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IMF dismissed reports, Rice had said the IMF had a Plan B for Greece

Surprise!? Gerry Rice, director of The IMF’s communication department relvead to journalists the truth. That the international Monetary Fund had a Plan B for the case things in Greece would get out of control.

The IMF has worked  out Plan B to contain the crisis, should things with Greece get out of control, Rice told journalists during a briefing in Washington.

Rice declined to disclose details of the Plan B and said that “the main scenario for the IMF is not a Grexit, something that neither the Greek government wants.”

Responding to criticism about lack of flexibility, Rice said:

“We are flexible. We are open to explore all options. But in the end, the program needs to be credible in all aspects, on the policy side, on the reforms to be implemented, and on the financing side.”

IMF chief Christine Lagarde and Governor of the ECB, Mario Draghi will meet this evening to consider the developments in Europe and especially in Greece.

Greec’s new government has been negotiating with the Troika-Institutions since last February for a new deal but without result so far. Creditors insist in continuation of the strict austerity, something that left-wing SYRIZA cannot do as Greeks are economically exhausted after 5 years of loan agreements and strict austerity program.

sources: newsit.gr, marketpulse.com

UPDATE: the IMF  dismissed the above media reports saying: Press reports today quoting IMF Gerry Rice as saying that the IMF is working on “a Plan B for Greece” are incorrect.

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7 comments

  1. Why didn’t Syriza come up with a suggestion on how to end the so-called “austerity” without the constant need of fresh money from the creditors?

    Constant complaining about “austerity” when you are not even able to balance the budget in the far future is a farce and the creditor nation’s taxpayers simply have enough of it.

    It is about time to adjust the Greek government spending and the living standard to the level of wealth that is generated by the Greek economy and this means reduction. Plain and simple. Europe will not become a transfer union to any further extent than it is now and even if – why should Greece get the money and not Romania or Bulgaria?

    These are not negotiations any longer – we observe here a semi-controlled default.

    • Syriza can’t suggest any type of ending to austerity, because Greece is bankcrupt and in absolute debt. There’s no privilage and/or right that would allow this EU member to suggest.

      This constant “fresh money” that has always been given for the past 5-6 years was to pay installments of that absolute debt. Get loans to pay loans: A crazy circle that looks like a dog chasing its tail.

      The Greek people suspected the above was happening, but weren’t certain, because it sounded crazy: Get loans to pay loans.

      Production inside Greece is almost at zero. Exports are rare; imports are demanded by EU law.

      Thousands of small businesses have closed; jobs are on and off, and if lucky there can be work for 10 hours a week but it doesn’t entail health care benefits since the pay (30-40 Euro) is done under the table to avoid paying tax from either side: Black labour.

      Middle class still has reserves that come from dodging taxes when in previous years they kept voting for same political parties, which were, if not corrupt, getting themselves some juicy deal to put a Euro or two under the table for their future sons and daughters.

      The working class was and always will be the anathema of the Elite; the Elite who easily grab their savings and fly out of the country to the paradise islands of the world to live happily ever after.

      There’s more, but you need to be satisfied with the above.
      Cheers

      • Getting loans at close to zero interest rates with a maturity date in 40 years plus is an undeserved gift provided by the creditors.

        Not even now, the Greek government is able to balance its budget and they rather complain about a humanitarian crisis and try to shift the blame from Greece to Europe. Instead of cutting government expenses for military, for example.

        • Giaourti Giaourtaki

          Until 2030 of 200 billion Ois Greece has to pay 150 billion Ois interest, very very totally zero, just like zero-coke for zero-brains, zero to zero.

  2. Giaourti Giaourtaki

    Here are some funny numbers regarding pensions, but I guess they come too late cuz nearly unnoticed in Greece the propaganda says Greeks get 960 average pension; I guess as these numbers came in January these smart folks just added the christmas allowance.
    https://www.griechenland.net/nachrichten/politik/18500-schutz-der-arbeitnehmer-und-rentner-hat-vorrang-f%C3%BCr-griechenland

    • keeptalkinggreece

      I remember these false number, that was 2 years ago, I think. Really ridiculous, when the majority of IKA pensioners get 600euro, maximum 700 and thus gross. Subtract taxes and insurance contributions and you jump in the real Greek life.

      • Giaourti Giaourtaki

        Actually they came up with fresh nonsense on 24th of March 2015, it was a mix of pre-crisis numbers and wrong information by Troika and Samaras, but this time there was no strong response, every reader who got balls to question these numbers looked like infected by conspiracy theories and beside that these new official numbers come three weeks “too late” (or had to be proven by the Brussels group and one knows what that means, coming together after long seats in the closets of their favourite brothels just to figure some numbers, can take three weeks) no one will accept these numbers as facts just because they come from a Greek government.
        They started their smear back in 2010 and I guess this would be material for some students diploma works, at 4th position in google the author in SZ fought back
        via google “durchschnittsrente griechenland”