This page has been archived and commenting is disabled.
Papandreou Confirms He Is In Close Contact With IMF, Has Been Getting IMF "Technical Support "
Just in case you thought the IMF would not be implicated in the Greek bail out, here comes George Papandreou to pump stocks up a little more. The Greek PM, not satisfied with the very intangible and non-commital support he has so far gotten from all his European peers who at least so far are not in charge of a soon to be defaulting nations, and wish to avoid revolts from their own taxpayers, has confirmed that he has been in close contact with the IMF's Dominique Strauss-Kahn. Now did anybody seriously think the Fed would avoid such a golden chance to not destroy the dollar just a little bit? In the race to current bottom and sovereign default, every little bit counts.
Market News reports the deragned ramblings of yet another self-deluded individual:
Today's EU summit declaration about Greece makes clear to financial markets that European leaders will not accept instability in the eurozone, Greece's Prime Minister George Papandreou said.
Briefing reporters after the summit here, the Greek leader dodged a question about whether the International Monetary Fund might be involved in any aid for his country. But he later left the door open.
"I have been in close contact with IMF Managing Director Dominique Strauss-Kahn," Papandreou said. "We need the technical support of the IMF. The IMF has the expertise to face similar crises which have occurred outside the European Union over the past years - expertise which the European Union does not have."
He noted that the IMF has provided technical assistance to Greece since December, following an invitation by the Greek government.
Papandreou said he interpreted today's summit outcome as "a clear message that there would be coordinated action if needed" and a "clear message to the markets that [EU leaders] support the Greek economy."He reiterated his government's pledge to tackle its fiscal problems in earnest. "Our target to cut the deficit this year by four percentage points is clear. The Greek government has decided significant changes and reforms for our country," he said.
And just in case it was unclear that there is a major case of psychosis and schizophrenia involved, read the conclusion and weep.
He conceded that, "the lack of credibility of Greece resulted in a lack of credibility of the eurozone." However, "today's communique by European leaders is a clear message to [markets] that the eurozone will not accept any destabilization."
Actually no George, it is a clear indication that just like Paulson said in July 2008, Europe is preparing to take out the "bazooka" and deal with the elephant in the room. However, just as in 2008, the EU will very soon learn, and demonstrate to the market, that not only is there no bazooka, but when you don't have the facility of access to the reserve currency printer, you are, well, fornicated.
»
- 4002 reads
- Printer-friendly version
- Send to friend
- advertisements -
Reformat and reinstall Currency for Vista.
+1
Emphasys on IMF technical support... that's nothing, they might as well hear ZH opinions.
I want to know if an IMF directive that conflicts with an EU directive will be implemented.
Maybe it's technical support like a clearing house. I want to know how many zeros are appended to the end of that pledged "technical support".
"here comes George Papandreou to pump stocks up a little more"
Um...no. The 30-minute SPX looks like its rolling over. "Skata!"
[when you don't have the facility of access to the reserve currency printer ...]
That's the key.
And since we have it, the US is going to print the entire global economy out of recession, starting with Greece.
Sounds utterly insane to me. But what do I know? At least the Greeks are groovy IMO, so yeah go ahead.
cougar (the geek, not the greek)
So, if the FED managed to get a second printer online then we should figure the discomfort-period should be reduced by about 50%?
Technical support, How to write IOU in 25 languages
best comment of the day LOL!
"Papandreou Confirms He Is In Close Contact With IMF, Has Been Getting IMF "Technical Support ""
Papandreou would be wise to use a condom before he initiates "close contact" of the Greek kind. You never know where those IMF "Technical Support" people have been.
Very simple:
1) Sell your gold to China
2) Get dollars for it.
3) Sell your dollars to buy euro
4) Give euros to Greece
5) Fck the dollar in the interim
6) Gold bitches.
If it's anything like the technical support I get from Dell, I would consider handing the reins of power over to the opposition party.
