THE GREEK FUNDING GAP: How geopolitics, pride and lies got us to where we are today

The Slog

euroflamesQuick! Somebody buy some water cannon….

Sensational new leaks show how Brussels, Papandreou, Samaras and Stournaras snatched default from the jaws of restructuring

In a new blog post from Greek crisis veteran commentator Yannis Koutsomitis, 2010 documents show how, had reality rather than greed, pride and geopolitics been applied in early IMF negotiations, Greece would be in a far more advantageous economic and fiscal place than the debt-hole it occupies today.

Koutsomitis has obtained access to an explosive memo –

imfleakmay2010– that establishes how relatively easy it would have been at that stage to organise debt restructuring, given the opinions of key IMF States:

imfleak2imfleak3But despite this, for some reason(s) the Greeks – led by George Papandreou – turned this down:

imfleak4At some point in this process (as I posted to the sound of universal ridicule at the time) influences from Berlin via Paris to Washington intervened to arm-lock…

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