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Greek Deal In Limbo After "Serious Disagreement" Between EU, IMF
On Monday afternoon, news broke that the IMF looked to be splintering from the rest of the Troika over just what conditions must be met in order for Greece to receive a €7.2 billion tranche of aid the country desperately needs to pay salaries, pensions and, ironically, the IMF. According to FT, Christine Lagarde and company are set to demand that Athens’ European creditors write-off enough of their Greek debt to bring the country’s debt-to-GDP ratio down to a ‘sustainable’ (whatever that means in the Greek context) level over the next several years. Otherwise, the organization argues, disbursing aid to Athens is equivalent to throwing money into a black hole, as the country’s fiscal situation is still in dire need of reform.
Of course much of what Greece owes in May is due to the IMF itself and so, as we remarked yesterday, “Greeks are expected to smile and nod knowingly at this latest hollow IMF threat, in which it is now unclear if Lagarde is the Troika's good cop (demands a debt haircut) or bad cop (refuses to pay Greece any more).”
Today, we get yet another indication that negotiations are now not only complicated by Greece’s unwillingness to cross Syriza’s “red line” campaign promises, but by friction between the country’s creditors who, in an irony of ironies, now appear to be at odds over their own set of "red lines."
More via Bloomberg:
EU, IMF failing to coordinate means compromise in Greek talks not possible, a Greek govt official says in e-mail.
EU, IMF have different red lines: IMF insists on pension system overhaul, labor market deregulation; EU Commission insists on primary deficit: Official
Serious disagreement between EU, IMF creates deadlock in negotiations
This means it's now Greece's turn to blame creditors for the intractability of the negotiations:
"Serious" policy differences between Greece's two major lenders - the European Union and the International Monetary Fund - are preventing the country from reaching a compromise with lenders, a Greek government official said on Tuesday.
"The result is that the institutions have red lines everywhere: pension, labour (IMF), and primary surplus (Commission). Against this background there cannot be a compromise. The responsibility belongs exclusively to the institutions and their weakness in coordinating"...
The Greek official said the IMF was being insistent on pension and labour reforms that Athens opposes, while the European Commission was more leninent. The Europeans, on the other hand, were being strict on the target for a primary budget surplus while the IMF was less worried about that, the official said.
The IMF also wants Greek debt to made viable through a writeoff of debt, while the European Commission is against such debt relief, the official said.
Meanwhile, Tsipras is said to have spoken with both Lagarde and Angela Merkel over the phone even as Germany unleashed the Schaeuble who promptly threw still more cold water on any remaining hope for an imminent breakthrough:
Greece may not be able complete the preparatory work needed for an agreement on financial aid before euro-area finance ministers meet in Brussels next week, German Finance Minister Wolfgang Schaeuble said.
“The Eurogroup will take up these matters only on the basis of the comprehensive report by the institutions,” Schaeuble said at a press conference in Berlin Tuesday, referring to the European Commission, the European Central Bank and the IMF. “I’m rather skeptical that we can get there by Monday, but I’m not ruling it out.”
As a reminder, Monday is D-Day, as Athens must make a €780 million payment to the IMF and unless the IMF agrees to effectively pay itself by loaning Greece more money, that payment will be missed at which point "all bets are off."
And Greek bonds not happy:
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3 ring Grercus.
Total circle Grerc.
Nice!
Some kiddie-pony ride, different circus. You get tied to a pole and drug around in circles while the animal you are riding is chasing a carrot it can never catch.
Someone will step in last minute and save the day. You any of us think that this will go away without Yellen printing some more Yellenbucks to paper over this you'Re fooling yourself.
The diminishing returns of funny money printing will reach escape velocity little grasshopper, don't you worry. There will be an inciting event that will light this tinderbox of fiat paper debt bullshit into flames. And when it goes, be ready for anything.
PS
Just read your bio -
Don't be scerd. The meek will inherit the earth.
So the kid riding the pony ride pony tries to shove his popsicle up its ass? This kind of tinderbox ending?
Ey! Eff ah youse a give a me more ah moneeee then we a pays a you, ho kay?
I suspect that the Greeks are expecting vasoline and a kiss before they get it good and hard from the EU. Welcome to the real world.
Limbo is the perfect metaphor: How far can you bend over?
Throw those pathetic Greeks out of Europe already.
Just change "IMF red line" to "Obama red line" and I think you will understand how the Greeks look at it a little better.
Nothing like a little foreign dept controversy to commemorate The Battle of Puebla (Cinco de Mayo for you margartia drinkers).
soon Russia and US will join...five ring circus.
Olympia !
