"The Troika” (the three) is the nickname of the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF). The “troika” received this nickname since at least June 2010 and came into frequent use during the Greece financial crisis of 2010-2011.
The “troika” nickname could expand beyond the Greece crisis and be used by other financially troubled European Union member states that need EC/ECB/IMF financial supervision.
Free Merriam-Webster Dictionary
troi·ka noun \ˈtrȯi-kə\
Definition of TROIKA
1: a Russian vehicle drawn by three horses abreast; also : a team for such a vehicle
2: a group of three; especially : an administrative or ruling body of three
Origin of TROIKA
Russian troĭka, from troe three; akin to Old English thrīe three
First Known Use: 1842
Wikipedia: European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union’s treaties and the general day-to-day running of the Union.
The Commission operates as a cabinet government, with 27 Commissioners. There is one Commissioner per member state, though Commissioners are bound to represent the interests of the EU as a whole rather than their home state. One of the 27 is the Commission President (currently José Manuel Durão Barroso) appointed by the European Council. The Council then appoints the other 26 Commissioners in agreement with the nominated President, and then the 27 Commissioners as a single body are subject to a vote of approval by the European Parliament. The first Barroso Commission took office in late 2004 and its successor, under the same President, took office in 2010.
The term “Commission” can mean either the 27 Commissioners themselves (known as the College of Commissioners or College), or the larger institution that also includes the administrative body of about 25,000 European civil servants who are split into departments called Directorates-General and Services. The internal working languages are English, French and German. The Commissioners and their immediate teams are based in the Berlaymont building of Brussels.
Wikipedia: European Central Bank
The European Central Bank (ECB) is the institution of the European Union (EU) which administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world’s most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt, Germany. The current President of the ECB is Jean-Claude Trichet, former president of the Banque de France.
Wikipedia: International Monetary Fund
The International Monetary Fund (IMF) is an intergovernmental organization that oversees the global financial system by following[clarification needed] the macroeconomic policies of its member countries, in particular those with an impact on exchange rate and the balance of payments. Its objectives are to stabilize international exchange rates and facilitate development through the encouragement of liberalising economic policies in other countries as a condition of loans, debt relief, and aid. It also offers loans with varying levels of conditionality, mainly to poorer countries. Its headquarters is in Washington, D.C. The IMF’s relatively high influence in world affairs and development has drawn heavy criticism from some sources.
The International Monetary Fund was conceived in July 1944 originally with 45 members and came into existence in December 1945 when 29 countries signed the agreement, with a goal to stabilize exchange rates and assist the reconstruction of the world’s international payment system. Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances. The IMF was important when it was first created because it helped the world stabilize the economic system. The IMF works to improve the economies of its member countries. The IMF describes itself as “an organization of 187 countries (as of July 2010), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.”
“Bell” for inflation, by the Troika
Published: June 14, 2010
(Title) intense concern for the recent surge in inflation to 5.4% in May raised the Troika team, while the supervisors IMF, ECB and European Commission voiced concern for the state development
The team of supervisors in meetings with Finance Minister Giorgos Papaconstantinou, the head of the Council of Economic Advisors and George Xania officials, stated that the explosion of inflation and is linked with raising taxes as the competition in the market and other structural problems of the Greek economy.
Greek Government Resorts To Wartime Emergency Act: Threatens Economy-Paralyzing Strikers With Prison Time
Submitted by Tyler Durden on 07/29/2010 04:54 -0400
Even funnier, the emergency act coincides with the arrival of the so-called “troika” officials from the European Commission, the ECB and the IMF, who have been inspecting the Greek economy since Monday and will continue doing so for the next seven days - we hope they filled up their gas tanks in advance of their goal seeked tour.
Spiegel Online International
Greek Government Hauls in Billions in Back Taxes
By Daniel Steinvorth in Athens
The so-called troika of the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB) has been in the country again since Monday of last week.
The Jakarta Post
Greece close to next loan amid progress on debt
Derek Gatopoulos and Elena Becatoros, Associated Press, Athens, Greece | Thu, 08/05/2010 8:31 PM
“I’m definitely confident that we are going forward with this disbursement,” IMF mission chief for Greece Poul Thomsen said during a joint news conference after a two-week inspection visit by officials from the IMF, ECB and European Commission, locally dubbed the “troika”.
Green light for change
by Elaine Green
8 Aug 2010
FRESH from its victory over striking truckers, the government this week got the thumbs up from the European Union, International Monetary Fund and European Central Bank inspectors and from Eurogroup chairman Jean-Claude Juncker. As a result, it can expect to receive the second instalment of its 110bn euro three-year loan in mid-September.
In a joint press conference on August 5, the EU/IMF/ECB (known as the “troika”) representatives issued a statement in which they said: “Our overall assessment is that the programme has made a strong start.”
Published: August 21, 2010
Implementation of the memorandum agreement over the first quarter has left the Socialist administration and the troika (European Commission, European Central Bank and International Monetary Fund) relatively satisfied.
New round of talks between government and EU-ECB-IMF ‘troika’
15 Nov 2010
Finance Minister Yiorgos Papakonstantinou on Monday met with a visiting delegation of EU-ECB-IMF “troika” representatives, who arrived in Athens for a regular inspection of the Greek economy ahead of the approval of a third tranche (9 billion euros) of a support loan to Greece in December.
Here Are The Latest Details On Greece Vs. “The Troika”
Joe Weisenthal | May 30, 2011, 6:16 PM
The movement on Greece this weekend has been hot and heavy.
In the midst of 6 days of “indignant” protests, we know that the EU/IMF/ECB (known as THE TROIKA) are close to making available 65 billion EUR more in loans in exchange for more austerity and more privatizations. The catch is that they want outsiders to have a role in managing the privatizations because Greece has been so slow on this front heretofore. Of course, that means Greek sovereignty is kaput.
New York City • Banking/Finance/Insurance • (0) Comments • Sunday, June 19, 2011 • Permalink