As the "developed" world takes another big step to radical default. Hey China, you willing to accept 30 to get out of your dollar trap?
Last sentence (last word) is the key take away, from the events since American Thanksgiving.
A pledge by the European Union to stand by crisis-hit Greece punctured hopes in the financial markets yesterday of a swift rescue and raised fears of renewed selling.
Efforts by Nicolas Sarkozy and Angela Merkel, the French and German leaders, to paper over differences between Berlin and Paris on how to deal with the Greek debt crisis led to a summit statement in Brussels that stopped short of providing immediate support for Athens.
Merde, alors! Sheisse!
Uh oh, we forgot to factor in.... 'they're rooks'.
No moral hazard potential there like 100 cents on the dollar,etc.
Also the IMF loves to put austerity measures into their packages, if/when it comes to that.
Maybe they'll ask to borrow our magical printing press? Maybe we'll say...sorry we don't export nothing anymore.
Actually, I'm thinking "technical support" from the IMF means some suggestions on initial austerity moves-- even before the bailout becomes reality.
Am I assuming too much out of the Greek government, no?
If the IMF does eventually provide the bailout funding, it's highy likely austerity steps will be in place, which is good... but again, there must be follow-though.
The US could turn on the printing presses for the rest of the world-- but man, talk about a political hot potato!
> Actually, I'm thinking "technical support" from the IMF means some suggestions on initial austerity moves-- even before the bailout becomes reality.
Simon Johnson's coverage seems to confirm that 'technical support'/a 'technical assistance role' just means 'advice', at least at first. http://baselinescenario.com/2010/02/07/europe-risks-another-global-depre...
> Am I assuming too much out of the Greek government, no?
I'd be hopeful, if not confident, that Greece can manage some real austerity at this point. Someone on Bloomberg yesterday said that that the public-sector pay cuts had 60% popular support and the finance minister was popular with the Greek public. I can't confirm that, but it would match with the recent Irish experience.
One mans brutal murderous austerity is the IMF's gentle forgiveness.
the IMF is working in greece since several weeks, that's not news. They are working together with the EU because the greece banana republic doesn't even know how much debt they owe to whom. They are still trying to find that out and because they have no working statistic office, they need external help.
The IMF logo:
"Hunger is good sauce"
-MobBarley
It's better to starve than to deal with the IMF. Tell them to fuck off whatever terms they give.
Papandreou said he interpreted today's summit outcome as "a clear message that there would be coordinated action if needed"
If unrest in our country should start to spread...
LOL! Calling Tech Support...
Sir, please check that your economy is plugged in ... ok now reboot and see if that helps ...
"Actually no George, it is a clear indication that just like Paulson said in July 2008, Europe is preparing to take out the "bazooka" and deal with the elephant in the room. However, just as in 2008, the EU will very soon learn, and demonstrate to the market, that not only is there no bazooka, but when you don't have the facility of access to the reserve currency printer, you are, well, fornicated."
I think you're seriously underestimating euro. US is running Greek budget deficits, so it's the US government and not the EU that is out of ammo.
However, that all said, I sincerely hope that the EU does not bail out Greece but makes them an example of what happens after decades of accounting fraud and hidden borrowing. That's a hope and not a prediction.
"I sincerely hope that the EU does not bail out Greece but makes them an example of what happens after decades of accounting fraud and hidden borrowing."
Not going to happen. Check out (link) German and French exposure to PIIGS economies. They go over the edge, the core of europe follows.
http://blogs.telegraph.co.uk/finance/edmundconway/100003661/britains-quarter-of-a-trillion-pound-exposure-to-the-piigs/
As I said, it's a hope and not prediction. However, consider the following:
First: If the Germany doesn't go along with the bailout, there will not be a bailout. That's actionable intelligence. UK is broke and f*cked. France is buckling under the unfunded entitlement liabilities. Who's going to pick up the tab if not Germany? Finland? ;-)
If the German pols decide let Greece burn, don't you think they are going to give a heads up to Deutsche Bank? I would and they will. Given that the German banks will have this information edge, it's not clear that they'll get totally burned. They'll find some retarded child like AIG of the old days to sell them gabazookagazillion of CDS on Greek toilet paper before the sh*t hits the fan.
