As Eurozone countries agree a new loan package to Greece, the IMF has conceded to ‘major concessions’ instead of up front debt relief and may participate in a new programme despite its insistence that the Fund's involvement in future programmes is dependent on ‘significant debt relief’.
The IMF has confirmed its participation in negotiations for the third Greek loan programme since 2010, seeking debt relief, privatisation and pension reform. The IFC has invested €150 million in Greece's four main banks.
IMF has been criticised for undermining negotiations between Greece and other creditors and ignoring the results of a democratic referendum.
Bodo Ellmers of Eurodad argues that, should the IMF not get repaid by Greece, it could finally shock the institution from being a “political puppet” into an effective crisis response instrument.
New IMF research has shown the positive impact of trade unions have on reducing income inequality, however, the Fund's own European austerity programmes indicate that the IMF ignores its own evidence.
As Greece agrees a loan extension which excludes an IMF contribution, commentators condemn the impact of IMF's previous loan conditionalities on the Greek economy.
Despite heated debates about the consequences of Syriza’s win in Greece and the IMF's stance on debt reduction, the question of debt sustainability remains central to the country’s economic future.
Troika mulls new loan while Greek government touts economic success story but economic, health and human rights conditions deteriorate. Lagarde admits “miscalculations” occurred in Greek loan, while European parliamentary committee blasts Troika as unaccountable and illegitimate.
Notes of a meeting on sovereign debt restructuring at the World Bank-IMF annual meetings 2014
Notes of a meeting on sovereign debt restructuring after SCOTUS at the World Bank-IMF annual meetings 2014
This event was a collegial information-sharing and strategy session to explore the linkages between financial regulations and grass roots campaigns.