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It has happened again and again. However, IMF insists on the same recipe. What Greece faces can be seen in the Russian crisis back in the late 90s. The only difference this time is that the IMF has a united currency (euro) to use as alibi and a partner (Commission, ECB) to blame for one more failure.





As Joseph Stiglitz points in his book "Globalization and Its Discontents" :





“ The IMF worried that a devaluation of the ruble would set off a round of inflation. Its insistence on Russia maintaining an overvalued currency and its supporting that with billions of dollars of loans ultimately crushed the economy. (When the ruble was finally devalued in 1998, inflation did not soar as the IMF had feared, and the economy experienced its first significant growth.)”

and

“ For the oligarchs trying to get their money out of the country, too, the overvalued exchange rate was a boon-it meant that they could get more dollars for their rubles, as they squirreled away their profits in foreign bank accounts.”

http://digamo.free.fr/stig2002.pdf





This explains to a great extent the propaganda of fear launched by the mainstream media long before Tsipras come to power, about the disaster that Greece would face in case of Grexit. Public opinion has been brainwashed to be terrified in such a possibility (although this starts to change), because the return to national currency would be the final crucial defeat for the Greek and the European elites, as it could mark the fall of their financial empire.





In the case of euro, the Greek oligarchs straightly profiting from the hard currency. It is not accidental that the economically devastated Greece is the country with the second growing number of multimillionaires in Europe! ( http://failedevolution.blogspot.gr/2014/12/greece-country-with-second-growing.html





MPs from the River (Potami) party, repeat all the time that Greece must stay in euro at any cost. Recently, River's leader Stavros Theodorakis, stated in an interview to the journalist Nikos Chatzinikolaou, that Greece should stay in euro at any cost because the other choice would be a hell.



