Greek FinMin Proclaims "Worst Is Over" But IMF Warns "Rich Not Paying 'Fair' Share"

Tyler Durden's picture


As the IMF delivers its first 'health check' on Greece since 2009, the beleaguered nation's finance minister proudly proclaims, "the worst is over," and the country had reached its economic trough. However, while the finance minister appears unaware of the people living in caves, the record youth unemployment (that is rising still), and the accelerating non-performing loans (no green shoots there), the IMF remains a little less confident, "Greece's debt remains much too high". As the Sydney Morning Herald reports, Stournaras added that ''in May 2014, the loan installments will come to an end and the country has to be in a position where it can go on its own to the markets.'' We can't wait (with GGBs under 10% yield to see which greater fool snaps up those beauties). The IMF is a little less sanguine warning Greece of its "insufficient structural reforms," and worries of the "socially painful recession." The last jab, in line with the new normal 'template' (that is not a template but really is), "very little progress has been made in tackling Greece’s notorious tax evasion," as the IMF demands, "the rich and self-employed are simply not paying their fair share."


Via SMH,



Yannis Stournaras said ''the worst is over'' and the country had ''reached the [bottom of the] trough''.




Mr Stournaras said attempts to fix the country's parlous public finances are starting to bear fruit, and could allow it to return to financial markets as early as next year.


Athens is on course to deliver a primary budget surplus - which does not take into account debt payments - a year ahead of schedule. He added the country had already pushed through two-thirds of the reform measures needed to address the huge holes in the nation's budget. Interest costs on Greece's massive debt have been sharply reduced by the debt restructuring the government has made.




''Whether Greece is able to take the first step of independence from the troika will depend on all that has to happen by then,'' Mr Stournaras told Greece's To Vima newspaper. ''In May 2014, the loan instalments will come to an end and the country has to be in a position where it can go on its own to the markets.''


He told Germany's Frankfurter Allgemeine Zeitung that there were indications that the worst is over. ''For instance, the central bank of Greece told me industrial production is stabilising. Production isn't falling any more and we appear to have reached the trough.''


Well if the Central Bank of Greece told you then it must be true!!


Via WSJ,



Greece's debt remains "much too high" and European commitments to lighten it are welcome...




The IMF's recommendations in its latest review of Greece's bailout program bring to the fore the need for future "official-sector involvement" in Greece's €173.5 billion ($227.5 billion) bailout, meaning that governments could in some way forgive some of the money Greece owes them. This so far has been a no-go topic for many of Greece's euro-zone partner countries, Germany in particular.




The IMF said Greece's banks should be fully recapitalized by mid-2013, cautioning against "undue government interference." It added that the whole banking sector should focus on containing and reversing "the mounting tide" of loans in the red.




While Greece will need to find more savings through to 2016 to reach a targeted primary surplus of 4.5% of gross domestic product, the IMF said there is "no room" to tax Greeks more and there is hardly any space left for more cuts in discretionary government spending.

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Mon, 05/06/2013 - 17:30 | 3535516 fonzannoon
fonzannoon's picture

LOL the worst is over. Now look forward to the dark ages.

Mon, 05/06/2013 - 17:37 | 3535535 McMolotov
McMolotov's picture

Yeah, way to jinx it, buddy. He just made this the part of the horror movie where the big-tittied coed breathes a sigh of relief right before catching a meat cleaver in the back.

Mon, 05/06/2013 - 17:59 | 3535600 malikai
malikai's picture

It would be awesome to see a compilation of finance ministers declaring "The worst is over".

Mon, 05/06/2013 - 18:18 | 3535651 bank guy in Brussels
bank guy in Brussels's picture

Greek FinMin says this while Greek children tragically are going hungry so taxes can go to pay the Troika and banks ... Begging other schoolchildren for food on schoolday mornings

Yes, the Troika are thug gangsters, but the local Greek leaders who betray those hungry children are the ones who should face the full wrath of Greek citizen fury

As cruel, self-serving and tyrannically domineering as the EU and German leaders have been, it strikes me more and more, that, instead of Mediterranean citizens focusing their hatred on Germany, the better focus of anger and hatred would be their own quisling governments, in Cyprus, Greece, Spain, Portugal (and Ireland too) ... their own traitorously corrupt leaders who are submitting to the EU - Troika extortions and mauling of their populations

EU leaders in the Mediterranean who serve the EU, banks, the Troika and the Germans, while local children beg their schoolmates for food, should ponder the December 1989 death of Romania's Nicolae and Elena Ceausescu in a hail of executioners' bullets. Or the similar fate of Vidkun Quisling himself before a Norwegian firing squad in April 1946.

Mon, 05/06/2013 - 18:39 | 3535715 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

''Worst is over"...
'Peace in out time'...
'Mission Accomplished'...

