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IMF Says Another Greek Bailout Necessary
Just six short months ago (before GGBs rallied 119% and the Athens Stock Index 53%), the EU and IMF agreed on Greek Debt/GDP targets, pronounced the nation "fixed", and went on winter vacation. Well, surprise, the hockey-stick of expected GDP has not come to pass and now, as Der Spiegel reports, the IMF is refusing to participate in further rescue programs for Greece unless financing for the nation is secured for the next 12 months - in other words - a new haircut for Greece will be required to cover the EUR4.6 billion funding shortfall.
Christine Lagarde's 'fund' is putting pressure on EUR members, after their mea culpa last week at the biliousness of their previous efforts to save the troubled PIIG nation, to agree to these new haircuts. This will not be a pretty dance - as with Merkel now a few short months away from a general election (and Germany owed EUR15 billion in KfW loans and a further EUR35 billion contributions to ESM/EFSF mechanisms), any agreement on her part would solidify opposition parties' proof that taxpayer money was lost (and the good money after bad argument).
Perhaps that is why GGB prices have dropped over 10% in the last week?
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Don't you wish you could have just one?
Now, if we could only get a good gold whistlerblower....
Who would play the role of the whistler?
Is that what Bill Clinton calls it??
Hockey Schict, or scythe?
Its all biliousness to me.
This gives hole new meaning to Greek Style, as in "taking it up the butt", or "no ifs ends your butts", or "butt butt butt"...
Will this shit never stop?
The world has gone mad, I tell ya', mad.
Is it time to move to Butt Fuck Egypt yet?
Egypt? I thought it was Luxembourg's turn, then Venezuela, then Italy, Spain, Portugal, and THEN Egypt, and THEN Iran, and THEN Japan. It's getting so hard to keep track these days....
Shit I forgot Argentina... see-whud-I-mean?!
Honestly, I am proud to be in such a great company! You guys rock! This is better than i scream :)
Greece, why now? That is the key question to delve on? They all know it is bankrupt and insolvent, so why do this now? The IMF responds to the USA...
who didn't see that one coming.. I am more concerned about who is going to bailout Uncle Scam.. http://tinyurl.com/n8hmfya
Taxpayers will, of course.
Will that make it 3 bailouts or 4?
I'm losing count here...
It would make it the 4th, or the 3rd which would "never happen".
Greece is a black hole. The money goes into the hole and goes straight to external banks. The people just get poorer. Unemployment continues to rise along with poverty and suicide. The Greeks need to stop this themselves. NBG did a 10-1 reverse split and it's fallen terribly in the last few weeks. Wake up Greeks!
I must admit, the necessity of another Greek bailout comes as a complete and total surprise to me. I am utterly at a loss for words regarding this unexpected, unpredictable, and shocking turn of happenstance.
I, too, am shocked - SHOCKED at this unbelievable turn of events. However, there is no question that the forthcoming 'bail in' solution that is sure to emerge will finally turn around the Greek economy and return this long suffering country and its people to health and prosperity.
Not a bailout, a BAIL-IN is scheduled to happen. Go to nail those rich Greek tax-evading shipping millionaires and save Merkel's election chances.
Go to nail those rich Greek tax-evading shipping millionaires and save Merkel's election chances.
If they've got any sense all their money will be in Germany.
I suppose the Krauts could choose to help Greece 'bail-in' those holdings, though. Where else to park your millions... Hmmm.. Cyprus? Luxembourg? Switzerland?
All this shit going on, and Europeans STILL don't understand having phyz. How quickly we forget...
The EU is doomed.
Really it's more that the euro-zone is doomed, it must split up
My thought is the northern - Germanic countries will keep the euro but the Mediterranean countries including France will all leave
The EU itself will go into reverse, and become what it was 15 years ago ... a somewhat sleepy body overseeing a friendly customs and free trading area
With Inspector Clouseau in charge of security once again, like he should be
Bank guy, do you think the Euro could come out of this stronger then before? Germany has lots o gold as do many of the other northern countries...and lots of resources in highly educated people.
Germany loves the weak EU states because it keeps the Euro from ripping as high as the the Swiss franc.
Well, they can't have both ways. They vendor-financed the PIIGS' German purchases, and now the PIIGS can't pay.
So... either they'll have to bail them (ie, their own banks) out, or force them into a generations-long depression that will trigger EZ-exit and default anyway, or end the Euro.
There's no easy solution for a creditor that's lent too much money to the unproductive without sufficient collateral... I suppose the PIIGS can just give over their countries to Germany as payment; but will their people stand for it?
I hope they have a 2 tiered Euro - it as expensive as hell to go to Italy.
