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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More Europe

SCARY VIDEO! What the heck blew up in Russia's sky? Was it a meteor or something stranger?! Watch

Image of A still taken from footage of the phenomena that took place in Russia on November 14.

By Catholic Online (NEWS CONSORTIUM)

What was the mysterious phenomena that occurred in Russia and was witnessed and captured on camera by dozens of motorists? It appears that nobody knows for sure, and even experts are left scratching their heads while they struggle to find reasonable explanations. ... continue reading


Who really was Jack the Ripper? New evidence points to one man Watch

Image of A criminologist from England may have new evidence that points towards the real identity of Jack the Ripper.

By Catholic Online (NEWS CONSORTIUM)

A new theory about the identity of infamous 19th century London serial killer Jack the Ripper may explain why the murderer was able to elude contemporary and modern authorities for so long and escape justice. LOS ANGELES, CA (Catholic Online) - Dr. Gareth Norris, a ... continue reading


Which countries drink the most beer? Our list may surprise you! Watch

Image of Beer is one of the most widely consumed beverages in the world.

By Catholic Online (NEWS CONSORTIUM)

Who still drinks beer?  Beer is one of the most widely consumed beverages, behind water and tea.  Beer is also a Catholic tradition, alongside wine-making, and has been widely practiced in monasteries, especially in Europe. Now, a list has emerged detailing ... continue reading


To raise money for the poor, Pope Francis to raffle gifts Watch

Image of The tickets are only a modest 10, but this includes a new Fiat Panda 4x4, with all optional extras.

By Catholic Online (NEWS CONSORTIUM)

Talking the talk, walking the walk: Pope Francis has done it again. The pontiff is raffling gifts that have been given to him in order to raise money for the poor. Posters announcing the raffle have gone up all over Vatican City. LOS ANGELES, CA (Catholic ... continue reading


Russia could destabilize Eastern Europe if Ukraine left unchecked, Merkel warns Watch

Image of It's exceedingly tough talk from German Chancellor Angela Merkel. She says that Russia's annexation of Crimea and subsequent destabilization of eastern Ukraine

By Catholic Online (NEWS CONSORTIUM)

It's exceedingly tough talk from German Chancellor Angela Merkel. She says that Russia's annexation of Crimea and subsequent destabilization of eastern Ukraine "called the whole of the European peaceful order into question." Adding to the gloomy outlook was a ... continue reading


The Pope Who Builds Showers for the Poor under St Peters Rattles our Comfort Zones Watch

Image of Pope Francis embracing Jesus in the face of the poor

By Deacon Keith A Fournier

Those who love the poor - like Jesus loved the poor- are an instruction manual for the rest of us. They are a sign of the kingdom, making it present in their wake. We have such a man in this Pope named Francis. He recognizes that poverty is more than a lack of ... continue reading


Theory: Putin doesn't want war -- he's selling Russian hardware Watch

Image of Putin is playing a dangerous game on brinkmanship with the world -- or he is trying to sell hardware. Nobody is sure.

By Catholic Online (NEWS CONSORTIUM)

Vladimir Putin continues to rattle his saber at the western world with bomber flights, naval deployments and the movement of troops within Russia. Some fear the world may be on the brink of a new cold war with the old superpower. LOS ANGELES, CA (Catholic Online) - As ... continue reading


More Catholic Than the Pope? Francis Calls Catholics to Work and Pray with Evangelical Protestants Watch

Image of Pope Francis realistically acknowledges the differences and distinctives in doctrine and practice - as well as the divisions among us. However, he focuses on our common Baptism and shared mission in this decisive moment in Christian history. His message is powerful, prophetic and should be read by every Christian, as well as every other person of faith and good will.

By Deacon Keith A Fournier

Pope Francis carries the burden for Christian unity in his heart, proclaims it in his words, and steps it into his actions. The hoped for healing of our divisions and call to collaboration proceeded from the Second Vatican Council in the Catholic Church and was ... continue reading


Catholic Cardinal fires back at illegal gay marriages in Italy Watch

Image of While gay marriage is illegal in Italy, many city mayors have begun recognizing same-sex marriages performed outside Italy, which has led to great criticism.

By Catholic Online (NEWS CONSORTIUM)

A Catholic Cardinal is warning that gay marriage may lead to the destruction of family structure if it becomes culturally accepted by the Catholic Church. LOS ANGELES, CA (Catholic Online) - Cardinal Angelo Bagnasco, the head of the Italian Bishops Conference gave ... continue reading


Sex-selective abortions now running rampant across Eastern Europe Watch

Image of Female feticide is happening in countries which previously had no history of such practices, such as Albania, Kosovo and Macedonia.

By Nita Bhalla, Thomson Reuters Foundation

The practice of aborting female fetuses due to a preference for sons is an  "epidemic" which is spreading beyond countries such as India and China to Eastern European nations, a senior United Nations official warned Monday. NEW DELHI (Thomson Reuters ... 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, Ezekiel 34:11-12, 15-17
11 "For the Lord Yahweh says this: Look, I myself ... Read More

Psalm, Psalms 23:1-2, 2-3, 5, 6
1 [Psalm Of David] Yahweh is my shepherd, I lack ... Read More

Gospel, Matthew 25:31-46
31 'When the Son of man comes in his glory, escorted ... Read More

Reading 2, First Corinthians 15:20-26, 28
20 In fact, however, Christ has been raised from the ... Read More

Saint of the Day

Saint of the Day for November 23rd, 2014 Image

Bl. Miguel Pro
November 23: Born on January 13, 1891 in Guadalupe, Mexico, Miguel Agustin ... 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