IMF board member criticizes Fund’s Greece program

Brazil’s International Monetary Fund representative has criticized the tough reforms demanded of Greece, saying the Fund and its bailout partners appear to want to run the Greek economy themselves.

Paulo Nogueira Batista, who represents Brazil and 10 other countries at the global crisis lender, said in a May 30 statement to the board that Greece has already made substantial progress under harsh austerity conditions.

The statement, obtained by AFP after the board approved the release of new funds to Athens, said the IMF and its European partners should ease some of the conditions of their massive rescue program for the country.

«Fiscal adjustment has been very large and the return to a primary surplus in 2013 constituted an important milestone. It is hard to see how the country can do more on this front,» said Nogueira Batista.

He pointed out that Greece could only manage to ease its economic contraction last year by not meeting all the tough reforms the lenders demanded of it.

«This seems to indicate that the number of structural measures the Troika has been demanding from Greece is rather excessive.»

In the 81 pages of detailed policy demands of the newest stage of the IMF-European Commission-European Central Bank rescue program, he said Greece appears to be «a victim of German thoroughness».

Forget about preventing default in Greece, control it, says Europe

By Michael Steininger, Christian Science Monitor | 08:54 am

Greece’s European partners are increasingly skeptical that Athens can avoid default.The highly indebted country is working feverishly to secure a debt write-off to avoid default, but international investors see even that as a default of sorts.

With only weeks to go before a crucial bond repayment date, statements from European leaders reveal a growing mistrust in the Greek political class’s ability and willingness to implement deficit cutting measures.Without those measures, Greece will not receive a necessary second bailout from international lenders, and without the bailout, it will likely

Greek prime minister warns of March default

Greek Prime Minister Lucas Papademos has said Greece may default on its debts in March unless unions accept further cuts to salaries.

Mr Papademos said more cuts were needed to avoid exiting the eurozone.

Analysts say the warning is to prepare Greece for more austerity measures.

Greece: we could exit euro in three months

New Greek government says creditors and lending troika must agree bailout terms within weeks otherwise ‘we are out of the markets’.

Heather Stewart

Homeless people eat a New Year’s day meal distributed by the municipality of Athens, on 1 January. Government spokesman Pantelis Kapsis said further austerity cuts might be required: ‘What does cutting spending mean? To close down the public sector?’ Photograph: Petros Giannakouris/AP

The Death of Democracy and National Sovereignty in Europe

As Johan Van Overtveldt, the editor-in-chef of Trends magazine states, Greece is «condemned to go down in a vicious circle of more recession, more unemployment, larger government deficits or budget deficits and so an endless need of additional money to fill up the gaps.»

So why continue the loans? Why continue the Euro sham? Since Italy is next, and France’s banking system will follow suit, why fix something that already smells putrid?

Brussels will undoubtedly push the situation to its advantage and demand to step in at any time.

United We Stand…

Published August 3, 2011

United we stand, divided we fall – a statement we all have heard, read, uttered. No one can deny its common sense. No one can argue that its premise is false. More than ever this statement applies to the needs of Greece. Why? What begs the unification of the people in Greece today? What is the core issue in Greece today? The failing economy is the apparent answer. The lack of sovereignty is also key. However, the core issue is that Greece is travelling on a road of severe impoverishment at lightening speed. At the end of the road a third world country awaits. The lack of sovereignty is the vehicle that carries Greece to the final destination. And the failing economy fuels this vehicle.

The impoverishment of Greece will not only be the result of the unbearable austerity measures but of the loss of national wealth, the loss of all that is necessary to revitalise a crippled economy, condemning

Greek News Agenda – October 7, 2011

1. ROESLER ARRIVES Reforms in Greece must go ahead because that is the only way the country attract investment was the message delivered by German Economics Minister Philipp Roesler at a business reception late on Thursday in Athens. Roesler, who arrived in Athens some hours beforehand, is accompanied by a 60-strong delegation of business people. One of the key areas of cooperation that the minister is expected to

Greek opposition sets demands as EU/IMF verdict nears

By Harry Papachristou and Renee Maltezou

ATHENS | Mon May 30, 2011 7:55am EDT

(Reuters) – Greece’s conservative opposition demanded tax cuts on Monday as the price for a consensus deal with the Socialist government on imposing yet more austerity, a major condition for getting further aid from the EU and IMF.

Conservative leader Antonis Samaras called for a flat 15 percent corporate tax and rejected government plans for hiking taxes to tackle Greece’s budget deficit and please fiscal inspectors mulling the next, key tranche of a 110 billion euro bailout.