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This has nothing to do with being beneficent.  This is, as are all political conflicts, a raw fight over resources, so the question is, on which side are you in this particular conflict?  (And I know you're Greek from past posts, so you might have more ambiguous allegiances than most of us.)

If Greek GDP, tax revenue, etc. were more than enough to sustain Greek pensions without IMF help, then there wouldn't be the crisis at all, would there? The problem is that it when you tie your policy options to a larger group like the EU, which means that you transfer your power to that larger group, you limit your ability to solve domestic conflicts over resources, and that is what has occurred because of Greek adoption of the Euro as its currency.  Because Greeks are unable to increase taxes on the wealthy exclusively, and because so many of the rest of us don't think we should be on the hook for Greek consumption smoothing, the IMF is actually doing its job for its constituents -- the rest of us -- by compelling Greece to lower its consumption so we don't have to lower ours. The question is, should it do its job?

by santiago on Tue May 25th, 2010 at 05:56:49 PM EST
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