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IMF Prepared To Provide "Technical" Assistance To Greece
David Hawley, an IMF senior advisor, has said that while the fund has previously sent a team to Athens to explore providing technical assistance, it "stands ready to respond positively to requests for future technical assistance." The IMF has so far failed to quantify just how many tens of billions of euros the word "technical" is equivalent to. While this is not precisly news, increasing chatter which includes the words "IMF", "Greece" and "assistance" in the same sentence, can only be preparing the general public for one thing.
From Dow Jones:
Olli Rehn, the European commissioner for economic affairs, said earlier in the week that European and IMF officials would visit Athens in coming days to examine Greece's budget measures.
The E.U., which has dismissed the possibility of IMF financing, is demanding that Greece cut its budget gap before it considers providing aid.
When asked about the possibility of contagion to other parts of the euro zone, such as Spain and Portugal, Hawley said those countries are in a different position.
"We do see differences between their circumstances and those of other parts of the euro area," said Hawley, citing their strong fiscal starting positions and the solid track record and credibility of their institutions and statistics.
We wonder just how much "technical" assistance the IMF has been providing to the states of California, Michigan, and New York, not to mention the rest of the bankrupt developed world which is funding the IMF bailout funds.
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Nobody wants the see the IMF in Europe !
Fuck off you financial terrorists !
Greece and the EU will overcome this funding crisis.
Wait, see, and learn how its done in the real world.
Time will tell.
The IMF and WB are financial terrorists, I give you that.
Not so sure about this one though...
"Greece and the EU will overcome this funding crisis."
I think the whole world is headed right for the big rock candy mountain, there is no overcoming what's coming.
Evolve or perish (personally, economically, nationally, even perhaps at a species global level). Nope, no overcoming the odds for the status quo. This thing's gotta give, one way or the other.
Our ponzi is way better than Greece
Jimmy Cramer finally had the light bulb go off over his head today. Why are consumer figures holding up? Because a large proprtion of the peasantry no longer sees any reason to pay their mortgage. More HDTV's with that extra money... the ponzi economy rolls on.
http://www.fundmymutualfund.com/2010/02/jim-cramer-has-lightbulb-moment-not.html
If reacharounds were an Olympic sport, the IMF would be taking home the gold.
Thank you, I needed a genuine laugh today. Not the laugh I experience daily when reflecting on our current scenario, but a genuine laugh.
Send Bush's Cavalry
Feb. 18 (Bloomberg) -- The 400 highest-earning U.S. households reported an average of $345 million in income in 2007, up 31 percent from a year earlier, IRS statistics show.
The average tax rate for the households fell to the lowest in almost 20 years.
What else could we do with their $138 Billion take?
http://www.bloomberg.com/apps/news?pid=20601070&sid=ahZu17Yy1HvA
$345 billion dollars doesn't go as far as it used to.
2007? it really took 2+ years to discover this? interesting data point, but kinda stale by now (through no fault of yours, gd).
First they bailed out the banks, and we did not speak out— because the system might collapse.
Then they bailed out the automakers, and we did not speak out— because the system might collapse;
Then they bailed out the sovereigns, and we did not speak out— because the system might collapse;
Then our system collapsed—and there was no pretend money left for us.
Hey, don't look at me. I was at a Tea Party protest, speaking out.
Tea Party protests are the best thing we have going to try to get our country back. I was at a April 15 Tea Party protest. And will be at the next one.
Of course you can always buy some gold. Never sell it, just quietly give it away when you get old...
Technical assistance can be painful
http://www.youtube.com/watch?v=4jcESJI_KOA
While I agree that Greece is in the unique position of being rather opaque about what their real budget deficit, even if they don't really know themselves, which is their own fault, I cannot but think that it matters little in the minds of investors when they look at the likes of Italy, Spain, Portugal and / or the UK. In the end if you're running a questionable deficit your borrowing costs should rise and if you can't get your fiscal mess straightened out...well, you pay the price.
Technical assistance was Dell's downfall. The IMF better be careful here.
'When asked about the possibility of contagion to other parts of the euro zone, such as Spain and Portugal, Hawley said those countries are in a different position.'
