Tuesday, February 14, 2012

EU reinvents Russian troika in Greece

The troika is composed of the European Commission(EC), the European Central Bank(ECB) and the International Monetary Fund(IMF). The first two are representatives of a 27 member European unions. There are 26, 25 and 17 member unions that are prominent. Basically it's two bureaucratic manifestations of the full EU.

The composition of the Greek troika:
Toirka = EU+IMF (3=2+1)
EUECB + EC (2=1+1)
Europe = All

The IMF is and international, of course, but it's last 10 directors, have been Europeans, and four of them, including the current one - Christine Lagarde - were French. The IMF has committed over $500 committed for a great EU financial firewall including $109, which the U.S.committed  in 2009 to the IMF. No government has ever lost money investing in IMF (according to the IMF - so I'll have to check). The developing nations are also unhappy with having their money committed to stench the bleeding in Europe.

The word troika is Russian, and it refers to a sleigh harnessed to three horses.

The Greek troika views itself as three European entities  dragging a slacker, at least according to the German standards. 

The Greeks, at least, see this differently. The experience three riders (of the apocalypse ?) EC, ECB, and IMF.

I read this as three impatient riders running an inherently slow horse as hard as they can -- although, I don't know how to draw it. It wouldn't work with horses, much less with people.

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