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Greece Accepts ‘Fiscal Waterboarding’ As Bailout Deal Passes Parliament
By David Francis, July 15, 2015 Foreign Policy
After a lengthy, often contentious debate, Greek lawmakers early Thursday morning passed European-imposed austerity the country’s people and its prime minister, Alexis Tsipras, had previously rejected. For now, the result removes the prospect of the Grexit — Greece leaving the eurozone — but there is a growing rift among the creditors funding a massive three-year bailout that could total nearly $100 billion.
The International Monetary Fund, the European Commission, and the European Central Bank are fronting Greece between 82 billion and 86 billion euros, or $89 billion and $93.5 billion, it needs to stay afloat. The IMF now says the terms of the debt deal are unacceptable. It’s threatening to withdraw from the deal if Europe refuses to forgive some of Athens’s debt of 300 billion euro, or $326 billion. Germany and other fiscal hawks, including the Netherlands and Finland, say this isn’t going to happen.
The IMF is crucial to the bailout deal. As one of Greece’s three creditors, Europe needs it to help pay for the massive bailout necessary to save the Greek economy from collapse. The lifeline is also necessary for Greece to pay back to the IMF the $1.7 billion it is in default on, as well as the 6.7 billion euros, or $7.3 billion, that Greece owes the European Central Bank over the next two months.
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