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Dom S-K (IMF) Says US Taxpayer Subsidy To Greece Should Have Come At Cheaper Rates

Tyler Durden's picture




 

IMF CHIEF SAYS EUROPEAN LOAN SHOULD HAVE BEEN AT IMF RATE

Because, you know, it is so usurious and greedy of US taxpayers to demand a 5% rate for a 3 year loan to a bankrupt country. As we get more on this preamble into QE2, we will post it. Presumably someone is transcribing the monologue by Mrs. Dominique Genghis-Khan, aka Shalom of the Old Country.

 

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Tue, 05/04/2010 - 15:29 | 331285 BlackBeard
BlackBeard's picture

Subprime planet spreading to a universe near you!

Tue, 05/04/2010 - 15:29 | 331286 ZackAttack
ZackAttack's picture

If the bonds of every sovereign and financial entitry are all to be bailed out, why does any bond, anywhere in the world, yield any more or less than any other?

Tue, 05/04/2010 - 15:31 | 331291 bugs_
bugs_'s picture

Shut up Dominique.  The loan was done with
the absurd clause that the DIP would be
junior to existing debt.  This act would
put a private banker out of work for gross
breach of fiduciary duty.  How much do you
want to save your French banks?

Tue, 05/04/2010 - 15:56 | 331324 Captain Willard
Captain Willard's picture

+100.

But of course, we set the precedent with AIG, didn't we?

Tue, 05/04/2010 - 16:19 | 331375 knukles
knukles's picture

WTF, Dominiqueek...
Jeeez, the little shit acts like it's somebody else's money....just like my 12 year old.

Three Cheers for the Responsible New World Order. 

Tue, 05/04/2010 - 15:32 | 331295 Double down
Double down's picture

Slightly off topic but just caught this from BB:

http://www.bloomberg.com/apps/news?pid=20601085&sid=a6yruBaYCgqk

Shrill, almost hysterical denials that Spain is in the same pot as Greece is the greatest proof of the contrary.  Denial is now counter effectual.  

Tue, 05/04/2010 - 17:23 | 331556 divide_by_zero
divide_by_zero's picture

Yep, Moody's and Fitch reiterate Spanish insolvency with AAA rating

http://online.wsj.com/article/BT-CO-20100504-704626.html?mod=WSJ_latestheadlines

Tue, 05/04/2010 - 15:53 | 331296 carbonmutant
carbonmutant's picture

Hahahahaa, courtesy of Minyanville...

"The EU's European Commission is warning the credit rating agencies that it will investigate their evaluation of countries' debt, according to Reuters. The Commission is also considering the idea of creating its own agency to rate countries' debt."

Tue, 05/04/2010 - 16:03 | 331338 MsCreant
MsCreant's picture

Well hell, we do it, why shouldn't they?

Tue, 05/04/2010 - 16:49 | 331490 carbonmutant
carbonmutant's picture

 Considering that the current administration would have no control over an EU rating system; it would certainly be entertaining to see how they rate US debt.

Tue, 05/04/2010 - 16:18 | 331370 sheeple
sheeple's picture

 

 idea of creating its own agency to rate countries' debt

 

What's more funnier, Greece contributing 1,600+ million sdr for IMF's NAB, or the quote above?

Tue, 05/04/2010 - 16:39 | 331460 Double down
Double down's picture

Ok, so if you really want to get there when you get to yield curve, for love of gawd hang left!!  

Tue, 05/04/2010 - 17:31 | 331542 seventree
seventree's picture

The Commission is also considering the idea of creating its own agency to rate countries' debt.

Should get interesting if everyone starts doing it. Mutual Assured Destruction of all sovereign ratings.

Tue, 05/04/2010 - 17:41 | 331597 Bonesetter Brown
Bonesetter Brown's picture

Maybe a European credit rating agency where every European House of Parliament gets to vote on every rating before its is published?  Or make it a really streamlined process and just have the European Heads of State vote yea or nay.

Tue, 05/04/2010 - 15:36 | 331303 unwashedmass
unwashedmass's picture

 

rolling...i mean, come on, don't we all know by now that Timmy gives money away.....the taxpayer, ? you think he cares? why should the IMF money be at any greater cost than what JPM gets it for?

with the help of the mainstream media, most people will never know that the people of Greece are still going to be able to retire at 53.

Yeah, our own people will lose more of their houses and even more folks will starve or go on food stamps, but who cares? timmy?

don't make us laugh.

Tue, 05/04/2010 - 15:38 | 331308 truont
truont's picture

"Mrs. Dominique".

Lol. 

Tue, 05/04/2010 - 15:54 | 331318 Internet Tough Guy
Internet Tough Guy's picture

Why don't you just give them the money? They aren't going to pay it back anyway.

Tue, 05/04/2010 - 16:09 | 331326 casino capitalism
casino capitalism's picture

Someone needs to tell the Greeks to relax.  They are first off the launching pad but many other countries are fueling up and are right behind them.  They might think they are on their own but don't worry, others will join in the not too distant future.

Tue, 05/04/2010 - 16:01 | 331332 MsCreant
MsCreant's picture

Bite me and fuck off!

Fucking fine, no money for you. Rot in hell. Get your own goddamn printing press.

Tue, 05/04/2010 - 16:09 | 331351 callistenes
callistenes's picture


Remember Greece has one of the Euro printing presses. Who's to say they won't print their own Euros???

