NewsWhore
03-19-2007, 05:50 PM
Former Central Bank vice-governor Felix Calvo said yesterday that former President Hipolito Mejia's economic team had committed "serious mistakes" that reflected in a negative manner on the country's macro-economic situation, eventually leading to the President's political defeat. Calvo said that some members of the economic team spent most of their time trying to undermine the efforts of colleagues who were trying to do their jobs. He said "there were 10 members, 20 enemies and 30 people doing things on their own, while others undermined the ones who were attempting to carry out sane policies." Among the main mistakes, Calvo cited the increase in foreign debt carried out without consultation with the International Monetary fund (IMF) and the purchase of Union Fenosa power consortium shares. He pointed out that talks with the IMF were broken off twice as a result of these and similar actions, not as a result of the Central Bank's monetary policies.
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