EBRD: Losing other people’s money
Its supporters find two ways to excuse the EBRD its Russian debacle. First, they say, it has done no worse than the other foreign financial institutions whose balance sheets have been pounded in Russia. All that means is that its internal credit controls failed as miserably as everyone else’s – faint praise indeed. Second, they point out, the EBRD is fatally handicapped by its charter and its structure. Here the supporters have a point.
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