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All countries must be wary of IMF acting like a tyrant

Published 03/07/2015

THE Greek crisis will be everybody's crisis soon if something is not done to sort out its debt mountain. One of the drawbacks of the single market is that a crisis in one part of the EU affects all other countries in the eurozone.

The Greek debt is put at €317bn, which is a colossal amount of money to service. The country has relied far too much on tourism as its source of income, which is not always steady.

Greece's debt problems have spiralled out of control and it is clear that the European project is a dangerous economic and social experiment that is going very wrong.

No country can keep on borrowing money indefinitely without paying it back and bringing it under control with reforms and discipline.

What makes matters worse is that Greece's political system is rickety, which adds to the uncertainty about Greece's ability to bring itself out of the crisis.

It is clear the EU and IMF like putting pressure on countries to borrow money and then, when a default is near, puts even more pressure on them to pay it back.

There is one important question for all countries regarding IMF bailouts - is the IMF a friend indeed, or an economic, exploitative tyrant when a country is on its knees?

MAURICE FITZGERALD

By email

Belfast Telegraph

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