Michael Camdessus:
a pleasant (and useful) stop in Caracas
ichael Camdessus is a cordial, courteous, amiable,
patient, cultivated man. If he is ironic he does hide it quite well under his French land's
savoir faire, he certainly has not been short of reasons to be ironic. The IMF's
managing director arrived in Caracas late on Saturday June the 1st. and he was so
assailed by journalists that he exclaimed, more or less satisfied: "I am not a rock
star". Indeed he is not; but he is more than that. He is in some way the great
guarantor of the Venezuelan Agenda, that is of the set of measures that the Caldera
administration has agreed with the IMF to restructure the economy and carry on with
unavoidable amendments, as described in the Letter of Intent signed between the IMF
and the Venezuelan government
Ever since the Latin wrote the famous sentence Verba volant, scripta
manent, all roads are cleared, thank God. No one seems to remember President
Caldera's words when he once said: "I know Venezuela better than monsieur
Camdessus!". The Visit by the IMF's managing director seems to prove that the
President was not quite right: Camdessus does know us also. That is why he came to
Caracas. That is why he was overwhelmed with optimism and vouched his trust in
Venezuela, and, perhaps, that is why he said that there was no doubt þor that he did not
doubtþ that the economic program would vanquish inflation and reestablish trust.
We have finally set foot on ground. Christopher Columbus saw the continent
at the Gulf of Paria some five hundred years ago. When seeing it from the distance he
called it Land of Grace; with time it came to be called Venezuela. The delay has not
been short to see firm ground and set foot on it, even if one is to consider once again
a Land of Grace we must suffer some punishment. Within the context of this
rectification þlate but convenientþ there is a place and an explanation for the visit by
the IMF's Managing Director. Monsieur Camdessus has no doubts as to the
readjustment program's success. Hurrah! Some economists wont as far as to hold that
it was not necessary to sign an agreement with the IMF because Venezuela had
sufficient reserves. One thing is true: there are sufficient reserves, but this does not
suffice in a country with such a prevailing populism, and where just like that and across
the corner a miracle peddler begins drawing rabbits from his sleeve.
Although the Head of State has not said any more that he knows Venezuela
more that his most cordial guest, it is not less true that there are many ministers who see
the program uncomfortably, with distrust or as a provisional concession. That is why
the signing of the letter of intent was necessary: the IMF assumes the commitment to
overlook the Venezuelan Agenda's development and the government the commitment
to comply with it. Verba volant, scripta manent. The President's words flew,
what remains is what has been signed in the Letter with the IMF. Camdessus expressed
trust in Venezuela and before leaving for Washington he guaranteed that in no event
we were deal with a neoliberal program; that left us all very happy. His words and his
presence in the country will contribute notably to make others trust, mostly to make the
government, from the President of the republic and his ministers and down, trust what
they do and forsake þmany of themþ the populist and anachronistic game of
revindicating the past.
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