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Is the IMF For Real ?

After years of subjecting the Greek economy to the closest and longest scrutiny to which any modern economy has been subjected, the IMF has suddenly at the 11th hour, claimed to have “discovered” that Greece will need an extra 50 billion Euros over the next three years.  Who are these people who preside over the worlds only monetary rescue organisation ?  Are they so clueless that they are incapable of adding up and getting their sums right ? What explanation can they give for having missed this rather vital hole in their calculations.

Or is there a simple explanation, namely that the IMF has suddenly adjusted Greeces growth prospects  downwards from a healthy 2.5% to zero over the next 3 years. Or did it get its sums wrong ? Are the new figures based on the effects which the troikas own proposals will have on the benighted Greek economy. Perhaps in the Alice in Wonderland world in which the IMF lives, it is sensible to impose additional taxes on tourism, Greece’s largest industry, additional taxes which will help to shrink the one area of the Greek economy which has  been booming for the past three years.

Because Greece dared to have a democratically held referundum, the troika, like a spoilt child, has thrown a tantrum.  And the euro- bureaucracy has  done that with every country which has dared to hold a referendum. Even to the extent that when the result has gone against its wishes, it has forced those countries to hold a second referendum to make sure that in the end the result is the “correct” one.

And this is an organisation, let it not be forgotten, which is presided over by a woman against whom an investigation has been launched by the prosecuting authorities in her own country, for alleged involvement  in  a massive fraud.

No wonder the Chinese are now taking the first steps to set up an alternative fund to deal with the worlds economic casualties, an attempt supported by the UK. One can only hope that it succeeds.

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