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What Bailout? IMF, aka American, Involvement Now Appears Certain As Europe Throws Greece To Lions
A smattering of the relevant headlines which are causing Greek spreads to widen as investors realize they have been lied to once again.
04:51 03/18 GREEK PM: GREECE WILL NOT DEFAULT
04:51 03/18 GREEK PM: NOT LOOKING FOR PARALLEL NATIONAL CURRENCY
04:50 03/18 GREEK PM: OFFER OF HELP ON TABLE WOULD HELP FIGHT SPECULATORS
04:50 03/18 GREEK PM: WOULD PREFER A EUROPEAN SOLUTION
04:49 03/18 GREEK PM: GREECE IS TALKING TO THE IMF
04:49 03/18 GREEK PM: MUST PURSUE REFORMS TO INCREASE COMPETITIVENESS
04:45 03/18 GREEK PM: IF NO SUCH PLAN IN PLACE, GREECE MAY NEED IMF HELP
04:44 03/18 GREEK PM: IMF-STYLE HELP COULD BE OFFERED ON "AD-HOC" BASIS
04:44 03/18 GREEK PM: EUROPE MUST BE PREPARED TO OFFER IMF-STYLE HELP
04:43 03/18 GREEK PM: GREEK NOT IN NEED OF IMF LOAN
04:32 03/18 GREEK 10-YR SPREADS WIDEN 6 BPS TO +306 BPS AS GREEK PM SPEAKS
05:40 03/18 GREECE PM:IMF SAYS OUR PLAN QUALIFIES US FOR IMF AID IF NEEDED
No default, no need of loan, no need of bailout, kill the speculators, ok G-Pap we got ya. Oh yeah, and no bail out. Three months into the crisis and nothing has changed... except the impending maturities of $50+ billion in Greek bondsin 2010.
And the "anonymous" Greek disiniformation deep throat is back. From Dow Jones:
The Greek Finance Ministry Thursday denied reports that the country might seek support from the International Monetary Fund next month amid growing doubts over a European Union-backed bailout package for the country.
"These reports are jokes, they are not true," said the official requesting anonymity. "These reports do not correspond with reality."
Earlier Tuesday, Greek government officials held out little hope for an EU aid package at next week's EU summit.
The official said Greece may approach the IMF as early as the Easter weekend of early April for support.But the finance ministry official stressed that Greece hasn't officially sought financial support from the EU, reiterating that Greece has only requested political support from its partners.
So even as the counter disinformation campaign is picking up speed again, here is the FT with a more valid representation of reality:
Greece will have to turn to the International Monetary Fund if
it needs financial assistance to back its austerity programme, rather
than to fellow members of the eurozone, the German government has
decided.After weeks of stormy internal debate, legal advisers to
Angela Merkel, the chancellor, have persuaded her that any other form
of bail-out would be impossible in terms of the European Union’s
Maastricht treaty and German constitutional law.The decision amounts to a defeat for the German finance ministry and
the Bundesbank, where officials have been fiercely opposed to IMF
intervention within the eurozone for any purpose other than technical
advice.The Greek government has already said it would turn to
the fund as a last resort, but both the European Central Bank and the
European Commission have also resisted any such move.Speaking in
Brussels on Thursday morning, George Papandreou, the Greek prime
minister, told European lawmakers there needed to be a European
solution to his country’s debt problems on the table, and that he would
prefer this to IMF intervention, even though he insisted Greece did not
need any money.“We are not going to default,” he told a special committee of MEPs
in the European parliament. “We are saying that we don’t need this
money.”Mr Papandreou said Greece’s austerity package already met
IMF standards. “We are taking IMF measures ... We have talked to the
IMF. They would have asked us for nothing more,” he said.
Goodbye euro. Hello American taxpayer generosity. On the other hand, since exactly 0.001% of Americans realize they are about to bail out Europe, nobody here will care.
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I for one am looking forward to some hot IMF on BIS greek action.
Sounds like Baghdad Bob is running Greece.
It seems that they are going to run this into the wall.
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05:51 03/18 GREEK PM: WE'RE ALL FUCKED
05:51 03/18 GREEK PM: STUPIDs ARE FUCKED
05:50 03/18 GREEK PM: GREECE IS FUCKED
As you know, I've always believed IMF would get the nod in Greece.
Looks like the EU might be taking Jim Roger's advice saying the Euro would be a much more "serious" currency by letting Greece fail.
here comes the WOLF..a.ka IMF
"You called the WOLF? Sheeet negro... that's all you had to say!"
http://www.youtube.com/watch?v=ojTKkfgvwvU
The $5B bond offering delayed the issue by 60 days. Nothing has really changed
Here come the economic hit-men.
Given that I should know this (or maybe the reason why I don't) but isn't the IMF only really for isolating bank runs? I mean, that was the original purpose under bretton woods and the psuedo bretton woods post era right? So I can interpret going to the IMF as two different scenarios (1) there's a bank run going on in Greece, slow motion as it may be or (2) the rules have changed and the world is now leaning on the reserve currency until it collapses. There's no way they're just going to pull through this and make out ok. May 1 was the deadline and nothing has changed.
I think we're on the verge of new (just as unstable) currency regime.
There is a slow bank run actually. 8 billion euros worth so far.
Failburger, faliburger, chit,chit.
Mark it gyro!
Would love to post a you tube bit on this Belushi/Aykroyd, gem but can't find it...
This is worth reading:
The IMF Cannot Help Greece (Baseline Scenario)
http://baselinescenario.com/2010/02/24/the-imf-cannot-help-greece/
The problem is that we have pulled so much future demand into the present, that there is no longer sufficient demand for any credible "growth" strategy. GDP numbers are falsely interpreted as national wealth, when in fact debt makes no one wealthy at all (except the banks). Defaulting on the debt via currency debasement is the only answer. Sovereign debt is no exception. The only question is one of timing.
04:43 03/18 GREEK PM: GREEK NOT IN NEED OF IMF LOAN
(denial)
04:45 03/18 GREEK PM: IF NO SUCH PLAN IN PLACE, GREECE MAY NEED IMF HELP
(acceptance)
04:51 03/18 GREEK PM: GREECE WILL NOT DEFAULT
(denial again)
Give this guy a straight jacket and some medicine before he goes berserk.
why that fool is still in office and that anyone gives him any credibility anymore is the mystery of the year.
Him and Timmay G.
Fool me once.. shame on you.. fool me 301,204,503 times....
If We bail out the Greeks and Europeans it will come at the expense of leverage shorting the hell out of the Euro and other collapsing and increasingly worthless paper instruments int he Global slush Toilet Bowl.
http://funy1.blogspot.com/2010/02/will-imf-bail-out-greece-and-pay-for-i...
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With our goverment"s" we are,we always will be,even the popes they contipute to the chaos,the 3rd party the communist is small to be up in the next elections,is the only hope far away,very far away.
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officially sought financial support from the EU, reiterating that Greece has only requested political support from its partners.
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