After the crisis of 1997, not one important financial reform was carried out in the world. Liberalization of capital markets causes instability and not necessarily growth. In South Korea, the IMF recommended the sale of state banks to US investors.
“What Gazprom is proposing is mind-boggling,” the Nigerian oil official told the Financial Times. “They’re talking tough and saying the west has taken advantage of us in the last 50 years and they’re offering us a better deal ... They are ready to beat the Chinese, the Indians and the Americans.”