However, once the crisis reaches the stage where global lenders suffer significant losses, they will cut back on their loan supply and interest rates for everybody will rise.

In return, Russian officials expect aid from the global lender, perhaps in a stabilization fund, perhaps in a fund to help finance imports.

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Russia's failing economy has produced a long-running crisis that has caused enormous hardship among the Russian people as well as jitters among Russia's global lenders.

But most specialists are looking forward, wondering whether the I.M.F. can continue to play the role of global lender of last resort without doing more harm than good.

The Administartion has said that replenishing global lender's funds was necessary so the agency could help Russia and other former Soviet states.

But he is no stranger to the kinds of seismic political and economic upheaval that come with the responsibility of managing a global lender to financially distressed nations.

The US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.

The avowed purpose is to convince global lenders and investors that they should not abandon ship.

We need a stronger IMF that operates as a global lender.