On December 18, 2015, after a 5-year delay(!), the US Congress ratified the most important realignment of the IMF governance and structure since the countries of the former Soviet Union joined the organization in the early 1990s.
The recent visit to Athens of Egyptian President el-Sisi and the flurry of announcements and press releases regarding the strengthened cooperation between Greece and Egypt reminded me of an incident that took place during my first weeks as a member of the IMF Executive Board.
A conspiracy governs Greece, one that is perpetrated by the clueless decision makers. Many missteps of the current government (some deplorable, some laughable) are not due to conscious political calculations but, rather, to naiveté, ignorance and inexperience of the decision makers.
On October 1, 2015 a policy summit on current Greek developments and prospects was organized by the Hellenic Caucus of the US Congress, co-chaired by Hon. Gus Bilirakis (R-Florida) and Hon. Carolyn Maloney (D-New York).
The September 20 elections in Greece had generated the hope that perhaps a miracle might take place. No, I am talking about a possible victory by New Democracy—the massive misinformation by the Syriza spin machine and the traditionally impressionable Greek electorate had all but ruled that possibility.
Not surprisingly, my blog post of September 10, 2015 on myths and truths of the Greek crisis (and the underlying essay with the same title) generated several perceptive and well-argued comments about the analysis and my recommendations.