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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: critical_mass who wrote (72993)	3/21/2010 10:51:47 AM
From: Haim R. Branisteanu	Read Replies (1) of 74559

Finnaly good news - OECD Chief Says Greece Should Turn To IMF For Help (yes some one else told Papandreou what to do not the EU or EU member - the IMF will give Greece a very bitter pill and Greece would not be able to complain against his fellow EU States - that is why Greece never went to the IMF) ATHENS (AFP)--The head of the Organisation for Economic Cooperation and Development encouraged Greece in an interview published Sunday to seek International Monetary Fund financing as it battles a debt crisis, an issue that has split Europe. "You should remember that the IMF constitutes a solution, an alternative solution, but legal in any event because you are a member of the Fund," Angel Gurria said in the Greek daily, To Vima. "I do not understand why this solution meets with such reactions, tell me why you ignore the IMF," he said. IMF intervention for debt-ridden Greece has split the eurozone, with Germany and the Netherlands among those open to IMF involvement but France maintaining the issue is internal to the 16-nation bloc. The IMF has never rescued a eurozone member and a Greek bailout would be seen by some as a humiliation. Gurria also played down an immediate role for an European Monetary Fund, which has been mooted to help out Greece, saying to the country that to establish this would "need a lot of time, which you do not have." He added that "we know the conditions the IMF imposes for releasing funds, and these are measures that your government has already announced." Greece has made it clear it faces the prospect of bankruptcy as it cannot meet its borrowing requirements at current rates while at the same time adhering to strict EU demands to slash its huge public deficit.

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