That does not mean the IMF, whose economic prescriptions of devaluation and higher taxes are always toxic.
The woes were exacerbated after Argentina endured an economic collapse and devaluation of the peso in 2001-2002.
By contrast, the 1994 devaluation barely slowed economic growth.
The IMF remains addicted to currency devaluation, which invariably retards economic recovery and growth.
There's no denying that the worse the devaluation, the worse the economic devastation.
This is the option that Mexico needs, but facing it is another option - the option of debt, the option of inflation, the option of devaluation, the option of economic crisis.
Mr Primakov has been helped by a mild, if perhaps temporary, economic recovery, spurred by the rouble's devaluation.
Between 1984 and 1988 the average annual rate of inflation was 14.5%, of devaluation 14.3% and of economic growth 3.2%.
While in Tokyo last week, Mr Thanong was encouraged to put the minds of 21 Japanese bankers and captains of industry at rest over what (apart from devaluation) was being done to prevent an economic meltdown in Bangkok.
On the economic front, weakness from the financial crisis following the peso devaluation in late 1994 and the relative hiccup from the 1998 Asian crisis are now distant memories.
Furthermore, even though emerging markets wobbled in May and June, there was nothing like the panic (nor the wider economic impact) seen in 1994-95 after the Mexican peso devaluation, or in 1997-98, with the Asian crisis.
The first is economic disaster, as beset, for example, Labour after the 1967 devaluation of the pound and the Tories after the rise in unemployment of 1980-81.
Russia's economic bounce-back since 1999 owes as much to high oil prices, a big devaluation and the country's hardy businessmen as it does to Mr Putin's new stance.
Martin Redrado, who is in charge of economic affairs at the foreign ministry, points out that Brazil recovered strongly after its turbulent devaluation of 1999, and inflation there remained low.
应用推荐