"IMF insists on pension system overhaul, labor market deregulation; EU Commission insists on primary deficit: Official
Translation:
Pension System Overhaul = less money for pensioners.
Labor Market Deregulation = less money for laborers.
Primary Deficit [Reduction] = less money for everyone [except bankers]
During the boom the Greeks did not have any fiscal responsibility. They fudged the numbers to get in the EU and even then the EU had to "relax" the qualifications for joining. Obviously the Russians wanted too much so the Greeks went back to their comrades in the EU.
What makes you people think the elite give a flying rats ass about some banks or bankers?
NO, they are going to sacrifice those false gods so they can retain their wealth & power...
https://youtu.be/PARMD3UNe3E
Some people say, "well, that's how African Americans speak". But who TAUGHT THEM to speak English that way? The southerners, in Florida, Georgia, Alabama, Missisippi, South Carolina, Virginia. The African Americans didn't speak English before they crossed the Atlantic to the USA. So that way of speaking is CRACKER speak. And there's nothing prettier to me than an Alabama drawl.
"Ah lacks to get theah, fustest, with the mostest."
Wrong place. Oops.
The quote above is ascribed to J.E.B. Stuart, of Robert E Lee's cavalry.
http://en.wikipedia.org/wiki/J._E._B._Stuart
Preparing for mon-ageddon is wise. As long as you also prepare for muddle-through, which is more likely.
One should always prepare for all likely and even most unlikely contingencies.
Wise words...
Badhisatvas have moar fun.
:)
Bodhisattvas, yes they do indeed.
As long as Greece keeps playing the EU will hold the whip...and use it. It's time to walk away and the difference for Greece is whether they are badly wounded or dead.....
The EURO Greece farce has reached a new top. But it's like Kabuchi theater it lasts and lasts..
If you read ZH, Greece should have left EZ already 2010, and thereafter more or less regularly every 4 weeks. And you blame meme for lacking credibility...well, waiting for the end of the world makes more interesting reading. Sure, besserwisser crowd :)
Now. Pls down-vote me to satisfy your impulses.
"and thereafter more or less regularly every 4 weeks."
This statement lacks credibility. There was a lull for years.
The digital money thing has really gone too far, I just realized.
The money the IMF "lent" to Greece was created from nothing.
The money the banks lent to greece were created from NOTHING.
And yet, they are willing to push a nation to default, starve it's people, sicken them....for a ponzi mirage?
Please do a search and watch an old documentary about Jamaica and the IMF called Life and Debt. Eye popping.
The money noose is tightening all around in the western world and set to ease here in the Eastern world I think. We are still paying 14% on average for Mortgages in India.
Think what that implies.....huge things....moves...
Meanwhile, Sequence 14...Spaced out...
https://www.youtube.com/watch?v=gYBO6cJUsFA
That's the whole idea behind development banks my man. You loan out more money than can be repayed.
Unless your South Korea, but they are a vassal so the rules is excluded from them.
"You loan out more money than can be repayed"...
Exactly, good old loan-sharking but in italian suits and gulfstreams.
Amen. Then, when the loans can't be repaid, you sanction. And then, when the natives get hungry enough, you back native politicians who will invite in your hedge fund brethren to "rescue" any businesses of value, by taking them away from the natives and giving them to you and them. What a great game to play, if you happen to be a sociopath. Always bright futures for sociopaths.
Sociopaths "doing God's work". Which God NEEDS His sociopaths to do, because after He created 100 billion galaxies, with an average of 100 billion stars each, which works out to 10 thousand billion billion stars, He obviously got Himself in way over His head with so much infrastructure and could no longer afford the time to actively run His 1,546,388,090,422-th favorite planet. So He needed His sociopaths to run it, by making sure that His sociopaths got all the coke and hookers and jet airplanes and yachts and castles and photographs taken at red carpet gala and Mercedes Benz's and Color TVs and Nights on the Town. What I haven't figured out is, WHY does He love sociopaths? Is it because He is a sociopath? And if He is, then is that because of His upbringing or just because of His genes? I mean, are sociopaths humanity's evolutionary destiny, and in the future, will Homo Sapiens evolve into Homo Sociopath? Watch out, Borg, you ain't seen NOTHIN yet!
And yet, they are willing to push a nation to default, starve it's people, sicken them....for a ponzi mirage?
Psychopathic, parasitic, nationless Pharisees. They're not just willing - they're EAGER to do so.
Naw and the Greeks aren't even getting a reach around while the IMF's all up in their Grexit hole!
