Running Dog_sl
shitlord
- 1,199
- 3
There's trouble brewing already over the Greek deal
- the EU is proposing to use the European Financial Stability Mechanism to give a bridging loan to Greece, but not all the countries in the EFSM are in the Euro currency and the ones that aren't (notably the UK, Sweden and Denmark) are furious, especially as such a loan would break an agreement made by the EU with the non-Euro countries that the EFSM was never to be used for such a purpose.
- yet another leaked IMF report, made more recently than the last one and taking into account the deterioration in Greek finances, has contradicted the EU position again about how much debt will need to be either written off or restructured.
- the EU is proposing to use the European Financial Stability Mechanism to give a bridging loan to Greece, but not all the countries in the EFSM are in the Euro currency and the ones that aren't (notably the UK, Sweden and Denmark) are furious, especially as such a loan would break an agreement made by the EU with the non-Euro countries that the EFSM was never to be used for such a purpose.
- yet another leaked IMF report, made more recently than the last one and taking into account the deterioration in Greek finances, has contradicted the EU position again about how much debt will need to be either written off or restructured.
Greek debt crisis: IMF warns Greece needs deeper debt relief - live updates | Business | The GuardianThe IMF's leaked report is potentially dynamite, because the Fund cannot lend to a country if it doesn't believe it would be sustainable. So unless Europe swallows the reality that Greece needs major debt relief, the IMF won't provide any more bailout funds.