The following very interesting research paper is providing with special insight into the steps followed to make the IMF participate in the Greek bail-out program, in spite of the fact that everybody there knew from the beginning that this program will not work!
It is interesting for the many new elements it is providing. But also for those who try to understand the often very indirect ways the international system is pushed where a “rational-irrational” nucleus inside it wish probably to direct it.
It is of course only a small part of only the surface of the truth which has so far been revealed. But the catastrophe of Greece and its transformation, from a usual nation-state into a postmodern protectorate locked into a permanent death spiral, is setting a new paradigm of world significance. Hardly it could happen at all only by … mistake
Many people and the IMF in particular have recognized the mistakes they have done in drafting the Greek program. But they did not propose any other remedy but continuing in the same direction and in an accelerated pace! The only difference IMF seems to insist to some sort of debt alleviation the effects of which remain very doubtful. It is combining it with insistence on draconian measures which will only increase the ruins already accumulated in Greek society. As a matter of fact, all it is doing it is pushing further to the other European states the burden of this kind of treatment.