IMF struggles to shake off stigma 20 years after Asia crisis
HONG KONG (July 7): It’s a photo that still haunts the International Monetary Fund.
In 1998, as a financial crisis raged across Asia, then IMF Managing Director Michel Camdessus was snapped as he stood with arms folded watching Indonesian President Suharto sign an unpopular bailout agreement that demanded steep spending cuts and painful reforms.
Laden with symbolism given the region’s history with colonialism, the image has come to define the IMF’s response during the crisis — a heavy-handed approach that some blame for worsening the turmoil.
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