!! History Commons Alert, Exciting News

Context of 'August 25, 1971: Former IMF Director Calls for International Reserve Settlement Account'

This is a scalable context timeline. It contains events related to the event August 25, 1971: Former IMF Director Calls for International Reserve Settlement Account. You can narrow or broaden the context of this timeline by adjusting the zoom level. The lower the scale, the more relevant the items on average will be, while the higher the scale, the less relevant the items, on average, will be.

Edward M. Bernstein, former director of research for the International Monetary Fund (IMF) and attendee to the Breton Woods conference, calls on international governments to handle all reserve exchange transactions in a reserve settlement account whereby “countries would earmark their gold, SDR’s (Special Drawing Rights), dollar, and other foreign exchange” for the account. In doing so the countries would have the opportunity to settle all reserve transactions through the account, thereby eliminating excess reserve accruals and violent market influences. [New York Times, 8/26/1971]

Entity Tags: International Monetary Fund, Edward M. Bernstein

Timeline Tags: Global Economic Crises

Hernan Siles Zuazo is defeated in Bolivian elections by Paz Estenssoro, who promptly moves to curb the extremely high inflation levels, which at one point reach 35,000 percent annually. He imposes austerity measures under pressure from the International Monetary Fund (IMF) in exchange for temporary relief of Bolivia’s large foreign debt. [Library of Congress, 1991; Green Left Daily, 7/24/2002]

Entity Tags: Victor Paz Estenssoro, Hernan Siles Zuazo

Timeline Tags: US-Bolivia (1951-2000)

Rodrigo Rato, the new managing director of the International Monetary Fund (IMF), urges oil producing countries to save the extra revenue generated from high oil prices. Venezuela, the world’s fifth largest oil exporter, shuns the advice and continues to use its oil revenue to fund literacy, health, and other social programs. In addition to the money that Petroleos de Venezuela, the country’s state oil company, contributes to the government, the company directly funds and administers another $3 billion in social projects. [BBC, 11/24/2004]

Entity Tags: Venezuela, International Monetary Fund, Rodrigo Rato

Timeline Tags: US-Venezuela (1948-2005)

The International Monetary Fund (IMF) approves a $2.1 billion loan for Iceland, whose economy has been devastated by the global financial crisis. Iceland becomes the first Western European nation to get an IMF loan since Britain in 1976. [BBC, 2/2/2009]

Entity Tags: International Monetary Fund

Timeline Tags: Global Economic Crises

Ordering 

Time period


Email Updates

Receive weekly email updates summarizing what contributors have added to the History Commons database

 
Donate

Developing and maintaining this site is very labor intensive. If you find it useful, please give us a hand and donate what you can.
Donate Now

Volunteer

If you would like to help us with this effort, please contact us. We need help with programming (Java, JDO, mysql, and xml), design, networking, and publicity. If you want to contribute information to this site, click the register link at the top of the page, and start contributing.
Contact Us

Creative Commons License Except where otherwise noted, the textual content of each timeline is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike