Greece’s first bailout, lenders and their pledge to maintain debt exposure

EconomyProgramme Tags: Debt
Photo by Harry van Versendaal
Photo by Harry van Versendaal

The Wall Street Journal and El Pais published over the weekend a revealing record of the minutes from the International Monetary Fund’s board meeting in May 2010, which sealed the organizations participation in the first Greek bailout.

“The Dutch, French and German chairs conveyed to the Board the commitments of their commercial banks to support Greece and broadly maintain their exposures,” the document says.

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