Greek Loan Would Violate IMF Charter | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary

Greek Loan Would Violate IMF Charter | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary: "The articles of association of the IMF state clearly its aim to provide loans for balance of payments support. Greece has a huge fiscal need but no balance of payments need. Greek importers can get all the euros they wants from Greek banks, which get euros from the European Central Bank. The IMF is by definition a monetary authority, and Greece has no monetary issues — it surrendered its monetary powers to the ECB Bank on joining the eurozone. Some eurozone countries have fiscal crises, but these are Europe's problem, not the IMF's."