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Der Spiegel bombshell: The IMF plans to dump Greece
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Monday July 23, 2012 00:04 by T
Whats in store for Ireland As reported by the financial blog The Automatic Earth written by Nicole Foss, she has reported that the German magazine Der Spiegel dropped a bombshell this morning in an article that the IMF plans to dump Greece in September. So far the Der Spiegel article is in German. Normally they will eventually publish articles in English. The rest of the article goes on to point out that the IMF doesn't think that the Athens government will be able to bring down Greece's debt to 120% of GDP by 2020 and the troika estimates that giving Greece more time to achieve its goals would cost an additional €10 billion-€50 billion. Many eurozone governments, however, are no longer prepared to shoulder new Greek burdens. Moreover, countries like Holland and Finland have made their help contingent on IMF participation. |
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Jump To Comment: 1Foss is one of the more pessimistic writers re the global financial crisis. I think she argues
that inially there will be a deflationary depression for a number of years and then the governments
will start trying to print their way out of it.
She advises taking on no debt and having local networks of self-sufficiency to fall back on.
She has said she does not think the EU will survive the crisis intact. The future she describes is
dystopian, I sure hope she's wrong.