Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
The IMF and Troika Have Greece in Their Crosshairs — Again!
By Jack Rasmus
Source: teleSUR English
April 22, 2016
In August 2015, after eight months of intense negotiations with Europes Troika financial institutions the IMF, European Central Bank, and European Commission the Greek Government capitulated to the Troikas demands imposing more austerity on its people in exchange for another $98 billion in additional loans.
The $98 billion did not represent economic assistance to Greece, to stimulate its economy, but was earmarked almost exclusively to pay back interest to the Troika, Europe banks, and Europe investors for prior loans made to Greece in 2012, 2010, and before. But while the Greek people would see little real benefit, they would have to pay the price. In exchange for the $98 billion in new credit, the August 2015 debt restructuring deal required Greece to even further cut pensions, axe more government jobs and cut wages, raise taxes, accelerate the sales of public works (ports, airports, utilities, etc.) to private investors, and to in effect turn over Greek banks to the Troika and its northern Europe banker and investor friends.
To ensure Greece would not renege on the August 2015 deal, it would now also have to submit to vetoes by Troika representatives sent to Greece to oversee virtually all policy decisions made by Greeces democratically elected Parliament or local governments. The Troika last year thus tightened its grip on Greece both politically and economically to ensure it would receive debt payments from Greece no matter how harsh the austerity terms.
The Greek government may have thought it had a debt deal, albeit a dirty one, last August 2015; but recent developments are now beginning to reveal it was only temporary.
Worse is yet to come.
The Troika grip on Greece is about to tighten still further, as revelations in recent weeks show Troika plans to renege on last years terms and demand even more draconian austerity measures. Leading the Troika attack on Greece once again is the the IMF, one of the Troikas three institutional partners.
IMF Secret Plans to Impose Further Austerity on Greece
On April 2, 2016, WikiLeaks released transcripts of a secret teleconference among IMF officials that occurred on March 19. In it, leading IMF directors expressed concern that discussions between Greece and the IMFs Troika partner, the European Commission, on terms of implementing last Augusts deal were going too slowly. The Eurozone and Greek economies have been deteriorating since last August. Still more austerity would thus be needed, according to the discussions among the IMF participants in the teleconference. And to get Greece to agree, perhaps a new crisis event would have to be provoked..........
The $98 billion did not represent economic assistance to Greece, to stimulate its economy, but was earmarked almost exclusively to pay back interest to the Troika, Europe banks, and Europe investors for prior loans made to Greece in 2012, 2010, and before. But while the Greek people would see little real benefit, they would have to pay the price. In exchange for the $98 billion in new credit, the August 2015 debt restructuring deal required Greece to even further cut pensions, axe more government jobs and cut wages, raise taxes, accelerate the sales of public works (ports, airports, utilities, etc.) to private investors, and to in effect turn over Greek banks to the Troika and its northern Europe banker and investor friends.
To ensure Greece would not renege on the August 2015 deal, it would now also have to submit to vetoes by Troika representatives sent to Greece to oversee virtually all policy decisions made by Greeces democratically elected Parliament or local governments. The Troika last year thus tightened its grip on Greece both politically and economically to ensure it would receive debt payments from Greece no matter how harsh the austerity terms.
The Greek government may have thought it had a debt deal, albeit a dirty one, last August 2015; but recent developments are now beginning to reveal it was only temporary.
Worse is yet to come.
The Troika grip on Greece is about to tighten still further, as revelations in recent weeks show Troika plans to renege on last years terms and demand even more draconian austerity measures. Leading the Troika attack on Greece once again is the the IMF, one of the Troikas three institutional partners.
IMF Secret Plans to Impose Further Austerity on Greece
On April 2, 2016, WikiLeaks released transcripts of a secret teleconference among IMF officials that occurred on March 19. In it, leading IMF directors expressed concern that discussions between Greece and the IMFs Troika partner, the European Commission, on terms of implementing last Augusts deal were going too slowly. The Eurozone and Greek economies have been deteriorating since last August. Still more austerity would thus be needed, according to the discussions among the IMF participants in the teleconference. And to get Greece to agree, perhaps a new crisis event would have to be provoked..........
Full article: https://zcomm.org/znetarticle/the-imf-and-troika-have-greece-in-their-crosshairs-again/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 947 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (5)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
The IMF and Troika Have Greece in Their Crosshairs — Again! (Original Post)
polly7
Apr 2016
OP
snot
(10,481 posts)1. "to get Greece to agree, perhaps a new ‘crisis event’ would have to be provoked."
what???
I'm not really surprised, of course; but I'd like to see the details of the transcripts on that point.
(Having trouble locating the actual transcript online; a link would be helpful.)
elleng
(130,156 posts)2. Sound familiar.
'another Pearl Harbor?'