Europe brought the IMF into its bailout scheme to enforce discipline and now the IMF have turned on them

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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