IMF Calls Greece "Doomed" But Loans Them Money Anyway

Tuesday, May 11, 2010 , , 1 Comments

Hope the IMF threw in enough of these for everyone...

There are times when I have to pinch myself just to remind myself that this is real. This would be one of those situations were it not for the fact that we're dealing with the IMF here.

An internal International Monetary Fund assessment paints a gloomy picture of Greece's ability to recover economically, with years of high unemployment, slow growth and political bickering threatening to undermine a recently approved international rescue program.

In approving a $140 billion, three-year bailout for the indebted European country, IMF and European officials praised the current Greek government for budget cuts and tax increases it has already enacted to right its finances, and for its plans to further overhaul one of the continent's least competitive economies.

But a detailed staff assessment released, as is the routine, after the IMF board approved the rescue program details both the depth of the social shock in store for the country, and the substantial risks that could leave Greece, at the end of the day, once again facing insolvency.

It's cool, it's cool, just get another bailout ready and we'll burn that bridge when we get to it.

Update: It just dawned on me that Wikinvest needs to change the Wire result for Greece to read "GTFO of Greece", not "Investing in Greece". Just a friendly suggestion.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


elf2006real said...

Darwinian Flush. Or the Zimbagwe flush.

Bye bye banksters...