Africa as a Teaching Tool on Austerity and Structural Change
As with Africa a few decades ago, Greece’s creditors continue to reject a long-term solution, and seem intent on humiliation, teaching a wayward country a lesson.
The rhetoric of those involved is shocking. A few weeks back, the head of the IMF, Christine Lagarde, called for dialogue with adults in the room.
African negotiators will recall how they were humiliated and demeaned by the international institutions who rejected pleas for a more balanced approach. They will have much sympathy with the Greeks today.
.. The document is much more Keynes than Friedman, and focuses on long-term sustainable development, not short, sharp shock treatment according to ideological disciplining and subjugation.