Greek crisis: Who is the troika bailing out Greece?

What organisations are included?

The European Commission is an executive arm of the EU. It does the day-to-day work of implementing EU policies and spending EU funds. But it must still answer to the member states of the EU.

Germany is the EU’s largest economy and is perceived to have the final say on the Greek bailout.

Who else?

Next up, the International Monetary Fund. The IMF was created at the end of the Second World War to regulate international trade. Since then it has often lent money to countries in trouble, such as Mexico in the eighties and Argentina in 2001.

Is that it?

No – troika means a group of three. The European Central Bank is the third entity. It was created to target inflation, but it started to buy Greek bonds in 2010 bring borrowing rates down, which means it is now exposed to any eurozone default.

Why does Greece owe all its money to the troika?

If Greece defaulted, or failed to pay those debts, it would have dragged foreign banks in vulnerable countries down with it. Irish, Portuguese and Spanish economies were at stake.

Full article: Greek crisis: Who is the troika bailing out Greece? (The Independent)

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