Given that German banks will not get burned, why would the German pols give a flying "F" about the troubles of, say, the Soviet UK's banking co-operative?
Second: If there's no immediate bailout, then the yields on Greek debt will go up further. This will in fact force some more spending discipline on the Greeks. It's not obvious that no immediate bailout leads to a higher total bill in the end, quite plausibly the total bill will be lower. So why do a bailout now? Why not let the market punish the Greeks and as mercantilist side benefit depreciate the euro?
Third: These are politicians. The design is the same, the operating instructions are just translated to another language. They primarily care about staying in the office. It will be much, much easier for any and every German politician to get reelected after another leg of the banking crisis than after bailing out Greeks. If there's a Greek bailout, no need to seek reelection, would be waste of everybody's time.
the DJIA should be at 5000 now considering how screwed up the economy is. ppl cant find jobs. hyperinflation. ppl have no money. a pointless war. record deficits. ppl cant afford gas & food. tough times for the American worker & middle class. Continued: http://www.iamned.com
"The Euro-Zone will not accept any destabilization"- the haughtiness of the not yet humbled.
Lee S.
"technical" support, like giving advice on the best way to bottom out on the currencies?
Greece is beginning to sound like an abductee...
IMF technical support just means Americans want to poke their noses in European affairs. Greece will not accept a dime from the IMF - that is the kiss of death.
Dude, I appreciate your comments on pensions, but your Greek patriotism is a bit much sometimes.
Here's how you fix it, give every Greek man woman and child a Gridbot Forex account with short euro algo, have them go riot on the streets. The profits should make Greece the richest country in Europe.
Why is there even an IMF and World bank anyways?
I wonder if they outsourced their tech support to a call center in India.
Maybe they give away one of those "That Was Easy" buttons when you fill out their online customer satisfaction survey.
Currency collapse? <press> "That was easy."
The US government and the Fed would be very happy if the IMF bailed out Greece. Maybe on terms that place more burden on the Eurozone, maybe not. Either way it is the preffered solution since it will allow uncle sam to get back into first place in the race to clobber its currency by creating more dollar debt. This is always the desired result: create more debt.
Greece may have no other choice. EU bailiout does not look like a possibility and even if it was the pace for getting it done is too slow. Default is seen as worse than a bailout so that leaves the IMF. Given that this is likely the financial system's desire and also given the track record of the financial system getting what it wants despite these things being unpopular it means that the IMF bailout is going to happen and the dollar will continue on its path of survival via destruction.
The IMF and the Fed can't bail out a country without the "recipient" country asking them to do so. The recipient also has the option of refusing to accept their support.
I have little love for these institutions, but it is not like they show up uninvited, impose binding mandates and force fiscally irresponsible countries to take loans.
George Papandreou: (dialing) 1-800-NEEDIMF (whistling) . . ring. . . ring. . .
IMF: You have reached the IMF Technical Support Line. Please press one if you are a sovereign government, 2 if you are a foreign central bank.
George Papandreou: (hits 1) Beep.
IMF: You are number . . . . 17 on our call line. An IMF Service representative will be with you in . . . . (whirr, click) approximately 47 minutes. Thank you for holding.
George Papandreou: "Damn."
ucvhost is a leading web site hosting service provider that is known to provide reliable and affordable hosting packages to customers. The company believes in providing absolute and superior control to the customer as well as complete security and flexibility through its many packages. cheap vps Moreover, the company provides technical support as well as customer service 24x7, in order to enable its customers to easily upgrade their software, install it or even solve their problems. ucvhost offers the following different packages to its customers