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IMF -Eurozone set a united front to Greece

Posted by moodhacker on February 10, 2017 at 5:40 AM

A common front to Greeks  

Euro zone lenders and the International Monetary Fund have reached an agreement  , the Reuters wrote on Friday noon February 10, between themselves on a common stance they will present to Greece, a senior euro zone official said to Reuters News. 


A meeting between the lenders and Greek officials is scheduled for later on Friday, the head of euro zone finance ministers Jeroen Dijsselbloem said in The Hague.


"There is agreement to present a united front to the Greeks," the euro zone official said, adding that the outcome of Friday's meeting with the Greeks was still unclear and it was unclear if Athens would accept the proposals.


"What comes out of it, we will see," the official said.

A united stance among euro zone governments and the IMF is a breakthrough , the Reuters wrote  because they have differed for months on the size of the primary surplus Greece should reach in 2018 and maintain for years later as well as the issue of debt relief.


The differences have hindered efforts to unlock further funding for Greece under its latest euro zone bailout program.


Three days earlier the  International Monetary Fund had warned  that Greece once again risks a eurozone exit amid stalled bailout talks, sending the clearest signal yet the IMF wouldn’t be likely to soon rejoin Europe’s failed efforts to fix Greece's ecoomic disaster

Fund officials have warned  Athens and its European creditors must agree to much deeper economic overhauls and substantial debt relief before the fund considers contributing another cent.


Greece the Unreformable . Varoufakis

“A country in desperate need of reform has been made unreformable,” Former Greek finance minister Yanis Varoufakis said on Thursday , speaking to BBC Radio 4’s Today programme, stressing that the country has been put on a fiscal path which makes everyday life “unsustainable” in Greece.

The country’s European creditors are going after the “little people” rather than “corrupt oligarchs”,Varoufakis said.

 “Instead of attacking the worst cases of corruption, for six years now the creditors have been after the little people, the small pharmacists, the very poor pensioners instead of going for the oligarchies”.

 By his own article in the Greek Newspaper Efimerida tvn Syntaktvn last week the ex Finance Minster of Alexis Tsipras urged Prime Minister to turn his back on the lenders.by encouraging him  to adopt a parallel payment system that he himself was responsible for designing back in 2015,  and to unilaterally restructure the European Central Bank loans it holds.

“This two-pronged preparation is the only way to prevent another excruciating retreat by the prime minister in the short term and [German Finance Minister Wolfgang] Schaeuble’s plan in the long term,” Varoufakis wrote in an op-ed in Efimerida ton Syntakton on Saturday.


Varoufakis has suggested that Schaeuble’s strategy is to lead Greeks to the point of exhaustion so they ask to leave the euro themselves and as such, implying that all sides are at best deluding themselves or at worst lying as he wrote on his blog just over a month ago

Interesting though, is the recent comment for Yiannis Vaourfakis of Ted Malloch, Donald Trump’s  choice for US ambassador to the EU,  who,  supporting in his interview on Skai TV’s “Istories” earlier this week that , "Greece would be better off outside the eurozone", said for Y.V:


"I’ve never met him, but I have certainly read stories about him. I’d love to meet him."

"In two years in, SYRIZA has become increasingly unpopular within Greece, and irrelevant outside of it. There are no more sympathetic op-eds in the Guardian and even Open Democracy has chosen Varoufakis’s #DIEM25 over Tsipras’s SYRIZA. Economically Greece is still threatened by Grexit, but is operating in a radically different European context, in which left-wing parties are even weaker than two years ago, and Brexit and refugees have pushed austerity politics to the margins of the political debate,  wrote  Cas Mudde is an Associate Professor in SPIA at the University of Georgia (USA) and a Researcher at C-REX at the University of Oslo (Norway), in his article  in Huffington Post 

The IMF’s participation in the loans to Greece since 2010 has been primarily to the benefit of Greece’s private creditors

The IMF’s participation in the lending to Greece through the Troika (with the European Central Bank, ECB, and European Commission) since 2010 has been primarily to the benefit of Greece’s private creditors. It was clear from the start that Greece was insolvent and that the bail-out loans would not put the country back on a debt sustainability track. Ninety per cent of the loans went straight to private creditors. Greece would have to refinance payments to creditors who then left the country. Greece would never be able to repay the bail out loans, as these measures did not even begin to address the insolvency problem, but simply changed the creditor structure from bondholders to the Fund, ECB and European Commission,

brettonwoodsproject.org worte on its article  Greece should default on its IMF loans 7 JULY 2015 | 

Reuters, WSJ, Brettonwoodsproject , Hffngton post 

Categories: Greece in Europe, Greece , Politics, Greece and the USA

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