Greece's Exceptional Access to IMF Funding

The International Monetary Fund's "imprudent over-commitment of funds" leaves the institution "no choice but to pull the plug" on Athens, a renowned economist has said.
According to Steve Hanke, a Professor of Applied Economics at the Johns Hopkins University in Baltimore ant a Senior Fellow at the Cato Institute in Washington, IMF's intransigence with regard to recent Greek demands in debt talks could be easily explained with the "exceptional access" policy it applied to Greece for years.
Lending by the IMF is normally limited to up to 200% of a country's quota (contribution to the fund) in a year and 600% in total, whereas Greece has already received "an astounding 1 860%" of its quota, Hanke explains on the Huffington Post.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » DPS Scandal 'Will Create Islamist Party in Bulgaria,' Historian Warns
- » Bulgaria C-Bank Should Improve Transparency, Prof Hanke Says
- » Internet Trolls Not Credible, PR Expert Maxim Behar Says
- » Terror Attack 'Unlikely' in Prague-Varna Bus Incident
- » Steve Hanke: Another Greek Debt Default Is Imminent
- » Greece on a Knife Edge