Do you remember when Europe used to say the IMF would get involved in Europe over the euro's dead body? Well I certainly do.
Back before Greece got its bailout deathwish, it wasn't even clear there would be a bailout, let alone one with the IMF involved. As late as February of 2010, the Dutch were rejecting any bailout whatsoever along with the Germans. And as I put it then: "When I wrote that The Germans will not bail out Greece, there was considerable chatter that a bailout was imminent. While I said the Germans would not bail out the Greeks, I did think that some backdoor bailout sleight of hand or debt guarantee might be arranged in exchange for austerity measures – and this still might occur."
What happened at the time was that Europe gave Greece "psychological and political supp...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.