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IMF to participate in Greece’s program with up to $6bn to boost Merkel

The International Monetary Fund is reportedly moving toward rejoining Greece’s bailout, according to people familiar with the discussions, suggesting it will meet a condition set by Germany and other euro-area nations for continued aid. The IMF will join the Greek program with a bailout loan between $3billion and maximum $6blillion in order to politically boost German Chancellor Angela Merkel in the election year.

According to Bloomberg, the IMF is ready to offer Greece a smaller loan than the last one provided five years ago, two people said, making it easier for the fund to justify its involvement to its shareholder countries. The amount under discussion is $3 billion to $6 billion, one of the people said, compared with a 29 billion-euro ($31 billion) IMF credit line under Greece’s second bailout in 2012.

For German Chancellor Angela Merkel, getting the IMF on board would clear a political obstacle as she campaigns for re-election in September. Merkel and IMF Managing Direct Christine Lagarde discussed debt relief for Greece in general terms during a meeting in Berlin in February, one of the people said. Afterward, Lagarde said Greek concessions on economic reforms made her “much more confident” that the IMF would join the bailout. (full story Bloomberg)

PS Great! We saved the German banks in 2010-2012, let’s save Merkel and her political future now with an additional loan on our shoulders. I hope, France will not come now and ask we boost Hollande… 😛

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  1. costa sakellariou

    hooray! greece is saved…more debt!

    what is the projection now? debt free in 2080?

  2. It is not the debt folks. It is the local traitors and Quislings who sell themselves at the highest bidder (i.e. the 4th Reich) and those who vote for them.

  3. Now what have we here
    Oh look
    Why if it isn’t .. THE WICKED WITCH OF THE EAST .. AND .. THE WICKED WITCH OF THE WEST .. all on the same page.
    It is a wonder there is enough room for both their ego’s ..

    • Now you mention it, they do look like popular portrayals of witches! Lagarde in particular looks as if she has just thought of another devious way to lure children into her gingerbread house, so that she can eat them.