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Schaeuble loyal to Greece’s drama, prepares new bailout without the IMF

German Finance Minister Wolfgang Schaebule is preparing the continuation of the Greek aid even without the participation of the International Monetary Fund.

According to German daily BILD, the gap resulting from the absence of the IMF should be filled by the European Stability Mechanism.

Unnamed sources told Bild, that the ESM that will play a more powerful role. And that the German Parliament (Bundestag) could vote for the changed Greek program before the elections in autumn 2017.

The EU leaders recently discussed the idea of ​​Schaeuble’s concept for the first time,” daily notes on its online edition and adds

Schaeuble has so far firmly assumed that the International Monetary Fund (IMF) will be participating in the ongoing Third Aid Program for Greece. He had also said this to the Bundestag when he was to reach the agreement in the late summer of 2016 for the controversial aid of up to 86 billion euros. So far, however, the IMF does not see as fulfilled the necessary prerequisites that will allow it to get involved.  The IMF does not consider Greece’s debt as “sustainable”.

Schaeuble had repeatedly stated that without the IMF participation, the business basis gas to change. As a consequence, in this case he would bring the issue to the vote again in the Bundestag. It was only recently that he had decided to develop the ESM rescue umbrella into a European Monetary Fund.

The IMF is regarded by many as a politically independent supervisory body with a high reputation among German and European policymakers.

Therefore, these voices push for the IMF’s participation in the crisis programs.

Apparently it was also “these voices” who dictated the article with the title “Why Schaeuble’s promise about Greece waggles.”

Of course, many wonder about Schaueble’s motive to stop insisting on IMF’s participation. Is it strategic bargaining? Or just his ambition to have full control of Greece’s debt and repayment?

Time will show.

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One comment

  1. Wolfie already has full control of Greece via his locally operating staff, otherwise called “Government”. He is just getting ready to move on to the next stage of accelerated demolition.