HA!
they will not let the greeks go under. hype
bancruptcy imment
Investors shed Greek bonds and stocks on Tuesday on reports that the International Monetary Fund may cut a funding lifeline to Greece unless its European partners accept more debt writedowns.
Greek officials ask key creditors for swift loan release as debt repayment deadlines loom
latest:
http://tersee.com/#!q=greek&t=text
I would thank the IMF for bringing this to a close, but how many times has this football been yanked away before? I'll believe a Greek default when I see one.
Unless Syzria has 1,000 pound steel balls and are ready to change the course of human history, I think we'll see a compromise.
2017.75 ain't here yet...
FYI, but I think Martin Armstrong (whom I believe you are referencing) called it for 2015.75, and THAT DATE IS almost here.
Yep, I'll believe it when I see it too. I seriously suspect a last minute bail-in like Cyprus. But I've always said watch out when sociopaths start feeding on each other. IMF vs EU is an example of what I am talking about. If true, then it might be a tell that the bankers are actually starting to lose control of the Ponzi and are willing to sacrifice each other in a desperate attempt for one to be the last man standing. No matter what, Greece is fucked.
EU/ECB and IMF -- Greece caught in the "STRAIT OF MALAKA"
(Not to be confused with Strait of Malacca)
Fuck it man, fuck the EU, just invest all your money in North Korea like Jim Rogers.....
https://www.youtube.com/watch?v=IIBrFU_x7HU
Circle Grerc.
that card has already been played: http://www.zerohedge.com/news/2015-05-05/greek-deal-limbo-after-serious-disagreement-between-eu-imf#comment-6061918
Greeks? They're still here? When does Ebola enter the scare cycle again?
There is a Ebola Czar for that now, so just like the anti war left it evaporated into oblivion.
Americans think greeks - Know how to make great food, are lazy, live in paradise (deservedly is in question due to percieved laziness), have a blue and white flag, and have old buildings.
Other than that Americans don't care.
Long live the National Debt!
;)
Fukushima fish infected with Ebola crossed the Bosphorus straits this morning to invade Ukraine and eat schwarmas...
It's coming up. They're on carzy ISIS guy in Texas right now. Ebola will be back next season on an all new episode.
Ebola will be back next season on an all new episode.
+10
Actually it's baaaack! Ebola ttp://www.baynews9.com/content/news/baynews9/news/article.html/content/news/ar...
And those that were "cleared" and declared "free of the virus" aren't even after at least 5 months.
CDC's advice, use a condom-forever
The fraud will go on and on and on.
The debt cannot be repaid but to acknowledge this will destroy the fragile paradigm that supports the global ponzi.
Any and all measures will be used to pressure and bully the Greeks into servitude.
Coming to a country near you soon.
It really is amazing. Deadbeat countries escape economic reality indefinitely, but private citizens? Pay up or we take your shit.
That's because the shakedown is on the people, not the politicians. You will know when it is complete when either the Greeks revolt en masse - or they are pounded into 3rd world status.
No wories, another QE will fix everything! /s
Condition 1SQ huh. That's obscure.
Ultimately, this just turns into a game of Ponzi "Whack-a-Mole". Portugal-broke, Spain-dead ass broke, Italy-breathing fumes, Ireland-flat broke, and at least a dozen others living on nothing but borrowed time. Lagarde better polish up her Whack-a-Mole mallet. Grab the Orville Redenbachers and let the game finally begin.
Professor Fate
"Push the Button, Max"
Paging Russia and China...
Hey, it's a "free market" after all...
Free debt swap market. Let's see what happens when the fiat all gets called back from its rehypothication daisy chain.
:)
Look, we all know that the debt is bullshit. That's not the point. The point is people are going to exchange things or start killing each other in earnest. So, in exchange for some paper bullshit, Russia gets to park some ships and troops in Greece. That clear things up for you?
Same as it ever was...
Neither Russia nor China want to prolong the western banking cabal. They want to break it and pick up the pieces afterward. No help coming from them until there is the write off. IMHO.
People do kill each other for want and greed already. You are speaking in scope though and I get it. And the map of nation-states is always changing, same as it ever was.
Nothing is static, everything is falling apart....
The answer is probably both. The degree of which depends on what is exchanged for money. Dracmas? Or Beans? (A society in dismall shape with a long road in front of them? Or Mad Max?). One thing is for sure though... Kansas ain't coming back. That party is over and the ugly lights are on.
The vultures can't agree on how to best split the carcass of the Greeks.
Silver has been up 5% over the last few days. Just sayin'.
