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IMF Prepared To Bail Out Greece As Trichet Warns Of Debt Unsustainability (In Europe AND US)
Not good for Europe: all the posturing about how Greece will never, ever be bailed out was just destroyed courtesy of a few words out of place by the IMF. IMF Managing Director John Lipsky just noted that the International Monetary Fund is ready to help Greece "in any way necessary." The quote comes from a Bloomberg TV interview conducted earlier. Perhaps that is why Greek CDS just hit another all time wide at 410 (+35). And joining the foot in the mouth crew is ECB president Trichet who said that "Debt on both sides of the Atlantic are unsustainable." So should we now assume that even Central Bankers admit we are headed for a brick wall at 120 mph?
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IMF to the rescue! Savior of the World! Hopefully one day they will be in a position to (((help))) every nation on the planet, and help end this miserable curse of independance.
I wouldn't wish the IMF on anyone, either. What does Greece have that the IMF wants?
I'm sure its not a lifetime supply of Ouzo.........
No, but they will be wishing for gallons of it soon.
Agreed. The IMF (among other GLOBAL initiatives) is one of the players that actually takes down sovereign economies (most typically through currency machinations). IMF = Immediate Monetary Fleecing
Shipping Rights.
Well that's all folks - the extend and pretend game is over
Have a nice decade
looks like a great place to short the hell out of these.
To the contrary whiz, think back to how those who have been bailed out have performed after the help is offered (i.e. the U.S. and Euro banks, the GSEs, GM etc.). Will such moves continue to bankrupt out civilization? absolutely, but to call it a short shows that you are not watching recent history.
Moral hazard "World Tour" has moved from the Middle East across the Mediterranean with the next stop is Europe. Whats the harm in printing a few more Billion everyone else is doing it. I would really much like to see someone create a Paypal like system that trades only in electronic gold. Then we will see how quick these men to head to the Xerox machine.
Stuff like this has been around for years: www.e-gold.com
Well alright. If we could just get some populism behind it we may have something here.
Just noticed this.What a coincidence. It probably had nothing to due with the near doubling of accounts from 2006-2008
As of November 2009 the company's website states "As e-gold Users are aware, by agreement with relevant authorities including the U.S. Department of Justice, e-gold has suspended all e-metal Spend activity subject to meeting certain licensing requirements. As a result, e-gold Users have been unable to engage in any transactions, including exchanges, that would require either receiving or making an e-metal Spend from the accounts they control. We are, however, working diligently to develop a means by which account Owners will be able to access the value in their account
i believe there is such a system, although i am not sure how well it works, or who is behind it. , but i was offered a fund that paid in/out through some such. i passed on it. i think the system was called goldmoney
Correct - goldmoney.com run by James Turk.
Pardon me, Greece, but do you have any gray poupon?
Oh and note to Political leaders. If it is acceptable for everyone else regardless of their formerly perceived wealth to take bailouts and non-payment then you have nobody to blame for the chain reaction when American consumers take their own personal bailout after maxing out their credit cards which I was promising everyone I had a conversation with was inevitable since last year.
They will gladly pay you next decade for 1 million hamburgers today. Such is the box that is Pandora's.
losers.
Reminds me of the Germans: "We will NOT bail out our banks." next day they do. "We will NOT subsidize our automakers." next day they do.
I wonder why people don't just fall on the floor laughing every time the euro's speak (and then go fade it).
Not like the US has the moral high ground on this issue either...
Chuck Schumer seen racing to IMF headquarters screaming "New York is next"
He said: “We hope that they will be able to deliver on that staying ready to collaborate in any way we can.”
The only problem for the IMF would be that the Greeks are a little harder to enslave. They might just beat the IMF little games they paly with thirld world countries. May be the Greeks later on will offer the IMF some Ozo and Suvlaki in return for their bailout. A hard cry from some gold mines or oil wells.
Man, such a typical zero hedge misinformation...
Do you see the difference?
TRICHET - LEVEL OF PUBLIC DEFICIT NOT SUSTAINABLE ON BOTH SIDES OF ATLANTIC
Maybe someone with the Greek gov should click on the Consolidated Credit Counseling Services, Inc. link at the top of this page. "When debt is the problem we are the solution."
One, two, three and to the four hundreds
Greece CDS being bought on the floor
Ready to make an entrance
So back the truck up
(Cause you know we're
Bout to rip this up)
Gimme some protection first
So I can bust this bubble
Petani and Little Banana together
Now you know there in trouble
Ain't nothin but a CDS thang, baby
Debt burdened country it's so crazy
Greek defaults are the contracts that pays me
Unfadeable, so please don't try
To fade this (Heck, yeah)
But, uh, back to the problem at hand
Perfection is perfected
So I'm a let em understand
From a young CDS perspective
You need to insure this place
It's your only contraceptive
You never know
She could be earning her man,
And learning her man and at
The same time burning her man
It's like this and like
that and like this and uh
who gives a CDS about those
So just chill til the next episode
Me thinks Greece will be on the Friday list of failed banks (and sovereign nations next).
Trichet is the biggest idiot of them all.
IMF= Imperial Monetary Fiefdom.
(((Help)))= to own. Convenient layaway plan available.
Tenaciousj has it it one. Exxelllent!
40muleteam borax
You know....it was months ago that the IMF was growing in irrelevency....
Now...all troubled countries are hoping that they have the money and the experts ....to tell the world's economies what to do to make it all better....
Currency.....loans....THEY have all the answers it seems....
Even advise as to what taxes to add or change....
One must ask why ?
What is the difference between the IMF printing money versus someone else ?
Since when does the IMF have a sovereign base and natural resources therein ....rather real wealth to draw from?
.............................................
The IMF is nothing but govt. stacked on govt....
........................................
The bottom line is that each country must creating sustainable business in balance with their abilities....
There is no other economic magic to perform.....ie such as a few concrete blocks on ground with a few hundred academics.....Rather arrogant one must say as well....
Has somebody looked at how much money the IMF has available to lend? It seems like they're already pretty overextended as it is.
Argentina had to pledge most ofitsfarmland as collateral to the IMF for its assistance. Hence now the Hungarian predator, George Soros, is the largest landowner in Argentina.
Greece is just a joke...
Get you ready for spanish atomic bomb
Greece is just a joke...
Get you ready for spanish atomic bomb
Deficit, not debt.
"We all have a very, very big challenge... The levels of public finance deficit are non-sustainable on both sides of the Atlantic, that's absolutely clear," Trichet said.