{"id":8870,"date":"2015-06-06T07:26:31","date_gmt":"2015-06-06T12:26:31","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8870"},"modified":"2015-06-06T07:26:31","modified_gmt":"2015-06-06T12:26:31","slug":"imf-has-betrayed-its-mission-in-greece-captive-to-emu-creditors","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8870","title":{"rendered":"IMF has betrayed its mission in Greece, captive to EMU creditors"},"content":{"rendered":"
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IMF has betrayed its mission in Greece, captive to EMU creditors<\/a><\/h3>\n

The IMF\u2019s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe’s banks and the euro when the crisis erupted, dooming Greece to disaster.<\/strong><\/p>\n

The International Monetary Fund is in very serious trouble. Events have reached a point in Greece where the Fund’s own credibility and long-term survival are at stake.<\/p>\n<\/div>\n

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The Greeks are not withholding a \u20ac300m payment<\/a>\u00a0to the IMF because they have run out of money, though they soon will do.<\/p>\n<\/div>\n

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Five key players in the radical-Left Syriza movement \u2013 meeting in the Maximus Mansion in Athens yesterday \u2013 took an ice-cold, calculated, and carefully-considered decision not to pay.<\/p>\n<\/div>\n

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They knew exactly what they were doing.\u00a0The IMF\u2019s Christine Lagarde<\/a>was caught badly off guard. Staff officials in Washington were stunned.<\/p>\n<\/div>\n

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On one level, the \u201cbundling\u201d of \u20ac1.6bn of payments due to the IMF in June is just a technical shuffle, albeit invoking a procedure last used by Zambia for different reasons in the 1980s. In reality it is a warning shot, and a dangerous escalation for all parties.<\/p>\n<\/div>\n

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Syriza\u2019s leaders are letting it be known that they are so angry, and so driven by a sense of injustice, that they may indeed default to the IMF on June 30 and in so doing place the institution in the invidious position of explaining to its 188 member countries why it has lost their money so carelessly, and why it has made such a colossal hash of its affairs.<\/p>\n

The Greeks accuse the IMF of colluding in an EMU-imposed austerity regime that breaches the Fund\u2019s own rules and is in open contradiction with five years of analysis by its own excellent research department and chief economist, Olivier Blanchard.<\/p>\n<\/div>\n

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…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF has betrayed its mission in Greece, captive to EMU creditors The IMF\u2019s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe’s banks and the euro when the crisis erupted, dooming Greece to disaster. The International Monetary Fund is in very serious trouble. Events have reached a point in […]<\/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":[6177,195,200,2246,6175,6176,418,434,2236,3659],"class_list":["post-8870","post","type-post","status-publish","format-standard","hentry","category-economics","tag-christine-lagarde","tag-debt","tag-default","tag-european-monetary-union","tag-evans-ambrose-pritchard","tag-greece-emu","tag-imf","tag-international-monetary-fund","tag-syriza","tag-telegraph"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8870","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=8870"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8870\/revisions"}],"predecessor-version":[{"id":8871,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8870\/revisions\/8871"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}