Mon, 05/06/2013 - 18:51 | 3535758 flacon
flacon's picture

Greece? Oh, that was just the pre appetizers. Just you wait until the schnitzel arrives for the main course! Keep in mind it's a bazillion course meal, the more you eat the more you owe and the more you owe the more courses there are to keep your mouth sedated. 


Any moment now the ocean will turn to lemondade.

Mon, 05/06/2013 - 19:32 | 3535872 notbot
notbot's picture

Rich not paying their fair share. Has such a familiar ring to it.


Only in the case of Greece, it actually might be true.

Mon, 05/06/2013 - 19:06 | 3535809 asteroids
asteroids's picture

The FinMin is a "malaka". Look it up.

Mon, 05/06/2013 - 22:45 | 3536480 Go Tribe
Go Tribe's picture

Instead of complaining about rich people, why don't the politicians just be honest about it: look, you freeloading corporate queens are rich because we give you tax breaks and subsidies and preferential legal and trade treatment, so stop bitching while we take some of it back.

Mon, 05/06/2013 - 17:47 | 3535567 Renewable Life
Renewable Life's picture

One banks/Governments "fair share" is anothers confiscation!!!

I guess it all depends on the defination of the word "fair", right?

Mon, 05/06/2013 - 17:31 | 3535519 Manthong
Manthong's picture

Beware rich Greeks baring grifts.

Mon, 05/06/2013 - 17:44 | 3535557 New_Meat
New_Meat's picture

"Beware rich Greeks baring grifts."


Mon, 05/06/2013 - 17:44 | 3535561 Manthong
Manthong's picture

My way of doing flaming Greek Kaseri cheese is to use Japanese Sake and add an ounce of Everclear to enhance the ignition...  

I call it flaming Greek Nagasaki.


Mon, 05/06/2013 - 18:52 | 3535774 flacon
flacon's picture

Only the rich use Everclear. The rest use kerosine. :)

Mon, 05/06/2013 - 17:33 | 3535524 CCanuck
CCanuck's picture

The worst is over so the worst of the worst can start.


Mon, 05/06/2013 - 17:49 | 3535573 Stuck on Zero
Stuck on Zero's picture

Yep.  The worst is over for the rich.


Mon, 05/06/2013 - 18:02 | 3535604 Seahorse
Seahorse's picture

The darkest hour is just before more darkness.

Mon, 05/06/2013 - 17:35 | 3535530 JenkinsLane
JenkinsLane's picture

I've got some magic beans for sale that the Greek FinMin is going to be very interested in;

all he needs to do is plant them in Athens and Greek GDP will grow by 10% every year!




Mon, 05/06/2013 - 17:43 | 3535549 Its Only Rock N Roll
Its Only Rock N Roll's picture

you don't have to plant them, just promise to plant them at a future date and GDP will sprout forth

Tue, 05/07/2013 - 04:12 | 3536775 Popo
Popo's picture

You don't even need to promise to plant them, just promise to discuss the possibility of planting them at a future date.

Mon, 05/06/2013 - 17:37 | 3535537 kito
kito's picture

they now count restaurants serving cannibals in their gdp...............

Mon, 05/06/2013 - 18:04 | 3535603 malikai
malikai's picture

I read that as "restaurants serving cannabis" and thought good for GDP.

Then I reread it..

Mon, 05/06/2013 - 18:08 | 3535623 kito
kito's picture

the last thing people in a country with a limited food supply want to do is stimulate the appetite for food.................but then again, being lit up might make for tastier human..........

Mon, 05/06/2013 - 17:38 | 3535540 JenkinsLane
JenkinsLane's picture

I want to get my hands on some of what Yannis has been smoking - must be good stuff.

Mon, 05/06/2013 - 17:49 | 3535541 THE DORK OF CORK
THE DORK OF CORK's picture

All of the Greek capital (oil) ration must flow toward the chief IMF shareholders..............


The US , UK ,France etc want it all.


You are worth more dead then alive in the euro non state.


The rich Greek  taxes will not flow into Greek coffers.


Therefore from a political viewpoint they are no longer Greek.

There is no Irish , there is no Spanish - rich or poor you are dead meat.


Debt is but a instrument -  especially in a world without final settlement.

Its all about real goods consumption when the banks behind these states cannot make a income from the money supply they loan out.

Tue, 05/07/2013 - 09:47 | 3537318 falak pema
falak pema's picture

buddy, welcome to world oligarchy empire. 

Mon, 05/06/2013 - 17:41 | 3535547 monad
monad's picture

"the rich and self-employed are simply not paying their fair share." translate: kill the middle class! kill them all!

Mon, 05/06/2013 - 17:42 | 3535550 Goldilocks
Goldilocks's picture

Tony Bennett & Diana Krall, The Best Is Yet To Come (3:05)

Mon, 05/06/2013 - 17:43 | 3535551 JenkinsLane
JenkinsLane's picture

How the fuck can you say you are running a budget surplus when you ignore debt payments?

