WSJ, NYT on Greek Bailout

After successive reports from Brussels and the International Monetary Fund (IMF) about the course of Greece’s rescue program, the newspapers Wall Street Journal, New York Times and Financial Times came to publish articles against the program that the Troika insists on, as it is ineffective.
The newspapers wrote that a new deal for the Greek debt is necessary, as with the current data it is not sustainable and strangles the development perspective of the country.
In these articles, a special reference to the decision of the eleven countries of Latin America not to consent to the new tranche to Greece is reported, a fact that was characterized as “guerilla in the IMF” by the German press.
The main article of WSJ, with the title, The IMF and Greek Losses, talks about the déjà vu of Greece’s rescue, pointing out that the IMF’s predictions seem like a repetition of a turbulent history of its rescue.
“The IMF now predicts that an €11 billion funding gap will emerge after next summer, which the Fund previously hadn’t expected before 2015. The IMF also says Greece’s longer-term debt targets can’t be met without further write downs on some of that debt, which these columns have long endorsed as the only moral way out of the country’s bailout hell,” as reported in the article of WSJ.
The article of The New York Times has the title, The Greek Bailout Isn’t Working. According to the article, “The country is mired in a depression and its government shoulders a large and unsustainable debt. Few policy makers have been willing to acknowledge that reality in public because doing so would be an admission of failure and require them to change their approach, which they have already done once before. But on Wednesday, a member of the I.M.F.’s board who represents Brazil and 10 other countries broke that silence by issuing an unusual and refreshingly candid statement.”
“Recent developments in Greece confirm some of our worst fears,” the board member, Paulo Nogueira Batista, said in a statement. Implementation has been unsatisfactory in almost all areas; growth and debt sustainability assumptions continue to be overoptimistic,” according to The NYT.

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