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Watch Athens, Not Paris, This Weekend
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Of the 10 parties expected to win seats in the Greek parliamentary elections, 7 oppose the IMF program for Greece and 2 call for exit from the euro. A Pasok-New Democracy coalition government is by no means certain. Pasok and New Democracy largely supported the IMF program before the elections. Greece has to make 3 billion euros of spending cuts right after the elections and 12 billion euros in 2013-2014 under the IMF program. Poor showing by Pasok and New Democracy could lead to calls for changes to the IMF program. About 73% of Greece's debt is now in official hands- 23% with the European Financial Stability Facility (EFSF), 21% bilateral government loans, 21% ECB, 8% IMF. Only 27% is now in the hands of private investors after the debt restructuring. The election of Socialist candidate Hollande in France who has declared the handling of Greece by the EU deplorable and a failure of governance not only in Greece but in Europe, would also add support to calls for changes in the IMF program to include growth measures. Hollande predicts a large public contribution by governments, the EFSF and the ECB, the IMF, to match the 70% contribution of private investors. The IMF appears to have anticipated this by recently enlarging its rescue fund.
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The IMF and a new approach to Greece's debt crisis
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Christine Lagarde says Greece needs 2 more years to achieve deficit targets on Oct 11, 2013. She says the same approach of giveing more time to Portugal and Spain applies to Greece. This puts more pressure on Germany to provide new flexibility.
Grouped Articles
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The IMF's March 2012 Report on Greece predicting "a disorderly exit from the euro" in the absence of further support
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The IMF says Greece is still "accident-prone" after the dept swap with private bondholders in March 2012. Its competitiveness problem may take a decade to resolve.
Grouped Articles
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Greece Can Learn IMF Austerity from Turkey
BusinessWeek 05/27/2010
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Wall Street Journal 10/07/2013
Watch Athens, Not Paris, This Weekend
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The likelihood of greater public contribution towards Greece's debt and changes to the IMF program after May 2012 elections in Greece and France
02/13/2012
France's Socialist presidential candidate Hollande considers the EU-IMF programs a failure of governance in Europe. He predicts larger public contributions to Greece's debt after the elections in Greece and France.
Linked Articles
Watch Athens, Not Paris, This Weekend
Wall Street Journal 05/04/2012
French Candidate Hollande Assails European Policy on Greece
New York Times 02/13/2012
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