It’s noticeable the IMF described the Greek proposals as “still short of everything that was expected” (your report, 24 June).
It seems the European Union has allowed an international bureaucracy to exercise a powerful economic influence. Surely over six years an EU solution could have been hammered out with a mutually acceptable agreement.
Since Keynes’s initial ideas for the IMF it seems to have succumbed to a market fundamentalist ideology.
Hence it is now debatable whether the IMF proposals will work and even make the situation worse. Why couldn’t the European Central Bank play a similar role to the UK and US Reserve?
Relatively speaking, Greece is a small country (with a population of 10 million) and economy compared with, say, Germany and France. It seems incomprehensible the Eurozone economies in conjunction with the ECB did not have a bail-out plan.
Millions of people in East Asia and Russia suffered IMF remedies a couple of decades ago.
Arguably the EU should have rejected outright the economic ideology of the IMF’s American business model.
Old Chapel Walk