Greek Finance Chief Tells IMF To Let Up On More Austerity Demands

Greek Finance Minister, Euclid Tsakalotos (L) gave in to lenders. (AP Photo/Petros Giannakouris)

ATHENS – Finance Minister Euclid Tsakalotos, who agreed to austerity, has had enough of it and said the International Monetary Fund should stop insisting on more.

Speaking at the 27th annual conference of the Hellenic-American Chamber of Commerce, Tsakalotos – a Marxist economist forced to accept embarrassing Capital demands – said austerity is hurting Greek society, although the ruling Radical Left SYRIZA of Prime Minister Alexis Tsipras relented to imposing it in return for a third bailout of 86 billion euros ($94.14 billion).

The IMF took part in two initial bailouts of 240 billion euros ($254.34 billion), along with the European Central Bank and European Union but bailed out on a third and was replaced by the European Stability Mechanism.

The Washington, D.C.-based IMF wants no part of further bailouts unless its European partners agree to big debt relief for Greece, which would force taxpayers in the other 17 Eurozone countries to pick up the tab for decades of wild overspending and runaway patronage by Greek governments.

 

The Greek government cannot accept the demand for more measures because of the disagreement between the IMF and European officials on the budget outlook, Tsakalotos said, Kathimerini reported.