Crisis reaches limit?

[Maik]

IMF: Greek economy has reached its limit

The International Monetary Fund believes that the Greek economy has reached its limits and that the country’s debt is now so difficult to be managed that it is necessary for the Europeans to undertake part of the cost.

Maurice Obstfeld, the director of the IMF’s Research Department, estimated on Thursday that “there are limits to the blows that economies can or should be able to suffer, so in particularly difficult cases we recommend a restructuring or a lightening of the national debt, requiring the creditors to take part of the cost of the adjustment. This is the approach we are adopting at the moment about Greece.”

http://www.ekathimerini.com/209285/article/ekathimerini/business/imf-greek-economy-has-reached-its-limit

[TonyKath]

IMF: Greek economy has reached its limit

The International Monetary Fund believes that the Greek economy has reached its limits and that the country’s debt is now so difficult to be managed that it is necessary for the Europeans to undertake part of the cost.

Maurice Obstfeld, the director of the IMF’s Research Department, estimated on Thursday that “there are limits to the blows that economies can or should be able to suffer, so in particularly difficult cases we recommend a restructuring or a lightening of the national debt, requiring the creditors to take part of the cost of the adjustment. This is the approach we are adopting at the moment about Greece.”

http://www.ekathimerini.com/209285/article/ekathimerini/business/imf-greek-economy-has-reached-its-limit

Maybe... eventually the ECB will also realise this. 

Tony