Lagarde in Berlin announces IMF to slash funds for Greece!
In a speech in Berlin this evening, Mme Christine Lagarde, the head of the IMF (also former French Finance Minister, hugely culpable for the events of May 2010 at ECOFIN) announced that the IMF would slash its contributions to any second Greek Bail Out to a mere 10% of the total.
In other words this would reduce the IMF share to a mere €13 Billion for the second package if kept at only €130 Billion, compared to an IMF input of €30 Billion for the smaller first rescue funds since wasted.
The report is linked here.
The remaining Triple A nations of the Euro Group will supposedly be expected to stump-up for the shortfall, likely losing them their triple A rating - no wonders rumours of a 23rd March default for Greece get stronger by the hour!
In other words this would reduce the IMF share to a mere €13 Billion for the second package if kept at only €130 Billion, compared to an IMF input of €30 Billion for the smaller first rescue funds since wasted.
The report is linked here.
The remaining Triple A nations of the Euro Group will supposedly be expected to stump-up for the shortfall, likely losing them their triple A rating - no wonders rumours of a 23rd March default for Greece get stronger by the hour!
Labels: Greece Bailout 2.0, IMF
posted by Martin at 8:05 PM
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