Today on The Janssen Report (#98): Greece just repaid 450 million euros of its debt to the IMF that was due today. Are the loans really what they seem? The IMF makes huge profits in the process. According to Debt Jubilee Campaign the IMF has made more than 8 billion euros in gains on loans made out to countries between 2010 and 2014 alone.

The markup on the cost of the loans that the IMF charges is, frankly, out of proportion. The effective interest on the loans to Greece was 3.6% where its cost are around 0.9%. This practice has a name: usury.

Tim Jones, economist at the Jubilee Debt Campaign, said:

The IMF’s loans to Greece have not only bailed out banks which lent recklessly in the first place, they have actively taken even more money out of the country. This usurious interest adds to the unjust debt forced on the people of Greece.

This is how the entire financial system makes its profit: indebting nations, companies and people and charging for it. The compound interest on all these debts makes it impossible to repay the debt.

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Sources:

• IMF made 2.5 billion euro profit on Greece loans: http://jubileedebt.org.uk/news/imf-made-e2-5-billion-profit-greece-loans
• Greece seeks more aid as it delivers on IMF debt: http://www.bloomberg.com/news/videos/2015-04-09/greece-seeks-more-aid-as-it-delivers-on-imf-debt

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Cheers!

Marco Janssen