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Very rosy outlook, if you ask me.

If the IMF were truly this beneficent, then you would think it would try to alter its modus operandi after one colossal flub after another.

If the IMF really wanted to insist that Greece change and become a better member of the union, it would not have pissed around the margins of the Greek economy by installing half measures (if you look at the IMF plan for Greece, it doesn't really make any sense) and instead created more permanent cuts that would put the country on better footing. Increased VAT, pensions cut when pensions are already at poverty level, this is nibbling at the margins, especially when Greece has purchased tens of billions if not hundreds of billions of armaments in the last decade.

I think Talos's article makes clear that Greek GDP, Greek tax revenue, is more than enough to sustain the rather meager salaries and pensions. So what exactly is this "transfer" of wealth?

Aren't we talking now about Greek gov't debt? If so, the first question that needs to be asked is, How did Greece build that debt?

But, as of yet, no one has answered that question with facts, least of all the Greeks. The current Greek gov't needs to come clean, because in the absence of facts from the current Greek gov't, the rest of the world is more than happy to fill in the details with speculation and half-truths or even outright lies. Read the IMF's document on Greece.

Lots of suppositions there, many of which contradict annual IMF assessments of Greece and prior analysis of the Greek economy inside the euro.

I think the current Greek government is not telling the truth for political reasons. They are absolutely avoiding the elephant in the room, and that elephant is corruption. What do they fear? The nation's political stability. But unless they carve out the cancer at the heart of their debt, the political climate inside Greece will not improve.

All the talk from outside Greece is simply platitudinous chatter until Greece comes clean.

by Upstate NY on Tue May 25th, 2010 at 05:34:55 PM EST
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