatization that swept the continent in the 1990s.

In the framework of a presentation of a report on climate change, De la Torre told the press in Buenos Aires: “In the 1990s there was an expectation in the sense that the private sector was going to substitute the State in all aspects of infrastructure, but that didn’t happen,” as he reffered the privatizations that occurred in Latin America, especially in public services.

“The mantra that everything should be privatized was only a phenomenon of the nineties, but I don’t see it anywhere today, neither inside nor outside the World Bank,” said the economist according to an AFP reported quoted by Granma.

De la Torre noted: “Now the vision of the WB is not white and black. What interest’s the Bank is that a project be efficient and has the largest quantity of social benefits.”

The WB along with the International Monetary Fund (IMF) imposed their policy on the continent leading to structural adjustments and mass privatizations, which in the case of Argentina brought on social unrest and the fall of the government of President Fernando de la Rua.

http://mathaba.net/news/?x=618663

[amyrose2712]

1. Does this mean a change in their policies of extortion ??

[EFerrari]

2. He probably just means the vultures are hungry. n/t

[Judi Lynn]

4. Did you ever see the recent figures on what their current profits are in this hemisphere,

compared to the steady diet they used to enjoy?

Before the new progress in Latin America, the international banks used to make MOST of their hauls in the Americas, in in the last few years it has tricked away to almost nothing.

They may have to start lending each other money next! Maybe Banco del sur could help them.

[Judi Lynn]

3. He probably knows people are wary about the traps they set for countries

which used to seek help from them and end up wildly worse off in no time at all. Extortion, for sure.

Too bad they can cause so much damage to people and never be held personally responsible for their actions, isn't it? Sheesh.