Copy that! I'm looking forward to cheap hot holidays again myself!
I miss the old Europe. When things were cheap in the southern and eastern countries, and they did not have the 'refugee' riff-raff and associated drugs & crime.
And when the only criminal record your neighbor had, was "Please release Me" by Englebert Humperdink.
Now that Abe has blown his wad the focus must be turned on Europe....... again. Four years later and we're still talking about the same crap.
Are you sayin' that the BoE's new fiat flingin' Carney-vore won't pull the global financial ponzi's fat outta the fire?
They go seasonally. Europe in the summer, us in the fall and Japan in the spring.
Word to the Greeks (which they won't listen to, even with the specatcle of Cyprus just off their coast):
JUST. WALK. THE. FUCK. AWAY. ALREADY. You lost. Stop playing.
Learn German and open a kebab store in Berlin, Stavros.
JUST. WALK. THE. FUCK. AWAY. ALREADY.
As every sane person has been saying for 3 years now.
But somehow they want us to believe that their busload of overpaid econ smartasses couldn´t possibly have seen that coming. Ridiculous.
Yet nobody calls bullshit. Watch the idiots in this country vote for Jack Johnson instead of John Jackson in September.
It makes you want to puke.
Time for Greek bank depositors to line up and grab the ankles.
Is it wrong to find the lack of bank runs throughout Europe, hilarious?
Is it even worse to find the lack of bank runs in the U.S. even more hilarious. Wait until we get a bank holiday here.
What I find even more amusing is that fractional reserve banking can exist for so long in spite of such leverage. It is for this reason tht I fear that ths charade is not over by a long stretch.
Between what's going on in Japan and with debt PIIGS, the absence of a investors burning rubber to get into USTs should be skidmark TERRIFYING.
There actually may be large scale bank runs in southern Europe by large depositors, but we are not being told
Some reports say that the ECB has been 'delaying' certain key statistics ... and the thought is that the ECB is secretly pumping in printed euros to compensate for deposits that are fleeing
There is a dark game going on between Mario Draghi and Angela Merkel before the German election in September ... perhaps a secret deal, Mario keeps the euro-zone afloat till then, and if she gets back in, then Mario can print like Japan, after some 'crisis', easy enough to spark given how bad the banks are here
It may be a while before we really know what is going on
I agree completely. It's been quiet over there. Too quiet and for too long. They have been up to no good behind the scenes there almost certainly.
Tush, such suspicious minds you have!
Next you'll be saying they're recording our every keystroke.
Lordie, I wish I didn't have to give you a greenie for that.
Its a good thing they can entertain the populace with sob stories of flooded villages for a while longer.
/sarc
i know the WSJ reported on all the money that (was) made in these bets "over there"...but are we talking about holding this paper to maturity or what? how about a little reporting on matters financial for the first time in history WSJ? I mean GIVE THE WORLD A BREAK okay. Now...let's proceed to "the Big Story" which is how Japan...which is going on 20 years of being Greece...is going to avoid the same thing.
Buying an asset of no actual value in the hope of selling it to the greater fool down the road.
In other words; WSJ value investing.
Jeez, relax, will you? The CBs will just buy EVERYTHING that threatens to lose enough value to threaten 'our' system's stability. They'll hold it to maturity and then 'poof' the problem goes away.
See? Simples.
It seems like just yesterday we were discussing the plight of Greece. OH WAIT, It was just yesterday!
Watch the rats run to unload GGBs.
Missed it by that much.
http://www.youtube.com/watch?v=oPwrodxghrw
But Hollande stood in Tokyo with Abe last week and said that the EU crisis was over.
"What you need to understand here in Japan is that the crisis in Europe is over."
Surely he wouldn't lie to the Japanese...would he?
The only people who can be (successfully) lied to are those who lie to themselves.
Here's another one to test this axiom. Japan just released "revised" GDP numbers indicating that the economy grew an annualized 4.1% in the first quarter instead of the previously reported 3.5%. Surely this isn't a lie, right?
I LOVE GDP! All you do is 'underestimate' inflation and bingo! Recession gone.
LOL "When it becomes serious, you have to lie"... right?
Jean-Claude Juncker, Luxembourg PM and Head Euro-Zone Finance Minister says "When it becomes serious, you have to lie"
Just another extend and pretend?
Greece can bail herself out by walking away from the Euro.
Greek bank deposits are going to disappear soon.
They are going to be given a haircut that is even going to leave gashes on the scalp.
No doubt! If I were a Greek citizen with money in the bank I would be yanking it faster than coked out Maria Blowtoromo sucking dick!
I had to wash my eyes out with soap after reading your post.
