In Greece its intrusion into economic policy concern

Three days after the first Greek Minister, Georges Papandreou, formally requested financial assistance from its European partners and fund international monetary, the miracle has not produced: after a respite of a few hours, the concern returned to markets, from last Friday (read below). And if the cure - the loan of EUR 45 billion now expected Athens n ' was not the height of evil

The first concern relates to the speed with which the funds will be available. In this regard, it is once more the Germany which occupies. Even if Christine Lagarde, French Minister of economy, insisted yesterday in the columns of the "Sunday Journal" on the need to not be "self-serving" with Athens, although Angela Merkel that most ostensibly used the stick is. As early as Friday, it insisted on the fact that there is of European aid in the event of threat to the single currency. For electoral reasons, the German Chancellor is looking at any price to push back the deadline for a loan in Athens. On the margins of the meetings of the IMF and the g-20, in Washington, several voices are yet high to call, on the contrary, quick response. Timothy Geithner, the US Treasury Secretary, but Alistair Darling, the British Finance Minister, argued in this sense. "This situation lasts long, more that will be detrimental to the Greece," insisted Alistair Darling. Stating that person is critical"person", he found "essential that the eurozone countries meet their commitments". Indeed, they promised to financially support the Greece needed.

Before the German inflexibility, the "Financial Times" has advanced the hypothesis that the IMF could unblock only the first payments. This would allow Athens to face its next financial maturity, May 19, while avoiding to Berlin to pay all before the very sensitive regional election in May 9. Yesterday, this scenario however was rejected by Georges Papaconstantinou, the Greek Minister of finance.

The fear of the IMF

That Fund synchronizes or not its action with the Europeans, one thing is certain. In Greece, its intrusion into economic policy concern. Opposition to the austerity of the Prime Minister seems to crystallize around this new enemy is the IMF. Given the movement of non-confidence, Dominique Strauss-Kahn, Director General of the institution, tried this weekend to insist on the benevolence of the Fund and the fact that he had "learned a lot" of its previous programs. A way of saying that the excesses of austerity required in the 1990s, Asia in particular, were gone. It prevents: more secrecy surrounds currently discussions between Athens and the Fund, and there is little doubt that it will request additional stringency measures a Government already done in this sense.

Finally, the question whether if the 45 billion euros paid over 12 months will be sufficient. In a country to borrow 53 billion euros this year, this can take some time. But, in the medium and long term, the default assumption is now mentioned. While the deficit was higher than expected in 2009 (at 13.6 of GDP) and while analysts worry the magnitude of the recession in the country, can no longer today exclude the scenario of an uncontrollable runaway debt Greek.