Wavering IMF adds to investor uncertainty

It is July, and Adam Lerrick is on a roll. The conservative Carnegie Mellon economics professor and adviser to the US Congress is saying that Brazil is no different to United Airlines: in neither case should public money bail out private creditors. Brazil is “a political problem which has economic consequences” he says, and although the Brazilian people are perfectly free to elect a leftist as president, it’s not the job of the IMF to step in and provide enough money to minimize those consequences.