Thursday, May 16, 2013
"The IMF has approved a three-year, $1.3 billion loan to jump start recovery in Cyprus and restore financial credibility to its indebted banking industry". The banks get the cash (because they caused the problems and cancelled their friends' bad property loans) and the people get the bill (they may have problems paying due to national "austerity"). I wonder what sort of bung the IMF got for this one? Certainly enough to build your very own synchronised swimming pool on your newly acquired island? Now for the comic line "to revive the economic pulse of the debt-stricken nation". Yeah, right! The more debt the IMF owns, the more influence it has over policy. (be afraid, be very afraid).