President Obama could have put in place austerity measures after the 2008 bank disaster, but he chose to work with his economic advisers to lead us back from the brink. Prime Minister Cameron initially placed austerity upon the Brits, but following Obama's lead, chose a better path.
But the International Monetary Fund got hold of Greece; and because of their financial needs it was able to institute austerity with a vengeance. I am hopeful that the IMF wasn't able to do their number on the Ukraine and other eastern bloc nations, that I am told the agency was supposed to help. I know the World Bank doesn't make nations it deals with go into servitude. I just don't keep up with that issue--there's too many pressing problems I must deal with.
You go to South American countries, mention the IMF, and they'll throw you out! They don't even want to hear the name, after the antics the IMF pulled on them, the debtor nations there.
So, I want to encourage Greece to resist dealing with the IMF, and its pay back schedule. I'd suggest Greece work with the US banks, especially the World Bank to re-structure its loans from the IMF and EU Bank. Above all, don't give in to austerity measures that will cripple your nation and place in bondage your people! NO MORE AUSTERITY!
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