International Monetary Fund

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Putting The 'Great' In Great Depression, Stephen Roach Warns On TPP's Currency Rules





History has not been kind to major trade blunders. Just as the Smoot-Hawley Tariff Act of 1930 sparked a global trade war that may well have put the “great” in the Great Depression, Congressional enactment of enforceable currency rules today could spark retaliatory actions that might devastate the free flow of trade that a sluggish global economy desperately needs.

 
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With Greece "Nowhere Close" To Deal, Depositors Pull €300 Million From Banks In Single Day





Greece is "nowhere close" to a deal with its creditors and will miss a May deadline to strike a compromise ahead of an IMF payment due on June 5. Meanwhile, the ECB tightens the screws on the country's banking sector by refusing to lift the ceiling on the emergency liquidity that until now has helped to offset deposit flight.

 
Tyler Durden's picture

Frontrunning: May 27





  • FIFA Raided by Swiss Authorities in 2018, 2022 World Cup Probe (BBG)
  • Companies Send More Cash Back to Shareholders (WSJ)
  • Time Warner Cable Deal Stirs Debt Concerns (WSJ)
  • Qatar $200 Billion World Cup Under More Scrutiny Amid FIFA Probe (BBG)
  • Philippine, Vietnamese troops play soccer and sing on disputed island (Reuters)
  • The G-7's Problem: Can the World Deal With a Greek Default? (BBG)
  • SocGen Deal for Bache Illustrates Commodity-Trading Woe (WSJ)
  • China’s Naval Abilities Test Asia’s Insecurities (WSJ)
 
Tyler Durden's picture

Surplus Repression And The Self-Defeating Deep State





The nation is wallowing self-piteously in a fetid trough of denial and adolescent rage/magical thinking now that the nation's bogus, debt-based "prosperity" has crashed and cannot be restored.

 
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Greece Could Trigger a $9 Trillion Chain Reaction





Will Greece default or is this a bluff? The larger implication is that Greece may be the straw that breaks the proverbial camel’s back: a Greek default or breakup from the Euro would, trigger considerable US Dollar strength.

 
Tyler Durden's picture

Frontrunning: May 26





  • Developed-Country Growth Slows, OECD Says (WSJ)
  • Charter Agrees to Buy Time Warner Cable for About $55 Billion (BBG)
  • Dollar hits one-month high as periphery woes weigh on Europe (Reuters)
  • IMF Says Yuan No Longer Undervalued Amid Reserve-Status Push (BBG)
  • Hanergy secured $200m loan ahead of solar group stock tumble (FT)
  • Congressional Inaction Threatens NSA Spy Program (WSJ)
  • Germany sees progress on Greece, EU officials to confer on Thursday (Reuters)
  • Hayes ‘motivated by greed’, prosecutor says in Libor case (FT)
  • Whistleblowers Find SEC Rewards Slow and Scarce (WSJ)
 
Tyler Durden's picture

Austria Confirms Faith In Fiat Fading: Repatriates 110 Tons Of Gold From BOE





Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny's new "gold strategy" and with his position (on paper) as one of Draghi's foremost lieutenants, appears to be a huge stab in the back for super-Mario.  While gold withdrawals from the NY Fed are incessant, this time it appears the Bank of England faces the trust-fall as 80% of Vienna's gold is held there.

 
Tyler Durden's picture

Greece May Need To Issue IOUs Schaeuble Says After Latest Failure To Reach A Deal





"German Finance Minister Wolfgang Schaeuble conceded the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail," Bloomberg reports. Meanwhile, "sideline" negotiations between Greek PM Tsipras and Angela Merkel breakdown in Riga.

 
Tyler Durden's picture

Guest Post: This October The World Will Change - "China Is Preparing For Something Big"





"China... across the board... is preparing for something big in currency markets... The world has an unease about the dollar system... former President Hu of China said 'the dollar is a product of the past'."

 
Tyler Durden's picture

Democracy Under Fire: Troika Looks To Force Greek Political "Reshuffle"





It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors, but as we noted on Wednesday, it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests. Indeed, it's time to take a hard look at the political ramifications of the June 5 IMF deadline and ask if the troika will, in the final analysis, be successful in using financial leverage to undermine the democratic process.

 
Tyler Durden's picture

Putin Pans Ukraine's Debt Moratorium As "De Facto Default", Threatens Court





In exactly a month, Ukraine will owe Russia a $75 million debt coupon payment. Finance Minister Anton Siluanov told reporters in Moscow today that "if they miss the payment, we will use our right to go to court." Then it got serious, as Vladimir Putin instructed Russian Prime Minister Dmitry Medvedev to assume control of Ukraine's repayment of its $3-billion debt in Eurobonds that Russia bought in 2013, slamming Ukraine's bill allowing them to impose a moratorium on foreign debt repayments as a de facto announcement of default. As one market participant warned, "I would wait until after June 20 to go forward with" any moratorium, as "if Russia takes Ukraine to court, that might be an incentive for other creditors to go down the same route."

 
Tyler Durden's picture

Greece To Tax Bank Transactions, Says IMF "Won't Get Any Money" On June 5





"A senior government official says that among the proposals discussed with the eurozone and the International Monetary Fund is the imposition of a levy on bank transactions, whose exact rate will depend on the exemptions that would apply. The aim is to collect 300-600 million euros on a yearly basis," Kathimerini reports. Meanwhile, parliamentary speaker Nikos Filis has a message for the IMF.

 
Tyler Durden's picture

Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?





Do you remember what happened when Cyprus decided to defy the EU?  In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts.  Well, the nation of Greece is now approaching a similar endgame.  At this point, the Greek government has not received any money from the EU or the IMF since August 2014As you can imagine, that means that Greek government accounts are just about bone dry.

 
Tyler Durden's picture

US Taxpayer On The Hook As Ukraine Prepares Moratorium On Debt Repayments, Increases Military Spending





It appears, thanks to the generous backing of US taxpayers, Ukraine is about to get its cake and eat it too. On the same day as Ukraine's government unleashes a bill enabling a moratorium on foreign debt repayments - implicitly meaning default "in case of an attack from dishonest lenders" - the defense ministry unveils a plan to increase military spending by 17 billion hryvnia this year statuing that will “make efforts to find possibilities to finance needs” to secure country’s defense. Ukraine bonds are tumbling.

 
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