mishtalk.com / Mike “Mish” Shedlock / February 12, 2017 8:13:45
At long last, it appears the IMF will wash its hands of its sordid role in the Greek debt crisis.
When it does, the EMU will be free to mismanage the crisis on its own.
The results won’t be pretty because both Greece and the EMU live in a fairy tale world dominated by Germany.
Financial Times author Wolfgang Münchau claims Failure to Tell the Truth Imperils Greece and Europe.
In its latest survey of the Greek economy, the IMF states that “public debt has reached 179 percent [of gross domestic product] at end-2015, and is unsustainable”.
Europeans are not used to such bluntness. The Germans protested. The European Commission protested. So did the Greeks. They all want to keep up the fairy tale of Greek debt sustainability for a little while longer.
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