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Thread: Greece Agrees to 24 Billion Austerity Program: Report

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    Greece Agrees to 24 Billion Austerity Program: Report

    This evening, CNBC reported:

    Greece will overhaul the state pension system as part of a package of austerity measures to clinch a three-year, multi-billion-euro aid deal, a Greek minister told the FT on Thursday.

    Andreas Loverdos, social affairs minister told the Financial Times the measures included dropping the seasonal bonus for pensioners in a bid to slash Greece's bloated budget deficit.
    News Headlines

    To put things into perspective, the amount of budget savings called for in the Greek agreement would be equivalent to almost $800 billion in savings from the U.S. budget. Prospects for Greece's ability to implement the agreed budget savings still remain uncertain, given expected substantial labor union opposition.

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    Re: Greece Agrees to 24 Billion Austerity Program: Report

    Quote Originally Posted by donsutherland1 View Post
    This evening, CNBC reported:



    News Headlines

    To put things into perspective, the amount of budget savings called for in the Greek agreement would be equivalent to almost $800 billion in savings from the U.S. budget. Prospects for Greece's ability to implement the agreed budget savings still remain uncertain, given expected substantial labor union opposition.
    From waht I heard today the US will be on the hook for a goodly amount. Our donation comes via the IMF.

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    Re: Greece Agrees to 24 Billion Austerity Program: Report

    Quote Originally Posted by washunut View Post
    From waht I heard today the US will be on the hook for a goodly amount. Our donation comes via the IMF.
    I don't yet know whether IMF funds will come from existing contributions of members, including the U.S. or, at least in part, additional funds from members including the U.S. I believe those details will be provided once the rescue package is announced, probably on or before Monday.

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    Re: Greece Agrees to 24 Billion Austerity Program: Report

    India has recently purchased a large amount of IMF gold, I also believe China is investing in SDR's as a way to deversify out of USD

    So I expect that Asians will be providing much of the IMF money used to lend to Greece

    Remember this is a loan and the IMF does not tend to forgive much of its debt.

    It and the Paris club tend to be profitable
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    Re: Greece Agrees to 24 Billion Austerity Program: Report

    [QUOTE=Lord Tammerlain;

    Remember this is a loan and the IMF does not tend to forgive much of its debt.

    It and the Paris club tend to be profitable[/QUOTE]

    Which fact Mugabe has learned the hard way.

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    Re: Greece Agrees to 24 Billion Austerity Program: Report

    Yes, the IMF will be providing loans. The issue is whether additional funds will need to be procured from IMF members or not and, if so, whether those would be straight assessments or loans to the IMF.

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    Re: Greece Agrees to 24 Billion Austerity Program: Report

    Quote Originally Posted by jujuman13 View Post
    Which fact Mugabe has learned the hard way.
    There is no point in the IMF's or Paris Club's forgiving any of Zimbabwe's debt at this time. Given the record of the Harare dictatorship, any benefits of debt forgiveness would accrue solely to the regime, not Zimbabwe's suffering people. Few contemporary leaders have engineered the kind of ruin and hardship Mr. Mugabe has.

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