Euro Debt Crisis: Greece sacrificed to save the common currency


It’s true, then. The aid plan was misrepresented from the start. A plan that has had devastating consequences. A plan that was supposed to “save” Greece, but was really about saving the euro – and by flattening Greece. Who said so? Well, one of the three members of the European Central Bank, European Union and International Monetary Fund (IMF) troika. The IMF criticised the fund’s partners as much as the fund itself, and the Greek government came under fire too. Together, they headed towards a disaster that had no other purpose than to win time for the other Eurozone countries.

The IMF document published on June 5 is a slap in the face for the “rescue” policy, but above all for “Europe” – that is, Germany – and for the Greek government at the time, led by Socialist George Papandreou, who signed the first memorandum.

They are not only wiping out [creditors], but are giving the impression of wanting to use the Greek crisis to shield and, finally, to reorganise the Eurozone, at the expense of Greece.

The documents are exasperating. The IMF admits the crime, but does not accept its responsibilities. It formally reveals the motives without explaining how the tragedy gripping the country – due not to the debt but to the rescue plan – might even be tackled once the errors have been recognised. The cynicism is overflowing…
‘Recipe for suicide’

And naturally, all this irreparably exposes the Greek political class, which argued for the aid plan and held it out as the sole salvation of the country. And that somehow forced Greece to comply with this recipe for suicide, using “rescue” as the alibi. A rescue that, as the IMF has admitted, has proved a disaster.

The political class did not fight for the interests of the country, but preferred instead to take the easy way and worried only about clinging onto power. Succumbing to a ghastly extortion, it was prepared to deliver up a little of the country’s sovereignty.

If the Greek government had a modicum of respect both for the word “Greek” and the word “government”, it would not turn a blind eye on the recent revelation from the IMF.
Naive idea

This time, it should answer this question. Is it possible that one of the three members of the international executive board that is exercising economic control over the country continues to follow its own path without provoking any reaction from [the Greek government]? This may be why this report has been produced and published: to give Athens the strength to question this path – or perhaps not. In any case, the idea that they have “suddenly accepted their error” is naive.

Greece should finally do something. What else is it waiting for? And if not now, when? And all those who were saying that this solution was a “rescue”, or that Greece is itself responsible for its misfortune, and that the Greeks should put up with all this, should reconsider their opinion.

The creditors themselves have been self-critical. Well, let their supporters do the same… And let’s see, finally, all together, how can we capitalise on this terrible hypothesis to put a brake on the disaster that was called a rescue. Even if it is far too late, because by now Greece has lost all its weapons. And that’s its own fault.

*Read the original article here.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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