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Reuters: IMF will stay out of Greek program, but will accept advisory status

The International Monetary Fund will not join the Greek bailout program but will likely accept a special advisory status with limited powers that keeps it at the table, two senior sources with direct knowledge of the proposals told Reuters in exclusive talks.

“It will be more than an advisor but the role will not have the strict conditionality, like the compliance and economic health checks every three months,” one of the sources said.

“This way Lagarde can go to the board and say, hey, ‘I’m not violating our rules’ and Schaeuble, whose government is facing an election next fall, can say, ‘see, I have the IMF on board'” the source added.

The exact nature of the IMF’s role has not been decided but it would have more powers than a simple advisor and would for example be responsible for drawing up certain proposed agreements and negotiating documents, coordinating with the Greek and European Union sides.

“They won’t put money into the program but it won’t be just technical assistance; they will probably take a special advisory role to be created especially for the Greek bailout,” the second source said adding “Talks this week just made it clear that the IMF just can’t come on board formally.” ( full story Reuters)

According to state-broadcaster ERT TV, the IMF could participate in the Greek program with four to six billion euro.

Sunday newspaper Real News notes that the IMF struggles to secure that it will be repaid if not in 2018, then in the time period 2019-2000 and for sure before the grace period expires. Furthermore that when Greece returns to the markets, it will have to prematurely repay the installments to the IMF and that the Europeans will release disbursements so that everything is repaid on time.

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  1. And there we have it. The IMF is both in and out. In to pressure Greece and continue to bleed it dry; out to make sure it doesn’t pressure the institutions. When will the Greek government realize that the dice are loaded against them and that the other players do not respect the rules of the games but rewrite them and invent new ones when and as they please.

    • Indeed. That was the message of Varoufakis last year, but the idiot Greeks have been propagandised by German and Greek right wing media. Now, they mock the only politician Greece had in recent years with a clear grasp of the reality and options, and the guts to go ahead. Instead, we are left with wimps called Tsipras and Mitsotakis — whose sole objective is to carry out the instructions of the “great powers”. Vive la Revolution?! Non, nous sommes grecs…

      • They are not wimps: they know perfectly well what they are doing and what the consequences are. It is just that the reward money for treason is too much. Too much for those light in morals to refuse, actually!
        Varoufakis and the others (Lafazanis et al) were only too late to realise that Alex and his gang had sold out long before their election into power. I hope that the internationalisation Varoufakis has attempted since his withdrawal from the syndicate of crime eventually brings some results, always provided the Greeks wake up and chop off some heads…

      • Giaourti Giaourtaki

        The Greek revolution stopped on 12/2/12 but I haven’t seen you there, it was up to anybody to join the revolt, instead of crying in internet it makes more sense to write to prisoners of the Greek Revolt – for sure Varoufakis is not one of them.

  2. Giaourti Giaourtaki

    This is exactly what they wanted as this is against their parliamentary decision in their Scheisstag-building and means the “rescue” must stop now.
    Will the German voters will engage in deep and true love for Saugosch’s lies who now can say fuck off to his dream of getting chancellor and is it again time for some big terror attacks to deter the public? (one can make some bucks and go to bet-and-win regarding the location, btw)
    But I guess voters memory is not existing and NO party will campaign this except may be from the new party planned by the German-Turkish minority German-Greeks can join against the Reich