From an outsider perspective, it looks like the new addition is because the IMF is headed by Christine Lagarde. Lagarde is an ally of the Obama administration and placed within the IMF by it. Wolfgang Schäuble probably couldn’t get the job done with 1/3 of the Troika being compromised by the IMF’s continued sympathy for Greece and now Berlin’s Fourth Reich has found a way around it. It’s unclear what role the ESM will exactly be playing, but time will tell.
With creditors’ motorcades having officially returned to the streets of Athens in the wake of Greek lawmakers’ approval of the second set of bailout prior actions last Wednesday, tensions are understandably high.
After all, these are the same “institutions” which Yanis Varoufakis famously booted from Greece after Syriza swept to power in January, and they’ve come to represent the oppression of the Greek people and are now a symbol of the country’s debt servitude. Continue reading