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Confirmed one more time: The IMF knew ...

“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.”


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Comments

  1. "Give me control of a nation's money and I care not who makes the laws."
    -Mayer Amschel Rothschild

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