{"id":6293,"date":"2015-03-08T07:50:14","date_gmt":"2015-03-08T12:50:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6293"},"modified":"2015-03-08T07:50:14","modified_gmt":"2015-03-08T12:50:14","slug":"is-the-imf-about-to-make-greece-an-offer-it-cant-refuse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6293","title":{"rendered":"Is the IMF About to Make Greece an Offer It Can\u2019t Refuse?"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/03\/07\/is-the-imf-about-to-make-greece-an-offer-it-cant-refuse\/\" target=\"_blank\">Is the IMF About to Make Greece an Offer It Can\u2019t Refuse?<\/a><\/h3>\n<p>\u201c<em>The bailout programs that were proposed for\u00a0<\/em><em>Greece<\/em><em>\u00a0and approved for\u00a0<\/em><em>Greece<\/em><em>\u00a0were much too one-sided. They relied too much on sacrifices on the part of\u00a0<\/em><em>Greece<\/em><em>\u00a0and not enough sacrifices on the part of\u00a0<\/em><em>Greece<\/em><em>\u2019s creditors.<\/em>\u201d<\/p>\n<p>These words belong to a Brazilian economist called Paulo Nogueira Batista Jr. who represents 11 Central and South American countries on the IMF board. During a recent interview with private Greek television broadcaster\u00a0<a href=\"http:\/\/elcomunista.net\/2015\/03\/04\/director-ejecutivo-del-fmi-el-rescate-griego-sirvio-para-salvar-a-los-bancos-franceses-y-alemanes-video\/\" target=\"_blank\">Alfa TV<\/a>, he made the following rather startling \u2014 but much ignored \u2014 assertions (none of which will be to the German government\u2019s liking):<\/p>\n<ul>\n<li>The first Troika-sponsored program, in 2010, was presented as a bailout of Greece but was in reality a bailout of Greece\u2019s private creditors. Greece received enormous amounts of money but almost all of it was used to allow the exit of French, German and other Northern European banks from their positions, which were paid at par without any contribution to the restructuring of the Greek economy.<\/li>\n<li>Any solution to Greece\u2019s debt crisis should include a significant restructuring of debt\u00a0<em>with its<\/em>\u00a0<em>official European<\/em>\u00a0<em>creditors<\/em>. Without a restructuring, it\u2019s very hard to envisage Greece extricating itself from its economic and social crisis.<\/li>\n<li>The Greek government should respect the IMF\u2019s preferred creditor status. Any debt restructuring should affect other creditors that do not have this preferred creditor status. In other words, whatever Greece tries to do, it should forget about attempting \u201cto restructure its debt with the IMF.\u201d<\/li>\n<\/ul>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p><b>\u00a0<\/b><\/p>\n<div><strong>\u00a0<\/strong><\/div>\n<div><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is the IMF About to Make Greece an Offer It Can\u2019t Refuse? \u201cThe bailout programs that were proposed for\u00a0Greece\u00a0and approved for\u00a0Greece\u00a0were much too one-sided. They relied too much on sacrifices on the part of\u00a0Greece\u00a0and not enough sacrifices on the part of\u00a0Greece\u2019s creditors.\u201d These words belong to a Brazilian economist called Paulo Nogueira Batista Jr. who [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[175,195,281,284,1167,418,434],"class_list":["post-6293","post","type-post","status-publish","format-standard","hentry","category-economics","tag-credit","tag-debt","tag-europe","tag-european-union","tag-greece","tag-imf","tag-international-monetary-fund"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6293"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6293\/revisions"}],"predecessor-version":[{"id":6294,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6293\/revisions\/6294"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}