Leonidas Chrysanthopoulos.

Once again the IMF in an internal confidential document said that it badly underestimated the damages that its prescriptions of austerity did to Greece’s economy. The greater beneficiary of the 2010 bailout wasn’t so much Greece as the wider euro zone, the document suggested. It described the rescue as a “holding operation” that “gave the euro area time to build a firewall to protect other vulnerable members and averted potentially severe effects on the global economy”.


It had originally projected Greece would lose 5.5% of its economic output between 2009 and 2012.Greece lost 17% instead. It predicted an unemployment rate of 15% in 2012.Instead it was 25%. The European Commission  was highly criticized in the IMF document. Among other things mentioned was that it focused more on “compliance with EU norms than on growth impact” and “wasn’t able to contribute much to identifying growth-enhancing structural reforms.”

Forty eight hours after the release of the report, the Prime Minister of Greece has not made any statement yet to the report that destroys his famous success story statement on Greece that he made while in China.It seems that his up to now silence is meant to display that he is keeping equal distances in the dispute between the IMF and the European Commission. He forgets however that the dispute concerns his country,Greece.

The people of Greece are not at all concerned about the dispute between the IMF and the Commission. From the outset we had anticipated, based on common sense and not on economic theories, that the program would not work.From the outset we had anticipated that the country and its people would be destroyed. And this is what is happening. Unemployment has reached 28% from 16% in 2009, the debt has increased, poverty has increased, food lines have increased, suicides are on the rise in a population that can no longer afford to pay taxes to a State that is bent on destroying its citizens.

It also demonstrates the unreliability of both the IMF and of the EU, who have proved incompetent to manage effectively the Greek crisis.

What must be done now? First of all heads must roll in the Commission and the IMF for collective incompetence. Then the Greek Government before it resigns or after, it is indifferent, must make an assessment of the financial damage inflicted upon the Greek people and request a compensation. This compensation would, be equal or more than the so-called debt,and would effectively cancel it. It would allow Greece to develop at last without the burden of usurious  interest rates that are augmenting every day the total debt. It goes without saying that the development of Greece will take place outside of the Eurozone and with a national currency.

Leonidas Chrysanthopoulos

Ambassador Ad.H.         June 8,2013



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