Yeah ... crouched as opposed to fetal.
You see....there is always a reason behind everything. Selling Gold to raise the necessary capital to start bailing out these countries that are about to default. Brilliant. Why else would they sell the Gold? And why else would Greece have been given 30 days as reported yesterday.....the end game is already obvious. Greece defaults....everyone is just getting their books in order now for the inevitable.
I was thinking the same thing.
A metric ton of gold is ~26.5 million euros (figuring for a metric ton (1000 kg, 26,500 eur/kg, http://www.goldprice.org/gold-price-per-kilo.html ).
191 tons of gold is ~5.615 billion euros. So that sounds about right.
IMF holds 3000 t of gold http://en.wikipedia.org/wiki/Gold_reserve#IMF_gold_holdings as of 2009 I assume that number will go down by 191 t.
Looks to me that they have enough to bail out Europe and then some. Of course, doing this w/o seriouslly depressing (or even crashing) the price of gold will be interesting.
So how long before the IMF owns the Parthenon?
As soon as they purchase all the securitized 'future cash flows' ....
There is no avoiding the consequences of all this QE and money printing. But what I do not understand is why we have to use so much profanity to explain our positions. This is one very awesome web site but the ones who hate us love when we grovel in the gutter with the trash. Just don't get it.
What the fuck have you done with Chumba?
not true
Use Firefox with this add on http://procon.mozdev.org/
If that doesn't work, click here http://www.google.com/search?q=profanity+filter+add-on+browser&ie=utf-8&...
...You big fuckin' pussy!
sometimes you guys can be ridiculous. Technical assistance = EU doesnt have the capacity to monitor any kind of bailout that will be forthcoming. Since the Germans want to make this as painful as possible for the Greeks, EU = IMF in all but name in this situation, and the IMF guys will do what they do, making sure third world monkeys follow orders.
In other news a plane was crashed into what may be IRS or CIA office space. The supposed good news is that this was not a terrorist attack. Instead it appears to have been the act of a obviously happy citizen who is experiencing the full effects of the economic recovery. Populist terrorism? I suppose they will need some label for "pissed off victims of theft"
http://www.cnn.com/2010/US/02/18/texas.plane.crash/index.html?hpt=T1
Looks folks, the IMF is the USA Federal Reserve central bank in drag. Well, many of the same the members who own the USA central bank www.save-a-patriot.org/files/view/whofed.html
"David Hawley, an IMF senior advisor, has said that while the fund has previously sent a team to Athens to explore providing technical assistance, it "stands ready to respond positively to requests for future technical assistance."
Translation: The IMF is fully prepared to turn another country into a debt slave and impoverish millions more to enrich a few assholes.
But, our own debt is incredibly rate-sensitive in the durations that the Fed would have any control over. We see rates blow out to match our own lack of economic growth and the USG is finished.
Prepare for the CRASH that will make this recession look like a joke.
move 401 K savings from Wall Street into real assets.
Hmmmm? Typicly the IMF lends currupt leaders of 3rd world countries money they can't payback so that when they default the IMF can force devaluation so exports are cheap and privatize food/water/electric and raise taxes pushing 90 percent of country into poverty all in order to game large slave labor force and rape natural resources of the coutry...In the case of greece however I don't really see any angle, no natural resources and a entitled lazy union workforce that will not submit and may get violent if they don't get there handouts, in which case they will have to call there enforcer aka US military to occupie greece perhaps they will say the taliban was spoted on a nube beach...
> The IMF has so far failed to quantify just how many tens of billions of euros the word "technical" is equivalent to.
Simon Johnson is now saying that an IMF bailout for Greece is both desirable and feasible, but he still seems to be saying that 'technical assistance' means (or can mean) advice only. Why not contact him and ask?
http://baselinescenario.com/2010/02/18/greece-should-approach-the-imf/#m...
http://baselinescenario.com/2010/02/07/europe-risks-another-global-depre...
There is a price to pay for the IMF....
One has to suck up to their agenda....
............................
And how about this....
Who and what is the IMF ?
Seeing how they have no factories or really produces anything other than coordinated governments....
It is clear that they are just an additional cost to someone's production....
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