Greece's Exceptional Access to IMF Funding

Novinite Insider » EXPERT VOICES | June 16, 2015, Tuesday // 23:31
Bulgaria: Greece's Exceptional Access to IMF Funding File photo

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.

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Tags: greece, IMF, Steve Hanke, quota, exceptional access

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