Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/7/2013 (1 year ago)

Catholic Online (www.catholic.org)

'Taxpayers were roped into bailing out Greece via the back door. Now it turns out they botched even that.'

It takes a lot of courage and strength to admit you've done something wrong . drastically, terribly wrong. A hot war of words broke out between the International Monetary Fund and the European Union over its botched bailout of Greece. In a telling, wrenching the IMF admitted to "notable failures" in the handling of the Greek crisis and accused European officials of being more concerned with saving the euro than rescuing the debt-ridden country.

Left adrift in unemployment, some Greeks blame the meddling of some European chancellors, such as Angela Merkel of Germany, for their troubles.

Left adrift in unemployment, some Greeks blame the meddling of some European chancellors, such as Angela Merkel of Germany, for their troubles.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/7/2013 (1 year ago)

Published in Europe

Keywords: International Monetary Fund, European Union, Greece, bailout, failure, admission


LOS ANGELES, CA (Catholic Online) - Headed by Christine Lagarde, the fund said it was forced to break its own rules for providing financial assistance to bankrupt countries because EU leaders refused to take action to solve the crisis.
 
The IMF report, drawn up by staff at the watchdog's headquarters in Washington, triggered a furious response in Brussels where the European Commission said it was "plainly wrong and unfounded."

"We fundamentally disagree," a spokesman for Olli Rehn, European commissioner for economic affairs, said.

In their defense, it was pointed out that Britain was forced to find more than 1 billion to prop up Greece, and in turn the euro, through the U.K.'s membership of the IMF.

In addition, the IMF and the EU granted Greece a 93 billion bailout in May 2010.

The fund now admits there were serious mistakes in the way it and EU officials handled the bailout. According to the catalogue of errors, which included harsh austerity measures on Greece plunged the country deeper into crisis.

"Taxpayers were roped into bailing out Greece via the back door. Now it turns out they botched even that. The eurozone built itself on a debt bubble and it's scandalous that hard-pressed families are shouldering even a penny of that bill," Matthew Sinclair, of the TaxPayers' Alliance says.

Greece is in its sixth consecutive year of recession with unemployment at 27 percent and youth unemployment at 62.5 percent. More than six in 10 young Greeks seeking work can't find jobs.

The EU insists that writing off Greek debt as suggested by the IMF would have led to "devastating consequences" as investors worried about losses in other eurozone countries.

"With hindsight we can go back and say in an ideal world what should have been done differently," a spokesman said. "The circumstances were what they were. I think the Commission did its best in an unprecedented situation."

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Europe

CO-PILOT LOCKED CAPTAIN OUT OF COCKPIT: Chilling last minutes of Germanwings Airbus crash revealed Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Investigators have recovered key information from the French Alps wrecked Germanwings Airbus A320's black box and voice recorder. The co-pilot, 28-year-old German, Andreas Lubitz, intentionally locked the captain out of the cockpit and deliberately crashed into a ... continue reading


STANDING FIRM: Nearly 500 British priests urge synod to stand firm on Communion for the remarried Watch

Image of An extraordinary synod last year provoked heated debate on the question of whether remarried Catholics should be permitted to receive Holy Communion, which was a proposal presented by retired German Cardinal Walter Kasper.

By Catholic Online (NEWS CONSORTIUM)

Nearly 500 British priests have signed a letter urging those attending this year's family synod to issue a "clear and firm proclamation" upholding Church teaching on marriage. An extraordinary synod last year provoked heated debate on the question of whether ... continue reading


Pope Francis sends message to families of victims in Germanwings' French Alps crash, as black box and cockpit recorder recovered Watch

Image of Families are hit with grief as the search for bodies continues.

By Abigail James (NEWS CONSORTIUM)

150 people were killed in the tragic Germanwings A320 Airbus crash in the snowy French Alps earlier this week. Pope Francis has come forward with some words of comfort for all those involved in the horrific accident. LOS ANGELES, CA (Catholic Online) - Pope Francis ... continue reading


GAS ATTACK FEARED: Islamist State may launch attack on London's Underground subway system Watch

Image of The 1995 sarin gas attack on the Tokyo subway killed 13 people. Experts now fear that Islamist State agents returning to the United Kingdom will launch similar offenses.

By Catholic Online (NEWS CONSORTIUM)

Islamic State militants returning to the United Kingdom could attack London Underground trains or football matches with chlorine gas. That is the frightening estimation from chemical weapons expert Hamish de Bretton-Gordon, a retired head of chemical and ... continue reading


Plane crash in French Alps: All 150 feared dead Watch

Image of

By Abigail James (NEWS CONSORTIUM)

An airplane carrying 150 people crashed Tuesday in the French Alps. All 144 passengers and six crew members are presumed dead. LOS ANGELES, CA (Catholic Online) A Germanwings Airbus A320 was traveling from Barcelona, Spain to Dusseldorf  Germany. During mid ... continue reading


Spanish priest performs 13 exorcisms on anorexic girl Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Spanish priest and official exorcist of Valladolid, Jesus Hernandez Sahagun was arrested and is now facing charges of gender violence, causing injury and mistreatment, according to the Daily Mail. The priest has allegedly performed 13 exorcisms on the girl, who was ... continue reading


Pope Francis mobbed by cloistered nuns during Naples trip Watch

Image of The prison visit formed part of a very busy day for Pope Francis in the city 150 miles south of Rome.

By Catholic Online (NEWS CONSORTIUM)

Mobbed by a group of excited nuns during his visit to Naples Cathedral, a cardinal exclaimed, "They are going to eat him!" Usually observing the rules of "papal enclosure" and rarely allowed to leave their nunneries, the sisters let out of their convents for ... continue reading


Bishop Williamson excommunicated - again, for illicitly ordaining bishop against papal orders Watch

Image of Bishop Williamson has criticized the leaders of the SSPX for being

By Catholic Online (NEWS CONSORTIUM)

For the second time, Bishop Richard Williamson has been automatically excommunicated -- along with the priest, he illicitly ordained a bishop. Williamson violated Church law when he ordained 73-year-old Father Jean-Michel Faure without papal approval during a ... continue reading


Ukraine rebels threaten to end ceasefire amid disputes over voting Watch

Image of Ukrainian fighters have been using the cease-fire agreement to rearm and train.

By Matt Waterson (NEWS CONSORTIUM)

The cease-fire that has been in effect in Ukraine for a little over a month may be over following threats from leadership of the Russian-backed separatists in Eastern Ukraine. LOS ANGELES, CA (Catholic Online) - On March 18, Alexander Zakharchenko and Igor ... continue reading


Learn St. Patrick's Prayer against Paganism

Image of

By Catholic Online (NEWS CONSORTIUM)

This prayer of St. Patrick called "St. Patrick's Breast-Plate" was composed as he prepared for his most important battles against the paganism of the Druids. CHESAPEAKE, VA. (Catholic Online) - This prayer of St. Patrick called "St. Patrick's Breast-Plate" was composed ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 17:3-9
3 And Abram bowed to the ground. God spoke to him as ... Read More

Psalm, Psalms 105:4-5, 6-7, 8-9
4 Seek Yahweh and his strength, tirelessly seek his ... Read More

Gospel, John 8:51-59
51 In all truth I tell you, whoever keeps my word ... Read More

Saint of the Day

Saint of the Day for March 26th, 2015 Image

St. Margaret Clitherow
March 26: St. Margaret Clitherow was born in Middleton, England, in 1555, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter