Dec 13

The IMF clarifications for the anticipated “Greek drama”

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Only yesterday, the IMF gave its own explanation of the escalating crisis (blockage) with the still pending 2nd evaluation of the Greek bailout programme, in their blog/direct at

It seems that the Fund is not feeling at ease with the emerging scenario of conflict, considered to be the scapegoat and be blamed – again – for its “bad cop'” s behavior, always asking for more austerity.

Yet the IMF’ s version of the state-of-play sheds, once again, some light on the potential way-out. Which I have already tried to prescribe some “posts away”. The only way out implies that the Greek government will proceed asap with the reforms, especially with the public sector and the openness of the goods’ markets, and via a well-proven way, while closing this evaluation round some time in March, shows to the European lenders and especially the other European societies, that the Greeks deserve not only the short-term, but even the mid-term re-profiling of their public debt, to be agreed upon with this evaluation. That is how the primary surpluses to-be-agreed will go down to the level of around 2%, for the period till 2022, at least. The only rational way to move on.

This is how any Greek government needs to be guided towards the breakthrough, with strong “peer reviewing” by the European partners. Independently whether it would be the present or most probably another government, but with a multi-partisan parliamentary support. Otherwise, PM Tsipras will deploy the back-up plan, having already alerted everyone about, with the announcements for the distribution of some € 617m among low-paid pensioners. And the back-up plan, for this parliamentary majority to remain in power, asks for a referendum, so that the people will say “NO” to the updated MoU that the lenders are asking for. Sorry to repeat myself, but the deja-vu is almost ante portas. Yet, with a worse than the previous one development.


NIK – Tue, December 13, 2016

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