Can the Argentine default represent a landmark in the history of multilateral financial organizations and the IMF?
Yes. It depends on how things unfold. If now Argentina experienced a deep crisis and the other countries were not affected, then the international community will wonder: Do we really need a Monetary Fund? The Funds idea is to a large extent avert contagion. If by doing things clearly as the way they are done now and letting countries with problems solve them does not cause an impact on the other countries, there will be less interest in having an institution such as the Fund. Adding the fact that as Professor Mercer from Carnegie Mellon University said just as many important commentators- the Fund has not only not helped but also by giving money to the countries it has postponed the D day, then if we buy the view that today it is quite popular in the Washington media, especially in the US Treasury, it is another reason why the Fund should be closed because it not only unnecessary for contagion matters but also it only grants funds to governments that make financial mismanagements. The
