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Christine Lagarde

Latin America rolls out red carpet for once-scorned IMF

The last time the IMF held its annual meetings in Latin America, Ernesto "Che" Guevara was trying to spread Cuba's revolution throughout the hemisphere and much of the region was under the thumb of repressive dictatorships. But as policy makers from around the world began arriving in Peru's capital Thursday, the ideological battles of the past appear to be fading. In the five decades since their last annual meeting in the region, in Rio de Janeiro in 1967, the IMF and World Bank have loosened up on policy prescriptions that forced austerity on much of the hemisphere. And many governments, even some leftist ones like Bolivia and Ecuador that are hostile in rhetoric to...