Next time try this
http://www.eyebleach.com/
I am, uh... just, ah... not ... quite sure... what to make of that, uh... "comment"?
I mean.... there are a dozen or so of conflicting visuals slithering through my head, none of which are very appealing.
Amazing, the power of suggestion.
I cannot even imagine her undressed....
That is cruel, man...
How will I sleep tonight?
Try (mental) blinders. It's a sociopath's recipe to a good nights sleep.
Eewwww! You're right! Sometimes words have impressive power, don't they?
God, that mouth, that wiiiiiiiiiiiiide smile...
Unpossible!
BULLISH!
The theory of the Versailles conference in 1919 was that Germany could be forced to pay multiples of its GDP in hard currency.
It didn't work. And it's not gonna work in Greece either, with Germany wielding the whip this time round.
The bailouts will continue until the weakest link snaps for good.
IMF high interest Poverty Loan repayment program to PIIGS hits US taxpayer feeding trough replenishment impasse.
PIIGS
Don’t worry. The New FIN iPad Compulsive Debt Accruement App Puts Fund’s Finances at Your Fingertips.
Maybe Greece should start accepting USA EBT cards. /sarc
Wonder what the real hole is 20?
Can't we just send Benny over there to fix things?
You're suggesting there is more than one human being on this planet with the power to hold down the 'control' and 'p' keys simultaneously?
Gadzooks... where could this marvel of monetary sagacity be found?
Here comes the Bail in ( not the sun)
Any money left in Greek Banks ! ( other than that of the Govt)
Is Greece going to default?
They already did but it was renamed.
Sixth time's a charm?
The Greeks need to either get brains, balls or expect things to get worse.
Is there not a real man left in that country? What a bunch of 'Malakas'!
The Greek philosophers and heroes must be spinning in their graves.
People just refuse to get educated on the monetary system. It's astounding to us here at ZH but 99% of the world really don't want to know how this shit works. They REALLY don't.
And when does Greece runs out of money?
July, 2008
Lost count. What bailout number is this?
Well done, IMF, with the other ‘rescues’ of Greece.
BUSH'S FAULT!!
Amazing how rapid GDP recovery in Greece doesn't tend to materialize when there are NO FVCKING JOBS.
EUFUBAR.
This is what happen when you have a weak internal survellance system of your people.
Its all Greek to me....
If we are all here on ZH talking about this crap in 2020..................
well.................
i'm simply going to have to drink more wine..................
as it is i drink too much.............i might even take up cigar smoking............
its time u guys all realise that Greece is just a conduit for the Troika to fleece people and pay the banks blood transfusions to keep the system alive.
This blood line will continue all the while there is no growth as those banks are so structurally screwed you have to keep throwing money at them.
What the MIC scams do, via the "cyber" security and anti terrorist government spending lining pockets of Carlyle and consorts now owning the intelligence network of Empire, the Troika and WS scams copy to keep banks afloat and the oligarchy markets in constant levitation in monetary gravity-less space odyssey. Its all part of the global matrix.
"We are building a new world, one where welfare pampering of first world ends and nation states bend so that world governance of the elite begins. Our catholic kings of NWO, RR and Maggie, laid out our flight plans from day one and the Bushes put it more into place with global outsourcing, opening up the party to global oligarchs, and Clinton/Greenspan then Zirped and Gl-Steagall revoked it to take-off zone. GWB hammered it home in war on terror meme and now our blue print is tightly in place for this future century. We are the world and its worth living, if you be the happy few. AMen!
"And don't be fooled by those who think this thing will implode under debt overload. We define what debt and asset ARE as we own the market, the key governments and the petrodollar money line. In fact we now own your butts as you are under constant surveillance. Game over, have a nice day and NEVER EVER think you can be a whistle blower on US and our way of ife, 'cos its NON NEGOTIABLE."
I guess we 99%ers now know what the score is.
Jon Corzine thinks greek islands are in a bull market at rock bottem prices, and nobody there even knows his name..rape of a suffering people is so easy.
The IMF has admitted that its economic predictions for Greece have been poor and this has caused the Greek people unnecessary suffering. You can see how bad the predictions have been in the chart above. Each has missed to the downside including privatization receipts, but the Fund still will not admit that the poor predictions were not mistakes but rather political compromises to enable the Europeans to present their voters with a smaller cost.
The can was kicked yet again, and once again it appears that we are running out of road. Greece has missed its unemployment, economic growth and privatization forecasts by so much that another bailout is inevitable by the end of the year just like we wrote months ago:
Recovery Meme Spreads to Greece, Yes, Greece | DARECONOMICS.