Greece bailout: IMF should stay out of this Greek tragedy

By
Daily Mail Comment

Last updated at 11:02 AM on 22nd February 2012

Yesterday, in a monumentally cynical act of legerdemain, Europe’s ruling class hailed the latest Athens bailout – this time worth a mere £110billion – as a deal to ‘secure Greece’s future in the euro’.

Preposterously, even George Osborne joined in, saying it was ‘good for Britain’ – which will contribute, via the IMF, £1billion – and a ‘really significant step’ towards resolving the eurozone crisis.

If only… For, even as the politicians recited their words, a leaked ‘strictly confidential’ document, prepared for Brussels officials, revealed that, in reality, the rescue programme was way off track, and highly unlikely to succeed.

Celebration: George Osborne joins European finance ministers in hailing the latest Greek bailout

Celebration: George Osborne joins European finance ministers in hailing the latest Greek bailout

Firstly, there are grave doubts whether the Greek people – who are already rioting in the streets, have mass unemployment and who bitterly resent having their budget dictated by Brussels – will accept further swingeing cuts.

And, even if the austerity programme is implemented, how is a devastated Greek economy, which has shrunk by 7 per cent in the past year, supposed to achieve the growth required to have even a chance of long-term survival, while it remains inside the strait-jacket of the euro? 

Scandal: Christine Lagarde of the IMF has promised to add £20bn to the bailout fund

Scandal: Christine Lagarde of the IMF has promised to add £20bn to the bailout fund

In truth, the eurocrats know Greece is probably doomed, but fear that – when it defaults on its debts – the contagion will spread across the continent, killing the euro and crushing their dream of full economic and political union.

Thus, they are prepared to ignore all the evidence and keep throwing their own good money after bad in order to buy more time to try to find an almost certainly non-existent miracle cure.

The scandal, however, is that – given the IMF is expected to contribute up to £20billion to the bailout, including the £1billion from Britain – it is not just their money they are wasting: it’s ours.

The simple fact is that the IMF should not even be involved. Its role is to help countries that lack the economic means to survive – not to prop up a Franco-German ideology.

Mr Osborne must tell the IMF to stop abusing its position and get its hand out of this nation’s pocket.

Promoting failure

Once, Britain’s civil service was renowned the world over for its rigour and excellence. Today, mandarins are promoted to well-paid, hugely important jobs – with considerable bonuses and secure pensions – even when they have a track-record of failure.

Witness Lin Homer. Despite presiding over a ‘banana republic’ vote-rigging scandal when chief executive of Birmingham City Council, she was still offered £200,000 a year by the Home Office to take charge of Britain’s borders.

On her watch, foreign criminals ran amok, the department lost track of tens of thousands of illegal immigrants and passport checks and other vital security measures were repeatedly relaxed.

Yet how is Ms Homer rewarded? With promotion to Permanent Secretary at the Transport department and, now, chief executive of Her Majesty’s Revenue and Customs – which, after a string of blunders, is in urgent need of a strong leader.

What a damning indictment of the modern civil service that it found no better candidate for such a vital job than the hapless Ms Homer.

Unhealthy bias

The BBC gave huge coverage on Monday to the ‘protester’ who heckled Andrew Lansley over NHS reform.

But the broadcaster – which has devoted hours to the medical unions’ attacks on Mr Lansley – conveniently overlooked the fact that June Hautot is a Left-wing trades union activist who claims to have once shared a cell with the wife of Arthur Scargill. So much for BBC impartiality.

Here’s what other readers have said. Why not add your thoughts,
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The comments below have not been moderated.

Greece is now an occupied Country in all but name. All this misery for millions of people throughout Greece and the rest of Europe caused by a few political elite in the pursuit of left wing dogma. Its sickening and why is Osbourne and Cameron standing by watching and letting this happen? The eilte in Brussels should be put on trial for their part in the downfall of Europe. Its a huge mess and it will only get worse for Greece the birth place of democracy.

The Germans and French should be paying totally for this as its their cherished idea they seem so keen to hang on to.When that happens it will all end but thats not the idea .The idea is make us all bankrupt and level playing field .This must not happen and our Governments duty to protect the services of this countries tax payers.God knows we work hard enough and taxed for precicely that.Anyone should feel very sorry for the Greek people but any other EU country that was in our position would fight to protect it too.The Evil empire is going down the plughole.The Problem is we all know they were wrong in doing this euro thing and THEY ARE TRYING HARD NOT TO BE PROVED WRONG AT GREAT COST NOT FULLY SEEN YET.Should leave people to go at their own pace and be responsible for their own money its a massive benefits scam.

come hell or high water Brussels will not admit that the euro is a waste of time and money but never mind Britain along with the rest of the political sheep will keep throwing our money into it.

So, the Greeks are going to eat hay for the next 10 years, watching their masters in Germany and France driving about in BMWs and Mercs and eating lobster and caviar. Yeah right.

Have they never heard the expression ‘Throwing away good money after bad’?
Greece must leave the Euro and revalue its currency; only then will it find any sort of long term stability.

DM doing it’s best to not post truthful comments, I wonder why that is.

Now, the real tragedy for Greece begins. All quite unnecessary bearing in mind that Greece will default eventually. And, what a waste of our money?

All that government talk about “not rewarding failure” etc, may make a few
good headlines when Banker Bashing, but when it comes to “practising what
you preach”, the government and it’s Civil Service guardians swiftly close ranks
and just carries on in the same old way! No inefficient employee is ever sacked
or side-lined, and still expects- and receives – regular promotions and protection from all those slings and arrows any Private Sector employee would automatically get for making a disaster of one job – let alone 2 or more!++++
And when it comes to the Beeb’s reporting choice – is it any surprise at all
that when offered the chance to report on a Government Minister or laud an
old-time Union Trot jail-bird – then what decision could an organisation, legally
obliged to report impartially possibly make, but eagerly choose the latter?

The IMF, to my understanding, were supposed to be international bailiffs. They liased with the creditors, expanded the credit term and froze the interest payable. But since they deposed their Governor and replaced him with an EU placeman, it’s simply become about shifting money around the SuperProject. Gobsmacking amounts of money.

Chrisitine Lagarde and the rest of the eurocrats will not be satisfied until they have bankrupted the whole world trying to save the wretched euro.

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