You are of course right, Yanis. These targets that they…
““You are of course right, Yanis. These targets that they insist on can’t work. But, you must understand that we have put too much into this programme. We cannot go back on it. Your credibility depends on accepting and working within this programme.2 So, there I had it. The head of the IMF was telling the finance minister of a bankrupt government that the policies imposed upon his country couldn’t work. Not that it would be hard to make them work. Not that the probability of them working was low. No, she was acknowledging that, come hell or high water, they couldn’t work. With””
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Policymakers may cling to ineffective programs due to political and personal stakes, even when they recognize flaws.
In simple terms: Sticking to a bad plan because of reputation.
Key Takeaway
Question the commitment to failing policies.
Themes
politics
economics
credibility
Mood
cautious
critical
Type
analytical
advisory
When to use this quote
- government budgeting
- IMF negotiations
- public statements
- policy reform
Key Concepts
policy inertia
institutional pressure
Questions to Reflect On
- How can leaders balance credibility with realistic outcomes?
- What mechanisms can prevent commitment to failing programs?
A Different Perspective
The desire to maintain credibility can outweigh practical effectiveness.