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IMF Increased Membership Fees – Greeks to Pay €1.5 billion More LOL

If this proves to be true it will be the joke of the year or better say THE Austerity Joke of the century ! Greek taxpayers will have to pay additional 1.5 billion euro to International Monetary Fund, as the IMF has increased the membership fee.  Greek news portal NewsIt reported that this “subscription fee” comes from a report by Greek General Accounting Office and that the 1.5 billion euro will be paid  because the IMF increased the shares in all countries participating in the IMF. The amount is included in the state budget. As the Greek state is broke, the €1.5 billion will be covered by loans from the Bank of Greece.

All in all, Greece’s membership to IMF amounts €2.5 billion.

Member countries of IMF contribute to a pool which could be borrowed from on temporary basis, by countries with payment imbalances.

In times of recession, Greek taxpayers should be ready to scratch together additional 1.5 billion euro and hand it out to Greek state to be able to give money to its lender. Greece gets the money back as loan thus paying it back an interest rate of 3% and a very strict austerity. Huh?

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