The Phaserl


Brazil protests IMF’s Greece bailout

from The BRICS Post:

Paulo Nogueira Batista, Brazil’s executive director at the International Monetary Fund (IMF) has rejected the organisation’s decision to sanction a fresh bailout for Greece.

“Recent developments in Greece confirm some of our worst fears,” said Batista, who represents Brazil and 10 other Latin American countries at the IMF.

The organisation released 1.7 billion euros of rescue loans to Greece on Monday even as emerging economies grow increasingly impatient with European nations bailout packages.

“Implementation (of Greece’s reform programme) has been unsatisfactory in almost all areas; growth and debt sustainability assumptions continue to be over-optimistic,” Batista was quoted by Reuters.

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