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Reform of the IMF lending framework: The IMF bails out from bailouts

Bodo Ellmers

02 Feb 2016 10:40:28

The International Monetary Fund (IMF) has approved a new reform of its exceptional access framework. The key step made on 29 January 2016 is to remove the systemic exemption clause. This is the clause that has made IMF participation in the mega bailout of private creditors in Greece possible. It created the situation that Greece is now indebted mainly to official creditors, while banks and other creditors have recovered most of their money. However, the reform is no guarantee that publicly funded bailouts will no longer happen. It just transfers the task from the IMF to other official creditors, in Europe to the European Stability Mechanism (ESM). The huge Troika-funded bailout of Greece’s private creditors caused a lot of outrage: European citizens complained that they were being held ...

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Why we should talk about the origin of Greece’s debt…and then get rid of it

Tiago Stichelmans

26 Jun 2015 14:57:55

The Truth Committee of the Hellenic Parliament has just released a report investigating the origin of Greece’s public debt. It shows that the debt is unsustainable, illegitimate, illegal and odious. Syriza now has two alternatives: repudiate the debt unilaterally or restructure it on the basis of the report.  When Syriza formed a government at the beginning of the year, one of its main objectives was to restructure Greece’s public debt. This explains why the Hellenic Parliament established the ‘Truth Committee on Public Debt’ in April. The objective of this committee is to investigate the origins and increases in the public debt, as well as its consequences.  Two months later, while everyone is interested in knowing whether the Greek government and its creditors will reach ...

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Why it would be good for the IMF if Greece stopped repaying the IMF loans

Bodo Ellmers

26 May 2015 17:14:35

By Bodo Ellmers   The creditor community has another shock and awe moment this week, as more and more influential actors argue that Greece should stop repaying the International Monetary Fund (IMF) loans and instead use scarce public resources to tackle its economic and humanitarian crisis. While Prime Minister Tsipras still tries to ease the creditors, the idea is here to stay. And it is a good one: Greece should not just postpone loan repayments but default on them – stopping payments to the IMF for good. This would help to finally reform the IMF from the political puppet that it is now into a real and effective crisis response instrument. Risk-free lending can quickly become irresponsible lending Whoever loses in a debt crisis – and usually there are many losers – the IMF is always ...

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Troika loans to Greece: a gift for creditors, not for people

Konstantinos Todoulos

26 Jun 2013 09:11:37

A new briefing by Attac Austria analyses who is benefiting from the crisis loans to Greece. At least 77% of the €206.9 billion loans by the Troika of the International Monetary Fund (IMF), European Union and European Central Bank (ECB) were used to bail out creditors and recapitalise banks. At the same time, the Greek economy collapsed and poverty is rising dramatically because the government lacks the financial resources to stimulate growth and fulfil its human rights obligations. The analysis confirms that Troika involvement in Greece is not benefiting the people but the creditors, repeating a history of debt crisis management we have seen in many developing countries in the past.   Crisis lending to Greece: who profited? The Troika’s crisis loans, of which €206.9 billion ...