New bailout deal turns Greeks into IMF-ers – Max Keiser
27 Oct, 2011 16:49
A one-trillion-euro slush fund - not a bailout fund - was agreed by the recent EU summit in Brussels, while Greece moved ever further into the IMF’s dubious embrace, argues economic analyst Max Keiser.
The Greek people are losing their sovereignty to the International Monetary Fund, said the host of the Keiser Report show on RT. Another “stop-gap measure” to cure the ailing Greek economy comes in “dead on arrival” and will not support Athens for too long.“The IMF is taking a bigger role in this euro-catastrophe now, which means that the IMF going forward will have a lot more power over these individual sovereign states. There will be more austerity for the Greek people. There will be another bailout requirement within six months, I guarantee it,” Max Keiser told RT.“The Greek people are no longer the Greek people. Call them IMF-ers,” he added. The Greek debt is simply going to be moved around the fraudulent balance sheets being organized and operated by the IMF. This can hardly be called writing off 50 per cent of the debt, points out Keiser.As for boosting the EU bailout fund – or the European Financial Stability Facility – by one trillion euros, this move will only add to the complexity of the European economy. The same goes for the nine per cent increase in banks’ capital buffers, the funds for which Keiser expects to come from the EFSF. A debt problem cannot be cured by adding more debt, as this all but guarantees economic collapse, stresses Keiser. This is why it should be nipped in the bud in the next couple of months.