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