Greeks 'Should Not Fear' Advice-Bearing IMF, Strauss-Kahn Says...

Greeks 'Should Not Fear' Advice-Bearing IMF, Strauss-Kahn Says

Flavia Krause-Jackson and Sandrine Rastello
Bloomberg
Sat, 24 Apr 2010


In part reads..



The IMF arranged more than $100 billion of loans to Thailand, Indonesia and South Korea after their currencies collapsed during the 1997-98 Asian financial crisis. In return, governments were forced to cut spending, raise interest rates and sell state-owned companies.

Asia Crisis

Critics said the policies deepened the Asian region's recession, as higher borrowing costs hurt businesses and crimped domestic consumption.

After Argentina defaulted on $95 billion in debt in 2001, former President Nestor Kirchner often blamed the IMF for demanding austerity measures that exacerbated the South American country's crisis.

Kirchner in 2005 mocked former IMF Managing Director Rodrigo de Rato for saying that Argentina should be "respectful" of its creditors. "It's pathetic to listen to them sometimes," Kirchner said at the time.


Greeks fear the EU and IMF package, crafted to stem the country's soaring borrowing costs, will mean lower pensions and benefits, more wage cuts and produce a deeper recession.



More at:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a99qW34YuqsU&pos=3





Greece edges closer to defaulting on its debt

Frank Ahrens and Anthony Faiola
The Washington Post
Fri, 23 Apr 2010

The Greek debt crisis escalated sharply Thursday, weakening the euro and sending ominous ripples across a stagnant European economy.

http://www.washingtonpost.com/wp-dyn/content/article/2010/04/22/AR2010042201464.html