ML-Implode News - Somebody's Going to Suffer: Greece's New Austerity Measures

IMF economists said that Greece can't pay, and under the IMF rules it is not allowed to make loans to countries that have no chance of repaying in the foreseeable future. The then-head of the IMF, Dominique Strauss-Kahn, introduced a new rule -- the "systemic problem" rule. It said that if Greece doesn't repay, this will cause problems for the economic system -- defined as the international bankers, bondholder's and European Union budget -- then the IMF can make the loan.
This poses a question on international law. If the problem is systemic, not Greek, and if it's the system that's being rescued, why should Greek workers have to dismantle their economy? Why should Greece, a sovereign nation, have to dismantle its economy in order to rescue a banking system that is guaranteed to continue to cause more and more austerity, guaranteed to turn the Eurozone into a dead zone? Why should Greece be blamed for the bad malstructured European rules? That's the moral principle that's at stake in all this.

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Somebody's Going to Suffer: Greece's New Austerity Measures