Tue, 05/04/2010 - 16:21 | 331396 knukles
knukles's picture

Thorazine with an Ouzo chaser for the lady.

Tue, 05/04/2010 - 16:26 | 331418 MsCreant
MsCreant's picture

Dude, you holding?

Let's all have some Ouzo and Thorazine, then hold hands, and all default together. 

Wheeeee!

 

Tue, 05/04/2010 - 16:37 | 331451 knukles
knukles's picture

LOL

Senior DIP Financing Subordinate to the Worthless.

Drawn from the Great American Socialist Capital Structure Model as per GM and Chrysler, wherein the UAW got Fucking Equity.

Must be in Solidarity with the Public Sector Unions in the Land O' Homer.  A Gift from the SEIU.  For us Taxpayers, Loosely Translates in Ancient Greek Tradition to; "Up the Arse Again". 

Tue, 05/04/2010 - 16:03 | 331336 nonclaim
nonclaim's picture

No IMF money until late Sunday decision... so what we have so far is another non-bailout bailout.

Tue, 05/04/2010 - 16:07 | 331346 callistenes
callistenes's picture

Yeah and the U.S. taxpayers are the freakin' junior note holders.  

Tue, 05/04/2010 - 16:21 | 331367 Oso
Oso's picture

EXACTLY - this one point is SO FUCKED UP that i almost broke my screen when i read it earlier.  WHY THE FUCK IS THE US TAX PAYER SUBORDINATED TO THE FUCKING EURO BANKS WE ARE BAILING OUT?!?!!?!?!?!?!??!

 

Tue, 05/04/2010 - 16:57 | 331509 SWRichmond
SWRichmond's picture

why the fuck do you think?  who do you think is important here?

Tue, 05/04/2010 - 16:09 | 331352 A Man without Q...
A Man without Qualities's picture

The comment was that the loans from European nations should have been at the IMF rate, so the headline is wrong.

As for the whole US taxpayer bailing out anyone bullshit, it's just bullshit.  By continuing to lend the largest amounts of printed FRNs to the IMF, the US is able to continue the illusion that the economic is just fine and dandy, rather than Greece but with a bigger army.  The moment foreign nations realize how screwed the US really is, it is game over.  So think of the loan as a necessary evil.

Tue, 05/04/2010 - 16:19 | 331385 MsCreant
MsCreant's picture

They already know. Every body knows.


Everybody Knows (Leonard Cohen)

http://www.youtube.com/watch?v=h27HRNm_r4U

Tue, 05/04/2010 - 16:43 | 331471 Double down
Double down's picture

Since we are on the topic of Leonard Cohen, how about "Closing Time"

http://www.youtube.com/watch?v=vVt6vhRAu3k

Also quite appropriate

Tue, 05/04/2010 - 17:57 | 331618 MsCreant
MsCreant's picture

Never heard that one before. Thx.

Tue, 05/04/2010 - 16:12 | 331360 doolittlegeorge
doolittlegeorge's picture

Ahh, the ultimate put-down.  "How about some Greenbacks"?  I love ZH.  Clearly the "Euro" can't really "go down" anymore.  Next stop?  Piano wire...And you were saying our "authorities" are being...unsuccessful was it?  Did I forget to add "I love ZH."

Tue, 05/04/2010 - 16:15 | 331369 lizzy36
lizzy36's picture

I am fairly certain ron insignia was the inspiration behind the bobblehead.

 

 

Tue, 05/04/2010 - 16:16 | 331374 Bailmeout2
Bailmeout2's picture

I thought Benny boy told Ron Paul that the Fed would not take part in bailing out Greece. I guess I can just add that to his long list of lies.

Tue, 05/04/2010 - 16:20 | 331394 SilverIsKing
SilverIsKing's picture

The moment that foreign nations realize how screwed the US really is has already come but since they too are fucked up while Uncle Ben and Boy Timmy are willing to give them handouts, they will keep smiling and nodding their heads.

Tue, 05/04/2010 - 16:22 | 331403 exportbank
exportbank's picture

Now that someone has pushed the "sovereign debt ball" down the hill (Merkel with the orderly default comment) we'd better hope for some calm and order because Greece is far from alone. Government's have wasted trillions over the past 18-months kicking the ball down the field but unfortunately the goal line hasn't moved.

Tue, 05/04/2010 - 16:52 | 331491 Dr. No
Dr. No's picture

Anyone want to bet who will be the "Lehmann" of Europe? - you know, the one example on why moral hazard is not broken.  I suspect it will be Portugal since they are looking to boot them anyway.  Although a case could be made for Ireland.

 

Place your bets.

Tue, 05/04/2010 - 17:38 | 331591 ThisIsBob
ThisIsBob's picture

Having had the priviledge of contributing to the salaries of the bankers who blew up the US Financial system, the American taxpayer now gets the opportunity to do the same for the politicians who blew up Greece.

Tue, 05/04/2010 - 20:09 | 331789 docj
docj's picture

Well, at least we know the money will be well spent...

http://bit.ly/92QKYt


Hundreds of state-appointed committees employ staff though it is not clear what they all do. Greece has a committee to manage Lake Kopais, which dried out in the 1930s…


But nearly 80 percent of Defence Ministry spending goes on administrative costs and payments of army staff.

 

Wed, 05/05/2010 - 05:28 | 332122 ambrosiac
ambrosiac's picture

 

...a committee to manage Lake Kopais, which dried out in the 1930s…

 

Yeah, but there was a wet spot left behind.

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