:)
Greece is the never ending story. I am totally sick of it. Just Grexit and get it over with, will ya? If they won't Grexit, Ze Germans need to throw them out of the EU.
andrewp111 have you seen the oncoming debt maturity? It's one to make Frau Merkle blush.
"These are 'The Daze of Our Lives'"
LET'S SET THE RECORD STRAIGHT
(1) WE GIVE THE GREEKS MORE GERMAN SAUSAGES
(2) IN RETUNR THE GREEKS GIVE THEIR GERMANS COUNTERPARTS FETA AND OLIVE OIL
WHAT'S NEXT?
STAY TUNE
You forgot that the feta and olive oil needs to be paid with interest.
If Greece were to sign any agreement, would use this "inconsistency" in the Troika "red lines" internally, not speaking it out in Twitter.
Hold your Euros and Bunds, babys, they are signed by Draghi. What could go wrong?
The Euro-weenies don't have the cohones to just repo Crete, and say "there...we fixed it"
"unleash the Schaeuble" - that is some serious comic relief. How creative! I expect that no one will ever actually say in plain English, or whatever local EU language - "You Greeks did it to yourselves, so take responsibility for your own now known to be stupid, self destructive behavior. Change and stop whining. Your neighbors are not responsible to fix your problems."
It's all just a public drama.
First, Greece was saying, "Fuck you, I am not gonna pay anymore." and IMF was saying "Please, please borrow and pay, okay honey? I love you, honey."
Now, Greece is saying, "Okay, I may be going to pay, no matter how high the debt will go even if it takes infinity." and IMF is saying "Oh, yeah? You wanna borrow again? You really wanna? Fine. If you can fulfill all these tough conditions, then you can borrow."
Fuck you to both Greece and the IMF and the Rothschilds.
No matter what financial shit system you the Rothschilds are erecting here, you and your dynasty will still fall in the end of days.
Guess the problem wasn't Varoufakis, after all. Who knew?
Whoever paid attention to what he actually said, instead of various reports on how he looked. Guy got a blog in English, been commenting on all things Eurocrisis since 2010, not like it's not out there.
We all have known they're 100% broke and literally have no more Euros to send without physically printing them in Greece.
I know this; you know this; Greece knows this - are the Troika just now finding out?
Is Corzine hitting all offers?
Under no circumstances can it be admitted that the debt cannot be repaid.
Irishcyclist is correct about Impoverished Psychologist being correct
How bad are things for Greece?
Well, put it this way, the IMF would prefer to bet on Iraq;
"IMF says may agree on $800 million loan to Iraq in weeks."
makes sense, the IMF is stealing oil from Iraq anyway. At least that's something real. What are they getting out of Greece?
Jokers to the left, Clowns to the right.
Here I am, stuck in the middle with you...
MAY 13 , DEFAULT.
The Tyrants at the IMF require a heads we win tails you lose outcome.
They* will king Solomon the deal, split the baby in half, burn some goyim investors and then print like mad hatters to disperse to Muslim invaders
Not kiddin
The new Greek govt has no intention of dealing with what it sees as EU slavemasters. And why is this surprising to anyone when the new Greek FinMin describes the U.S. as a global Minotaur?
http://www.globaldeflationnews.com/the-global-minotaur-a-global-finance-...
Of course it will deal with them. The only quesiton is the terms.
That is, the terms of the new debt the EU/IMF will saddle Greece with. And which Greece will accept. After all, maintaining the status quo is always the least painful route.
Greece is toast... time to file chapter 7 or 11...tell debt owners they ain't getting paid back. Who the hell was the genius who borrowed money to these clowns in hopes of getting anything back?
Greece finally did catch a deal last month?
Well, well. Only two days ago we were told that now Varoufakis had been sidelined, "significant progress" was being made in these protracted Greek negotiations.
ZH: eu-praises-significant-progress-without-finance minister
Apparently not.
Not insignificant sums of money could be made if someone knew the headlines before they happened.
another loan of some sort to pay usery from previous bad loans. gotta keep the "investors" whole.
so imf is top dog? imf telling euro union to roll over? ha, add merica and one of the same. bankers keeping bankers whole. under all this are cratering economies. paper games go on til local economies can not make usery payments plus pensions plus expenses to run bloated local guv.
Throw those pathetic Greeks outof Europe already.
They need to bail me out with some fucks.... i have no more fucks to be given out to greece
Hey - you guys can use THE red line Obama never used.
As George H Bush said - "Not gonna do it, wouldn't be prudent"
The system works until it doesn't.
Greece taking it up the ass AGAIN !
The EU needs to lance its' boil.
