IMF cannot join Greek rescue, board told
Source: CNBC
The International Monetary Fund's board has been told Athens' high debt levels and poor record of implementing reforms disqualify Greece from a third IMF bailout of the country, raising new questions over whether the institution will join the EU's latest financial rescue.
The determination, presented by IMF staff at a two-hour board meeting Wednesday, means that while IMF staff will participate in bailout negotiations currently under way in Athens, the Fund will not decide whether to agree a new programme for months potentially into next year.
That delay could have significant repercussions particularly in Germany, where officials have long said it would be impossible to win Bundestag approval for the new 86bn bailout without the IMF on board.
According to a four-page "strictly confidential" summary of Wednesday's board meeting obtained by the Financial Times, IMF negotiators will "participate in policy discussions" to ensure the eurozone's new bailout "is consistent with what the Fund has in mind".
Read more: http://www.cnbc.com/2015/07/30/imf-cannot-join-greek-rescue-board-told.html
geek tragedy
(68,868 posts)out how it's going to help that happen
cstanleytech
(26,295 posts)(like 50 to 100 years) or suck it up and get jack shit.
Personally if I was one of the lenders I would with the longer time to repay option.
Spitfire of ATJ
(32,723 posts)Yeah,....they just REFUSE to eliminate Social Securit,...I mean Pensions.
Ilios Meows
(26 posts)The neoliberals would like to try to dismantle 'entitlements' in other European countries as well.