International Monetary Fund

Sprott Money's picture

How The BRICS Bank And AIIB Made Grexit (And Frexit?) Possible





To all appearances, at least “a new Day has dawned” for Greece, the nations of the Rest of the World, and any other members/victims of the Corrupt West also seeking to reclaim their sovereignty, and find economic salvation for their people. Let’s hope that the reality which follows reflects these hopes for a better world.

 
Tyler Durden's picture

IMF May Walk Away From Greek Bailout





"The International Monetary Fund has sent its strongest signal that it may walk away from Greece’s new bailout programme. Under its rules, the IMF is not allowed to participate in a bailout if a country’s debt is deemed unsustainable and there is no prospect of it returning to private bond markets for financing. The IMF has bent its rules to participate in previous Greek bailouts, but the memo suggests it can no longer do so," FT reports.

 
Tyler Durden's picture

IMF Declares War On Germany: In "Secret" Report Lagarde Says Greece Will Need Massive Debt Relief





"The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the ESM. European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a very dramatic maturity extension, or else make explicit annual fiscal transfers to the Greek budget or accept 'deep upfront haircuts'."

Or, more simply: "Mark it zero."

 
Tyler Durden's picture

Greece Fails To Make Another IMF Loan Payment But It Is Tonight's Samurai Bond That Everyone Is Watching





It was not today's IMF (non) repayment that traders, if not eurocrats and economists, are concerned about but tonight's maturity of a JPY 20 billion (about $160 million) Samurai note sold in 1995 and which matures on July 14. The reason why this paltry, in the grand scheme of things, payment is critical is that while continuing to repay the IMF is not an event of default if only purely technically, and for the rating agencies, a non-payment on the Samurai bond would start a cross-default cascade.

 
Tyler Durden's picture

Deal Struck Following Total Capitulation By Tsipras: Market Awaits Greek Reaction To Draconian Deal Terms





Just around 9am CET, after a 17-hour mammoth all-night session, Greece did manage to cobble together a "deal" if one may call this latest embarrassing can-kicking that, which was nothing short of total capitulation by Tsipras. As part of the deal, Greece "surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro" in the words of Bloomberg.

 
Tyler Durden's picture

Tsipras Responds To Eurogroup Proposal, Demands Changes





Facing abject humiliation at the hands of the German finance ministry, Alexis Tsipras arrived at Sunday’s Eurosummit a broken man. Still, the PM did his best to fight the good fight, debating both the IMF's role in the third Greek program and the treatment of the country's debt with German Chancellor Merkel late Sunday evening in Brussels. 

 
Tyler Durden's picture

Someone Told Merkel...





€10-14 billion was bad enough, but €25 billion may have been simply too much to bear...

 
Tyler Durden's picture

Frontrunning: July 10





  • Fed Chair Yellen To Speak As Global Tensions Rise (WSJ)
  • Greek PM Tsipras seeks party backing after abrupt concessions (Reuters)
  • France Hails Greek Aid Proposals as Germany Reserves Judgment (BBG)
  • Greek PM says does not have mandate to exit eurozone (Reuters)
  • France Intercedes on Greece’s Behalf to Try to Hold Eurozone Together (WSJ)
  • Frozen Funds, Fleeing Tourists: Greek Startups Feel the Pinch (BBG)
  • Doubts Simmer Despite China’s Gain (WSJ)
 
Tyler Durden's picture

Five Years Of Glorious IMF "Hockey Stick" Comedy





Who cares about constantly being wrong right here, right now (aside from 11 million Greeks that is) when your projections keep promising that growth is always "just around the corner" as they do in the following chart showing just why the IMF has now lost all credibility not only as an bailouter of last resort (see Greece), but as a forecaster.Presenting: over five years of glorious IMF hockeysticks.

 
Tyler Durden's picture

Preparedness Critics Are History's Cannon Fodder





The world is entering a kind of no man’s land, in between the realms of insane denial and utterly obvious crisis. Europe is now destabilizing amid the Greek soap opera (an event that we predicted in January would occur in 2015); China’s stock market bubble is bursting; and the U.S. dollar’s world reserve status is about to be decimated by the global shift toward the International Monetary Fund’s basket currency reserve system. We're afraid we're going to have to say this because we don’t know if anyone else will admit it: Alternative economic analysts were right, and the mainstream choir was either terribly wrong or disgustingly dishonest. However, as most in the liberty movement are well aware, being right is not necessarily a solution to disaster.

 
Tyler Durden's picture

BRICS Bank Officially Launches As Sun Sets On US Hegemony





The long-awaited BRICS bank has officially launched, marking yet another milestone on the road to global de-dollarization and lending further credence to the notion that the sun is finally setting on the US-dominated multilateral institutions that have defined the post-war world and served to underwrite six decades of dollar dominance.  

 
Tyler Durden's picture

Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary





Greece formally requested a three-year bailout from the eurozone’s rescue fund Wednesday and pledged to start implementing some of the overhauls demanded by creditors by early next week. Crucially for Greece’s creditors, the letter says the government would start implementing some measures, including on taxation and pensions, by the beginning of next week, though it doesn’t go into details. The letter is a first step toward fulfilling a demand by international creditors, who have given Athens until Sunday to come up with tougher measures they would impose in return for desperately needed financing that could keep the country from bankruptcy and even worse economic turmoil. 

 
Tyler Durden's picture

Financial Nonsense Overload





In the end, finance—at any level—has to be about rules and numbers, or it becomes about nonsense. Break enough of your own rules, and your money turns to garbage, because in a world where money is debt and debt is garbage, money is garbage. But there is a proven method for solving this problem and moving on: it's called national bankruptcy. Greece is bankrupt; if its resolution brings on the bankruptcy of Spain, Italy and others, and if that in turn bankrupts the entire Eurozone, then that's exactly what must happen. But something else might happen instead.

 
Tyler Durden's picture

All The Latest Greek Headlines





Today's "final" Eurogroup meeting is yet another "last" chance for Greece to stay in the Euro according to Greek headlines. The meeeting begins in minutes, at 12:30pm CET/7:30am Eastern so expect the usual torrent of "Greek deal" headlines which send the S&P surging followed by prompt denials which the S&P algo soundly ignore. By now the game is quite familiar to everyone.

 
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