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2015-06-05

Är IMFs Lagarde för EU-lydig?


Det höjdes på ögonbrynen när Mme Lagarde, tidigare fransk finansminister och därmed medansvarig för euron och dess kris, utsågs till IMF-chef efter det att den tidigare chefen, DSK, släpats i handbojor inför TV-kamerorna till ett sedermera nedlagt åtal om våldtäkt.

Skulle Mme Lagarde värna IMFs anseende eller skulle hon bli alltför följsam för önskemålen från Paris, Bryssel och Berlin, frågade sig många.

Snart vet vi svaret.

- Greeks accuse the IMF of violating its own rules by colluding in an EMU-led policy that leaves the country with unsustainable debts, skrev Ambrose Evans-Pritchard, 4 June 2015. 

- Athens is implicity threatening to escalate the situation all the way to a full default to the IMF, setting off a grave institutional and political crisis within the Fund itself.

Ashoka Mody, a former IMF bail-out chief in Europe, said the Greeks are right to resist the demands. 

“Everything that we have learned over the past five years is that it is stunningly bad economics to enforce austerity on a country in a deflationary cycle. 

“Syriza should recruit the IMF’s research department to be their spokesman because they are saying almost exactly the same thing. The entire strategy of the creditors is wrong and the longer this goes on, the more it's going to cost them, as well as Greece."

Asian and Latin American members of the IMF board have long resented what they regard as misuse of the IMF’s resources to sort out an internal family dispute within a rich currency bloc

They insist that the EMU creditor powers have ample means to resolve the crisis at any time they choose but are dragging their feet because they have yet to face up to the implications of their own monetary union.

Full text

Greece's onerous obligations to the IMF, the European Central Bank and European governments can be traced back to April 2010, 
when they made a fateful mistake. Instead of allowing Greece to default on its insurmountable debts to private creditors, they chose to lend it the money to pay in full.
Ashoka Mody, Bruegel 21st April 2015



More about IMF and the eurocrisis here.


More about the eurocrisis here



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