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IMF wants to stop aid to Greece

The patience of the International Monetary Fund (IMF) with Greece comes to an end: Senior officials have told the Brussels EU leaders to information obtained by SPIEGEL, the IMF was no longer willing to provide additional funds for Greece help.

Currently investigating the troika of the EU Commission, European Central Bank (ECB) and International Monetary Fund (IMF), as well the country meets its reform commitments. So much is already clear: The government in Athens is the debt of the country's press as agreed by 2020 to around 120 percent of annual economic output.
Gives the country more time to meet its goals, which would require additional support to the Troika estimates of between ten and 50 billion €. Many governments of the euro zone are no longer willing to shoulder new burdens Greece. In addition, countries like the Netherlands and Finland, have linked their support because the IMF was involved.

The risk of withdrawal of Greece from the monetary union is now held in the countries of the Euro-zone control. To limit the risk of contagion to other countries, governments want to wait for the start of the new bailout ESM. This may not be at the front of the judgment of the Federal Constitutional Court 12th September to come into force.

In order to help Greece over the month of August, could stand in for the last time the ECB. Athens on 20 actually would have August EUR 3.8 billion to pay back to the central bank. The solution might be a kind of cycle shop, take in the euro area central banks, even the replacement of credit: The Greek government could issue new short-term government bonds - so-called T-bills - and sell them to the Greek banks. These range in turn the papers in the Greek central bank - as collateral for new bailouts.

by S. C.
22 july 2012, World News > Europe

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