I know, I'll go out and buy three homes, ignore the repayments and I'll be a fucking millionaire.


I've just grasped Buckler's point from yesterday - it is a world of children, in fact, it's Peter Pan world.

Mon, 05/06/2013 - 18:53 | 3535767 Peter Pan
Peter Pan's picture


Mon, 05/06/2013 - 18:52 | 3535773 Peter Pan
Peter Pan's picture

Thank you for acknowledging
it's my world.

Mon, 05/06/2013 - 17:43 | 3535552 dracos_ghost
Mon, 05/06/2013 - 18:40 | 3535727 Parrotile
Parrotile's picture

She (and others) are not "little people" - the ones who DO have to pay taxes on pain of incarceration or worse.

Seems quite a few of the Big Boys are well above the law (or operate a policy of "do as I say, not as I do". For example, Starbucks, Google and Amazon for US Starters -

This Corporate behaviour has also (finally) gained the attention of the Mainstream press, e.g. 

An older (but interesting) list of the Top Ten Tax Dodgers.,28804,1891335_1891333_1891317,00.html All very comfortably wealthy, all could pay a greater contribution to the good of everyone, all determined not to. Seems a few came from California too (which may ring a bell or two!)


Tue, 05/07/2013 - 09:41 | 3537287 falak pema
falak pema's picture

definition of global oligarch : rule maker of rules that DONT apply to their own elite. Just like Caesar of old or Queen Victoria.

Mon, 05/06/2013 - 17:43 | 3535556 booboo
booboo's picture

We don't call them "caves", They are Random Spatial Energy Efficient Nature Dwellings. REITS are already onto the trend and will be relocating the "squatters" as soon as a few more billionaires get the bums rush out of their Villa's.

Mon, 05/06/2013 - 17:43 | 3535559 kito
kito's picture

stability makes sense.....everything has hit businesses open.... zero people people alive...................

Mon, 05/06/2013 - 18:19 | 3535660 IridiumRebel
IridiumRebel's picture


Mon, 05/06/2013 - 17:54 | 3535584 Temporalist
Temporalist's picture

"I don't think the heavy stuff's gonna come down for quite a while."

Mon, 05/06/2013 - 17:54 | 3535588 Joebloinvestor
Joebloinvestor's picture

Is this guy a realative of the Iraq Saddam era who said no problem and bombs were going off around him?


Mon, 05/06/2013 - 18:06 | 3535612 astoriajoe
astoriajoe's picture

That guy was really good at his job. I can't imagine how he kept it together, but he played it straight right to the end.


Mon, 05/06/2013 - 22:31 | 3536439 StychoKiller
StychoKiller's picture

Tariq Aziz != Baghdad Bob

Wed, 05/08/2013 - 11:16 | 3541196 astoriajoe
astoriajoe's picture

my mistake.

Mon, 05/06/2013 - 18:00 | 3535602 monopoly
monopoly's picture

This place is better than Saturday Night Live.  "The worst is over for Greece". Got it. Good to hear. LOLOL.

Mon, 05/06/2013 - 18:04 | 3535606 prains
prains's picture

"the rich aren't playing fair" but,but,but.....what taking everything and fuck the rest isn't how they're supposed to roll, shockedface. what are you a damn marxist!! this is free enterprise,the rich should be free to fuck everyone over. They're smarter, work harder and will trickle it down to the plebes when need be. What you know about crapitalism?

Mon, 05/06/2013 - 18:04 | 3535611 Kirk2NCC1701
Kirk2NCC1701's picture

I suspect the IMF is right, when they say that "The rich are not paying their fair share".  They should know...

The Rotschilds have never paid their fair share.

Mon, 05/06/2013 - 18:10 | 3535626 williambanzai7
williambanzai7's picture

Stupid Greeks should be going after their politicians instead of foreigners. Last time I checked, most tourists are foreigners and Greece is a tourist economy.

Mon, 05/06/2013 - 18:17 | 3535635 Yen Cross
Yen Cross's picture

 The worst is over as Stournaras heads off to China to get some Greek for Juanism... What a blatant liar!

Mon, 05/06/2013 - 18:29 | 3535654 IridiumRebel
IridiumRebel's picture

Welcome to Thank God It's Cannibalism! I'm Vlad, can I offer you a Blood Sausage App today?!?!?

Mon, 05/06/2013 - 18:23 | 3535666 Element
Element's picture



"The worst is over" in Greece

I think I heard that in ... May ... 2010 ... 2011 ... 2012 ... and 2013.

How's 'bout that!

Mon, 05/06/2013 - 20:12 | 3535982 Kirk2NCC1701
Kirk2NCC1701's picture

Dear Greeks, zee Wurst is yet to come.  - A. Merkel

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