“In a
90-minute documentary aired this week on the French-German public
television station Arte, an executive director from the international
lending agency said that in 2010, when the Greek bailout was
initially arranged, the IMF violated its own lending rules,
apparently for political reasons.”
“Brazilian
executive director Paulo Nogueira Batista said the agency’s rules
were changed in a clandestine manner to allow the IMF to provide its
share of bailout funds far beyond the normal limits allowed, and
above all to violate the principle not to make any loans that have no
chance of being repaid.”
“Philippe
Legrain, a former adviser to the European Commission president, told
Arte that the IMF managing director at the time, Dominique
Strauss-Kahn, overrode objections from IMF staff so that Greece could
pay the money it owed to French banks and not endanger his chances to
run for president in France.”
“'The
monumental budget austerity that the IMF imposed on Greece, within a
euro straitjacket that precluded devaluation to boost exports, has
reduced the country to penury and has destroyed its social fabric,'
...”
“IMF
staff, according to the Arte documentary, were well aware of the
consequences of the drastic fiscal adjustment being imposed on
Greece. Former Greek executive director Panagiotis Roumeliotis showed
what he said was a secret internal memorandum from the time that the
IMF prescriptions would produce a 'sharp contraction' and a 'deep
recession' in Greece.”
Related:
"Give me control of a nation's money and I care not who makes the laws."
ReplyDelete-Mayer Amschel Rothschild