"IMF apologises for the immolation of Greece"

[Jules Galen]

Or done some serious debt restructuring. As I understand it, all the money from those bailout packages first and foremost go to repaying the loans to (mostly German and French) banks, and only the crumbs end up in the Greek economy.


For every stray dog that's fed and kept alive by PASOK supporters there's another stray dog that's fed by ND supporters.

Probably so. It would make sense to share the corruption so that no one would be too wiling to pass the blame when it all came crashing down.

One day, they'll (the Investment Banks) send people throughout America to put the "Financial Hit" on many American cities like they did to Birmingham, Alabama. And then Americans will be confused and sorry when they are made to pay up. But, at least America will fully understand what periodically happens to Argentina, or what happened to such places like Greece and Bolivia (i.e., water crisis).

 

[Beerina]

I thought the Impossible Missions Force were the good guys, by the way!!!

"Should you choose to accept this austerity level, this government will self-destruct in 5 seconds. Should you choose not to accept it, it will self-destruct anyway as nobody will lend you any more money to your 'sovereign' voters."

 

[CapelDodger]

If Greece should have left, then why didn't it? Can Greece not decide to leave, ala Britain?

The UK has never been in the euro-zone so does not have the luxury of leaving it.

 

[MarkCorrigan]

Greece's initial problems were due to precisely what you describe, so you're right up to that point. What has happened since then has been geared to what the article says. The Troika should have kicked Greece out but instead knowingly crucified it, for the EU/EZ's benefit. And the IMF knew it all along.

But I doubt you even read the Telegraph piece.

I suspect, although I can't prove it, that it may have been partially to make some kind of gains out of Greece that they would have expected to get from them being a part of the EZ normally. Of course they didn't get them the normal way because Greece lied through their teeth about their situation thus letting them fail spectacularly was the only way to not make a big loss.

 

[Ziggurat]

The UK has never been in the euro-zone so does not have the luxury of leaving it.

Are you saying it's possible to leave the European Union but NOT possible to leave the Euro currency?

 

[Ziggurat]

Leaving the EZ is a different matter but, essentially, yes it could.

If it was within Greece's power to leave, and they should have left for their own good, then I'm not sure why we should blame anyone else for not kicking them out.

It would make more sense for a managed withdrawal imposed and organised by the EZ/EU but that would require a costly admission of failure and mismanagement by them, which isn't going to happen. Protecting their banks and the € is far more important.

Of course it is. That's the way of the world. But I don't see much point in blaming them for following their self-interest, rather than Greece's leaders for getting them into this mess in the first place and not making the hard choices when they should have.

It'll be interesting to see what happens if the IMF (as it should, or even must) withdraws from future bailouts. It's been breaking its own rules all this time and this report has blown the lid off that.

Don't count on ethical behavior from an essentially unaccountable bureaucracy.

 

[Hlafordlaes]

Are you saying it's possible to leave the European Union but NOT possible to leave the Euro currency?

See #15 if you can also see this post.

 

[BobTheCoward]

Greece didn't have to accept the IMF deal.

 

[Belz...]

Greece didn't have to accept the IMF deal.

Exactly. IMF missions are always on an "if you choose to accept it" basis.