6 months on, IMF turns the screws on the battered Greeks

Cassandra Syndrome

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Those speaking on pravda RTE and other Irish media glorifying the IMF as our saviours are either pathetic blind sycophants or self interested traitors. Probably the same type that welcomed the Corn Laws that led to the famine in the 1840s.

Greece after 6 months of dictated social choice programs the economy is in the midst of a deflationary depression forcing the IMF to now INCREASE the austerity measures for 2011.

The finance ministry said the savings unveiled in the budget were worth 14.3 billion euros (19.4 billion dollars) compared to 8.2 billion euros initially agreed with the European Union and the International Monetary Fund this year.

Under a 110-billion-euro EU-IMF rescue fund established in May, Greece pledged that its public deficit would be cut to 7.6 percent in 2011, aiming to eventually reach the EU limit of three percent.
Greece announces more cuts to meet deficit shortfall - Channel NewsAsia

This is what lies ahead of us under this bailout for the banks. Serfdom.
 
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He3

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We're not Greece. Lenihan says so.
 

Cael

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Yes, as usual, the IMF are forcing a privatisation process which leaves the people as nothing but mere slaves to private capital.
 

Cael

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We're not Greece. Lenihan says so.
No, we're a lot worse off - and far more peripheral to the currents of international capital.
 

DCon

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Remember - Greece isn't ireland... we could have much worse in store.
Yeah, homeless people in Greece are unlikely to freeze to death in the Winter
 

goosebump

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White Rose

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Greece has been found to have a deficit larger than they said. Hence more austerity

the IMF will probably find larger holes in our finances than FF are letting on. This is why FF was so reluctant to let the IMF in
 

H.R. Haldeman

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Has anyone noticed a consensus forming at breakneck pace over the last 24 hours - Brendan Keenan on PK just now being the latest to repeat it - that there won't be that many changes to the €6b/€15b already committed to? The argument seems to run that this is self-evidently enough. It is being said now with a tone of finality, as a truism, as a given.

This seems to me to miss, you know, the whole point of the IMF being here! I'm not necessarily saying they might not be right (it might not be possible to shrink faster than that), but rather that the complacency in blithely assuming this - and failing to think big wrt how overpriced and overpaid we are - seems to be thinking from a time that is now passed.
 

hiker

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Has anyone noticed a consensus forming at breakneck pace over the last 24 hours - Brendan Keenan on PK just now being the latest to repeat it - that there won't be that many changes to the €6b/€15b already committed to? The argument seems to run that this is self-evidently enough. It is being said now with a tone of finality, as a truism, as a given.

This seems to me to miss, you know, the whole point of the IMF being here! I'm not necessarily saying they might not be right (it might not be possible to shrink faster than that), but rather that the complacency in blithely assuming this - and failing to think big wrt how overpriced and overpaid we are - seems to be thinking from a time that is now passed.
Its very fashionable to fall in with the "new reality". Commentators are just that. They are not of any real value other than to enforce the current, fashionable dogma thats doing the rounds. Very few of them create an original thought.
 

bormotello

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Have we some divine right to spend other people's money on our way of life?
According to public servants and defenders of "most vulnerable" - YES
 

Harmonica

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Greece has been found to have a deficit larger than they said. Hence more austerity

the IMF will probably find larger holes in our finances than FF are letting on. This is why FF was so reluctant to let the IMF in
Greeces track record meant everyone expected they were lying. It would not be expected here but we have the banks to deal with & the EU supervising resulted in the 4 year adjustment figure doubling.

The EU have already been supervising so how much more of a hole could be discovered? I'd be more concerned that when the IMF look at the assumptions of the 6bn budget adjustment they will not accept them. When the PS pension levy was announced the Minister forgot to account for employees tax savings so there is track record in this area...
 

Cassandra Syndrome

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Have we some divine right to spend other people's money on our way of life?
Who allowed the lending go 700% the times of our money supply? Under normal market conditions that is impossible. How did that happen?
 


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