Posted on 07/04/2015 6:48:38 AM PDT by Citizen Zed
Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday.
The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.
It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.
Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months.
Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say 'No' to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week.
It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece's future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up.
"Yesterday an event of major political importance happened," Tsipras said. "The IMF published a report on Greece's economy which is a great vindication for the Greek government as it confirms the obvious - that Greek debt is not sustainable."
At a meeting on the International Monetary Fund's board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday's crucial referendum that may determine the country's future in the euro zone, the sources said.
(Excerpt) Read more at mobile.reuters.com ...
The EU wanted SECRECY which is still
available in the USA because of the stinking
GOP that pushed through ObamaTRADE.
They are scum and should be remembered for their TREASON
this Independence Day.
Amen
The single most dangerous and horrifying evil of the decadence of Western Civilization is its corruption, especially its contempt for truth and for liberty, which reveals truth.
The truth will set us free. I suppose they don't want that.
This is just amazing to me. There is an absolute insanity that has gripped this world. Tsipras is claiming vindication for what is in the report? The debt that Greece has built up is too much to be paid off with any amount of time or effort. Their economy is dead. And yet Greece is demanding that the rest of Europe, and indeed the rest of the modern world through the IMF, prop up their rotting corpse ala Weekend at Bernie's.
For Tsipras this is vindication? I think it's the obituary. A time for reflection, grief and concern, not a time for demanding that others throw good money after bad.
Greece is dead. Cut it loose and let it serve as a reminder to the rest of the world that spending more than you bring in will, 100% of the time, result in the death of your economy.
Easy choice.
Are you blaming Tsipras for the debt that previous “right-wing” governments accumulated when Tsipras was known to no one? Have you heard that Tsipras was elected to do what Greek voters wanted, namely, to end austerity? Do you expect him to continue policies of the previous governments, which are 5 years of the slow death to Greek economy? Keep yourself amazed...
Who were the previous “right-wing” governments that are to blame for all of Greece’s current problems?
Solution? Shariah 'Lending'.
Hey moron! End austerity? What does that mean? Increase spending. That’s what ending austerity means. If you are already in so much debt that you can pay back the 340,000,000 Euros loaned to you, how the hell are you going to get back on financial footing by spending MORE money.
Tsipras was elected because a majority of the Greek people are stupider than rocks. He promised to screw the EU and IMF by refusing to pay them back and then to get them to give Greece more money.
If you think that is a good idea, then I understand why you support Obama and his methods.
I posted too quickly. It isn’t 340,000,000 Euros that was loaned to Greece, it was 340,000,000,000 Euros.
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