>> As a reminder, Monday is D Day, as Athens must make a €780 million payment to the IMF
Next Monday may be D Day, but Friday is VE Day in Moscow. Doubtless Mr. Tsipras will be invited to a little post ceremony junketing at the Kremlin on Saturday evening. Who know what deal may be sealed after some little water.
I am tired of this crap, just default already
"The result is that the institutions have red lines everywhere: pension, labour (IMF), and primary surplus (Commission). Against this background there cannot be a compromise. The responsibility belongs exclusively to the institutions"
And now that the impasse has been laid out to the people and blamed on the other guy the Grexit can begin. Both sides have had time to prepare and will now implement the process. If the IMF says a 50% haircut is required then we can expect that number to be revised significantly higher once the action starts. Banks and EU governments will be introduced to reality soon enough, and so will the people, which will encourage the nationalist movements in Spain, France, UK and elsewhere. Splintering the EU and damaging the IMF ties in nicely with the US political and economic implosion and the push for a cashless/SDR society managed by even fewer people.
Don't think for a minute that nations are actually making these decisions, they're not. It's the puppeteers who finance politicians and ensure they're elected and do as they're told. Take a look at the genealogy of all US presidents, I mean ALL of them (except one), or google BridgeAnne d'Avignon who linked them all to a common royal ancestor. It's not the bilderbergs or NWO or Freemasons, they're puppets but don't know it, it's much deeper and more insidious than that.
I can hardly wait for the real globalists to step forward and offer to rescue us from ths central bank ponzi scheme by suggesting we give up the last vestiges of monetary authority we have to save us from the crisis they fomented. Nice.
JPMorgan has the right idea, the gold:silver ratio is 1:72 who needs SDR's anyways?
Who will be the next President, assuming we have another "selection" based on this genealogy, for all of us are related to one another.
Wait a sec - IMF actually wants to write off debt?! I smell a rat.
They want the other lenders to write off debt. Makes overall GR debt a smaller % of GR GDP, hence makes IMF loans to GR appear more sustainable.
IMF will never accept writeoff of their own loans to GR
You wait and see; over the weekend there will be an appearing of "magic money", the kind that comes out of thin air. Yes, you can get your "magic money" via a back-door of a Central Banking Cabal near you or across the ocean, any ocean. Just promise to forgo your future and all first born and it can all be yours.
----------------------------------------------------------------------------------------------
Included with your "magic money" loan is a large can that you can kick down any road indefinitely...now bend over, grab your ankles and add a little "Grease" or "Greece" because you are about to get it in the rear.
IMF is being challenged by China...
EU is going into QE...
And, IMF will lose credibility with its other investors if it doesn't show due diligence.
What Lagarde cannot say in public is that she is stymied by wanting to stay a mulitilateral funding organisation; all the while bending knee to DC.
Lady of Shalott can't have it both ways and so Greece is the fleece that she wants EU to shear to the bone!
The rabbit hole isn't deep enough to explain all of these actors trying to lower Greece's unpayable debt so they can loan it more.
1. IMF demand for EU to give debt relief is a defacto admission by IMF that GR debt is unsustainable
2. If IMF were to disburse more loans to GR while they are under an unsustainable debt load, this would be contra to IMF articles
3. Call a lawyer
Greece issues 100 year zero coupon bonds with a yield of 0.6% and sells them to the EU and/or ECB for cash, Worthless paper is KING yet again!
www.traderzoo.mobi
Come on grow some cojones and present the Greek people with the choice :-
1) stay in the EU and face guaranteed austerity, whichever way you cut it, because the harpies are squabbling over the scraps or
2) Grexit and a leap into the unknown, BUT draw the masses attention to Iceland,
The more countries that turn around and give the banksters a good "shoeing" the better!
Come on grow some cojones and present the Greek people with the choice :-
1) stay in the EU and face guaranteed austerity, whichever way you cut it, because the harpies are squabbling over the scraps or
2) Grexit and a leap into the unknown, BUT draw the masses attention to Iceland,
The more countries that turn around and give the banksters a good "shoeing" the better!
Walk - the - fuck - away!
Bad cop angry at good cop.
It’s clear now that Germany is out to frustrate any deal with Greece and that the lamestream media is helping to reach that goal by blindly typing lies spread around by the fascistic Troika!
Good ol Tyler: 'Germany unleashed the Schaeuble'...
it is phrases like that that keep me coming back for the Greek shitshow, gee - here comes another deadline - about the 67th or so since 2010.
A heroine addict producer/seller, controling and living on unlimited access to AAA product, forces a less addicted buyer to withdraw. The seller seduced to the buyer to start injecting his product