The revision of the IMF’s financing method was approved by the Parliament. In particular, the draft law “Sanction of No. 79-1 of the Decision of the Board of Governors of the International Monetary Fund on the Sixteenth General Revision of Participation Shares and the table for the reduction of New Borrowing Arrangements”.

Who voted in favor and who voted against

New Democracy and PASOK declared in favor of the draft law. “Present” declared SYRIZA. The other opposition parties voted against it.

The Deputy Minister of National Economy and Finance, Christos Dimas, emphasized that the completion of the 16th revision with an increase in quotas will strengthen the IMF’s ability to contribute to ensuring global financial stability and respond to the eventual needs of its members in an uncertain world that is prone to tremors. In addition, the ability of members to agree to a quota increase, even without an immediate readjustment of equity ratios, will send a strong message that members can come together and work together when necessary.

Mr. Dimas pointed out at the same time that “according to the decision of the International Monetary Fund, which is sanctioned by the draft law in question, but also according to the foreseen subsequent decision of the Board of Directors of the IMF on the new lending arrangements, the members who must declare their consent, both for the increase of their share of participation and for the reduction of the amount of the new credit arrangements corresponding to them, by November 15, 2024, in order to achieve the fulfillment of the required conditions, that is, the provision of written consent for the increase of their quota from a number of participants to those that represent at least 90% of the amount of the total credit arrangements”.

The increase in the overall quotas of the IMF is also linked to the ability of the Fund to continue to provide assistance to the weakest countries, a role that was further strengthened in the years of successive crises that mainly hit the vulnerable countries, also noted the Deputy Minister of National Economy and Finance and he added that “Greece supports this role of the Fund, which is proven by the provision of resources by our country to the Poverty Reduction and Growth Trust, through which the IMF provides financing on very favorable terms to low-income countries”.

With the draft law, the credibility and prestige of our country is strengthened by strengthening its participation in a large International Economic Organization which is the lender of last resort in cases of serious fiscal imbalances or imbalances in their balance of payments, noted Mr. Dimas and added: “The country’s participation in increasing the Participation Shares while reducing the New Lending Arrangements will contribute to the Fund’s ability to respond to the extraordinary financing needs of emerging economies that face extraordinary challenges in terms of servicing their debt, ensuring the well-being of their citizens within a framework of economic development, as well as the effective response to global challenges, such as the climate crisis and rapid technological developments”.

How the representatives of the parties were placed

Asimina Skondra (New Democracy) said that the agreement will confirm Greece’s strong presence in this international organization and stressed that it is this government that has the direction to strengthen the country’s participation in international forums, instead of Greece being outside them and to be limited to meager criticism. The MP said that with the ratified decision, Greece aligns with the decisions of the IMF bodies and the IMF is strengthened with permanent resources based on the participation shares of its member countries and ceases to rely only on temporary resources, thus strengthening its effectiveness and its reliability. The member of parliament underlined that the participation of each country in increasing the participation shares while reducing the new lending arrangements, contributes to the ability of the IMF to respond to the extraordinary financial needs of emerging economies. As he also pointed out, the profit for Greece is valued in the profits from the interest of the granted loans and has a positive symbolism because it increases its prestige and Greece proves to be a strong and to be reckoned with force.

Giorgos Gavrilos (SYRIZA) commented that the bankruptcy in the country was the result of the policy of the elites, who still rule today, having created an anemic development that concerns the few and powerful friends of the government and not the society that is in agony day by day and groans, if he will make it through. Mr. Gavrilos referred to the new budget and focused on indirect taxes which, as he emphasized, “eat up” income and “impoverish” society even more.

Paris Koukoulopoulos (PASOK) said that the historian of the future has a lot to record about the dramatic period of the memorandums, the involvement of the IMF, the way the bankruptcy was managed. However, in such a discussion, as he pointed out, the political forces must help society get rid of stereotypes, such as the well-known stereotype that “everyone is plotting against Greece”, because Greece must never find itself in such a position again. During the debate, PASOK’s parliamentary representative Dimitris Manzos criticized the government for forgetting the disastrous fiscal management of New Democracy that led to bankruptcy.

Christos Tsokanis (KKE) underlined that today the Parliament is deciding on another agreement that only brings suffering for the people and that the IMF is an imperialist organization that represents the interests and profitability of the most rotten capitalist system. The government is promoting proposals for the interests with which it has made harmful agreements, while the KKE is bringing forward proposals based on the agreement it has made with the Greek people, the KKE MP said.

Stelios Fotopoulos (Hellenic Solution) stated that Greek citizens endured unbearable measures, were impoverished, their labor rights were leveled and Greece was plunged into a permanent recession, because the IMF’s role is not to actually support countries in recession but to support American business and economic interests acting opportunistically.

Dimitris Tzanakopoulos (New Left) referred to the “Greek experience” from the role of the IMF and its “criminal interventions”, which turned other countries into “test animals” when they were subjected to “blackmail”, to impose policies and plunged into an even deeper recession. Especially for Greece, as Dimitris Tzanakopoulos said, the IMF was the toughest of the negotiators the country faced during the period of the memorandums.

Andreas Voryllas (Niki) emphasized that the agreement shows that Greece continues to have a simple observer role in the IMF, without active participation in its decisions. He also reminded that “in its report, the International Monetary Fund’s Independent Evaluation Office has identified responsibility both with the former administrations of the International Monetary Fund for the policy choices of financing Greece and with the technocrat economists of the Fund for their wrong assessments regarding the recession and unemployment in the country”.

Alexandros Kazamias (Pleusi Eleftherias) pointed out that especially the younger ones should not forget the “catastrophic” role played by the IMF together with the other two pillars of the troika, in Greece, in the previous decade. In relation to the agreement, Freedom Sailing pointed out that an opportunity was missed for the way of decision-making at the IMF, where the strong economies have the lion’s share.

Athanasios Chalkias (Spartiates) said he would vote against the ratification of the convention and referred to the “extreme austerity program” imposed on the country by the IMF, when “Greece became the failed economic experiment” and plunged into an even deeper recession, due to the measures were imposed.