WASHINGTON: The International Monetary Fund (IMF) said yesterday that long-standing weaknesses in Argentina's economy led to its collapse in 2001, while the global lender acknowledged that its own shortcomings had prevented it from detecting the looming crisis.
In a self-examination of the handling of the crisis, the IMF said it could not single out the sole source of the crash but realised there were several key lessons to be learned, including the need to strengthen its surveillance mechanisms.