No longer chained to the deadweight bureaucracy of Brussels, Britain can soar. (Image source)
EU leaders face challenges on two fronts this summer if they want to maintain the staus quo within the union and even extend the control the Brussels bureaucratic dictatorship exercises over member states decision making. Whistleleblower website WikiLeaks have revealed that according to leaked documents the IMF fears a Greek default on its sovereign debt will coincide with Britain’s referendum on the country's future as an EU member, thus paralyzing the EU’s decision-making process.
Wikileaks obtained information (we understand it was minutes of an on the record discussion that took place on March 19, 2016, between two top IMF officials — Poul Thomsen, the head of the IMF's European department, and Delia Velculescu, the IMF mission chief for Greece.
The IMF executives believe that the likely Greek default on its third bailout will coincide with Britain's possible Brexit and it would be hard for the EU to deal with two major events at the same time.
"This is going to be a disaster," Velkouleskou said during the meeting.
According to the leaked information, the IMF wants to tell Germany that it will leave the Troika, composed of the IMF, European Commission and the European Central Bank, if the IMF and the Commission cannot reach agreement on the Greek bailout.
The IMF wants Greece to accept more austerity measures, such as raising taxes and cutting pensions. According to the leaked conversation, Greece needs to accept more of these draconian measures or the EU will face the threat of "an imminent financial catastrophe."
However, the Brexit referendum in June "will paralyze European decision making at the critical moment," the IMF officials fear, according to WikiLeaks. We don't see why they are worried, Britain's EU referendum is a matter for Britain alone. Unless of course the EU, IMF and United
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