RT reports that Greece is demanding an explanation from the IMF, which, according to leaked internal discussions, had been mulling a crisis “event” to force Athens into obedience, and threatening to leave the troika of creditors if Germany refused to provide debt relief to the country.
As I read this article, my mind reflected Greece’s history in recent years. Yes, Greece has made many mistakes but her citizens have suffered severely as a consequence. Angela Merkel deliberately chose to bring the IMF to the party to provide some economic backbone because she feared that the EU was too weak economically. Unfortunately, Merkel has rejected the conservative economic advice of the IMF and we now have the latest political scandal in this long-running saga.
Of course, the IMF has contributed to the financial crisis in Europe by demanding excessive austerity.
BUT in the wider context, another Greek crisis ahead of the UK’s Brexit referendum could send financial markets into a deep spin.