Economy

no more banksters

(395 posts) Sun Apr 3, 2016, 11:59 AM Apr 2016

A unique opportunity for Greece to get rid of the IMF economic hitmen

The revelations could be proved a unique opportunity for Tsipras administration to get rid of one of the major components responsible for the brutal neoliberal experiment: IMF economic hitmen.

In case that the Greek government manage to get rid of the IMF, the one that knows how to destroy national economies, EFD will be left alone and the balance could change dramatically in favor of the progressive forces through the corresponding alliances in a European level. This could be the beginning of the end of the European Financial Dictatorship as a carrier of the neoliberal doctrine.

Tsipras administration should exploit this opportunity, acknowledging, however, that the IMF and EFD are on the same side and that the case of the Greek debt relief was only a meaningless offer to Tsipras in order to surrender. Only by erasing a large portion of the illegal debt and return to national currency Greece could be saved.

A characteristic part of the dialogues:

THOMSEN: What is going to bring it all to a decision point? In the past there has been only one time when the decision has been made and then that was when they were about to run out of money seriously and to default. Right?

VELCULESCU: Right!

THOMSEN: And possibly this is what is going to happen again. In that case, it drags on until July, and clearly the Europeans are not going to have any discussions for a month before the Brexits and so, at some stage they will want to take a break and then they want to start again after the European referendum.

...

THOMSEN: But that is not an event. That is not going to cause them to… That discussion can go on for a long time. And they are just leading them down the road… why are they leading them down the road? Because they are not close to the event, whatever it is.

VELCULESCU: I agree that we need an event, but I don’t know what that will be.

http://failedevolution.blogspot.gr/2016/04/a-unique-opportunity-for-greece-to-get.html

4 replies

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A unique opportunity for Greece to get rid of the IMF economic hitmen (Original Post) no more banksters Apr 2016 OP

It's risky. Argentina did that, and the IMF (and US Gov) retaliated by setting vulture funds on them forest444 Apr 2016 #1

It's a crazy world Hydra Apr 2016 #2

Well said. forest444 Apr 2016 #3

Lagarde completely covers the IMF economic hitmen no more banksters Apr 2016 #4

forest444

(5,902 posts)

1. It's risky. Argentina did that, and the IMF (and US Gov) retaliated by setting vulture funds on them

Reply to no more banksters (Original post)

Sun Apr 3, 2016, 12:14 PM

Apr 2016

They bought relatively small amounts of old defaulted bonds in 2008, and then bribed a Wall Street judge to block payments to all the other bondholders until the vulture funds got astronomical payouts of 1000% or more.

This had the effect of mostly locking Argentina out of the international bond markets, and by 2012 the country's economic recovery began to sputter. This - plus relentless, Breitbart-style media attacks coordinated between the State Dept, the vulture funds, and Argentina right-wing media - pushed voters to vote in a neocon government last November (albeit narrowly).

IMF recipes were brought back after 13 years, austerity was imposed, purchasing power fell by 17% in three months, the vulture funds got their payout (1180%, according to Joseph Stiglitz), and the neocons are singing praises. What a world.

I'm sure the Tsipras government has been watching closely, because this is the kind of retaliation they can expect if they win this arm-wrestling match with the International Misery Fund.

Hydra

(14,459 posts)

2. It's a crazy world

Reply to forest444 (Reply #1)

Sun Apr 3, 2016, 02:29 PM

Apr 2016

Organized crime made legal.

forest444

(5,902 posts)

3. Well said.

Reply to Hydra (Reply #2)

Sun Apr 3, 2016, 06:45 PM

Apr 2016

It's always been this way, I suppose.

no more banksters

(395 posts)

4. Lagarde completely covers the IMF economic hitmen

Reply to no more banksters (Original post)

Mon Apr 4, 2016, 03:38 PM

Apr 2016

After the Greek PM, Alexis Tsipras, demanded from the head of the IMF, Christine Lagarde, to clarify her position, concerning the latest scandal according to the revelations by WikiLeaks, Tsipras took an answer which was more or less expected.

Recall that top IMF executives have been caught plotting to stage a “credit event” that could force Greece to the edge of bankruptcy, according to conversations revealed by WIkiLeaks.

...

In an unbelievably arrogant style, the head of the IMF understates our intelligence by saying that “any speculation that IMF staff would consider using a credit event as a negotiating tactic is simply nonsense.”, while says to the Greek PM that “it is critical that your authorities ensure an environment that respects the privacy of their internal discussions”.

In other words she demands from the Greek PM to protect the privacy of the IMF conversations between its executives, even though the latest revelations do not concern any Greek government officials, and leaked not through any Greek authority, but through WikiLeaks!

Neither the head of the IMF bothers to keep any pretexts, probably because Greece is in deep trouble, completely dependent on euro-currency and loans, which means that the creditors could blackmail the country any time they want.

http://failedevolution.blogspot.gr/2016/04/lagarde-completely-covers-imf-economic.html

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