IMF Humiliates Greece, Repeats It Will Keep Funding Ukraine Even If It Defaults

Tyler Durden's picture


One week ago, we were stunned to learn just how low the political organization that is the mostly US-taxpayer funded IMF has stooped when, a day after its negotiators demonstratively stormed out of the Greek negotiations with "creditors",  Hermes' ambassador-at-large Christone Lagarde said that the IMF "could lend to Ukraine even if Ukraine determines it cannot service its debt."

In other words, as Greece struggles to avoid a default to the IMF on debt which was incurred just so German banks can remain solvent and dump trillions in non-performing loans to US hedge funds and Greek exposure, and which would result in the collapse in the living standards of an entire nation (only for a few years before an Iceland-recovery takes place, one which Greece would already be enjoying had it defaulted in 2010 as we said it should), and as the "criminal" IMF does everything in its power to subjugate an entire nation, or else let it founder, the IMF told Soros' BFFs over in Kiev, that no matter if they default to its private creditors (in fact please do since Russia is among them), the IMF would keep the debt spigot flowing.

Courtesy of the US taxpayer of course.

Fast forward one week when, with Greece one step closer to a full-blown financial collapse, the IMF comes out and tell Ukraine - which already passed a law allowing it to impose a debt moratorium at any moment - not to worry, that even in a default it will keep providing unlimited funds. From Reuters:

Ukraine's efforts to strike a debt restructuring deal with its creditors will allow the International Monetary Fund to continue to support the country even if the talks are not successful, the head of the IMF said on Friday.


"I ... welcome the government's continued efforts to reach a collaborative agreement with all creditors," IMF Managing Director Christine Lagarde said in a statement. "This is important since this means that the Fund will be able to continue to support Ukraine through its Lending-into-Arrears Policy even in the event that a negotiated agreement with creditors in line with the program cannot be reached in a timely manner."

We will pass comment on this latest grand IMF hypocrisy and ask if Greece would rather be in Kiev's place which at the behest of "Western" leaders, it sold, liquidated, and otherwise "lost" all of its gold. Or, like Ukraine, Athens is willing to part with its $4 billion in gold just to appease the Troika as it sells all of its 112.5 tons of official gold to unknown buyers. A transaction which would buy Greece about 3-6 months of can kicking and a few stray smiles from Chrstine Lagarde.

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Fri, 06/19/2015 - 15:42 | 6215029 silverserfer
silverserfer's picture

Its made the handbag out of its own skin. 

Fri, 06/19/2015 - 15:47 | 6215051 Latina Lover
Latina Lover's picture

The banksters have plundered Greece for most of what they want. The Ukraine, however, offers the opportunity to destablize Russia and steal the biggest prize in the world, Russian resources and territory.   Personally, I wish Putin would stick a nuke up the IMF's ass.

Fri, 06/19/2015 - 15:47 | 6215055 MonetaryApostate
MonetaryApostate's picture

More Greece drama...   *Pukes*

Fri, 06/19/2015 - 16:12 | 6215174 Waylon Bits
Waylon Bits's picture

From Lagarde's botomless handbag....

Fri, 06/19/2015 - 16:30 | 6215233 BarkingCat
BarkingCat's picture

Lagarde is a bottomless hag bag.

If you take Cielis and your erection last longer than 4 hour, look at Lagarde's picture.

Instant cure.

Fri, 06/19/2015 - 20:13 | 6215976 Squid-puppets a...
Squid-puppets a-go-go's picture

THIS hypocritical situation is why fiat money supply is EVIL - writ large. Were america restrained by its gold holdings, it would not be ready to throw money at ukraine with the aim of goading russia into a mistake that will justify a wider war than that suffered by the ukrainians

Fri, 06/19/2015 - 21:32 | 6216195 Publicus
Publicus's picture

World War 3 will once again be in Europe.

Fri, 06/19/2015 - 21:44 | 6216223 philipat
philipat's picture

Demonstrating again that the IMF is simply another tool of US foreign policy. And in turn why China and Russia are in the process of establishing a new Organisation (AIIB) which will be less politically-motivated and more with pure development and trade interests in play.

Fri, 06/19/2015 - 23:57 | 6216568 Luc X. Ifer
Luc X. Ifer's picture

Just wait for that gas pipes to start pumping and you'll see who's gonna dance sirtaki & kazachok and drink ouzo & vodka ...
Kalimera & Nazdrovje

Sat, 06/20/2015 - 12:13 | 6217366 Luc X. Ifer
Luc X. Ifer's picture

Yes, indeed very few talk about the little dirty secret - that in fact it is in Greece best interest to leave EU & Euro and that in fact ECB/IMF fight this to avoid acknowledging that the strategy of building wealth & growth for a very few by sneaking enslaving/generational debt into many others is not working

Sat, 06/20/2015 - 09:40 | 6217120 epicurious
epicurious's picture

You forgot the sarc notation.  There will be very little difference between one set of oligarchs and another.  This is just another form of new world disorder.

Sat, 06/20/2015 - 12:18 | 6217378 Luc X. Ifer
Luc X. Ifer's picture

*Disorder* - the forever fear-mongering emotional-selling scare-crow of the status-quo in place. Indeed, a multipolar world is much better for the non-aristocrats for the same reason a true-free, non-monopolistic market is for the economy.

Fri, 06/19/2015 - 16:25 | 6215217 Milestones
Milestones's picture

If my undertnding of the European Union charter is correct, the E.U. has no authority under that charter to THROW ANYONE out of the Union, there are NO provisions in said charter.

Further, if the E.U. tries to in some manner, to sanction Russia it requires a UNAMIOUS vote by said Union. 

Greece and Russia are playing footsie TODAY in St. Petersberg. What happens if Greece says NEIT to any such action such as sannctions--it goes down the toliet.

Pray tell, who really has the ace of trumps? I think we see the REASON this has been dragging out in such comical manner.


Fri, 06/19/2015 - 18:16 | 6215614 TheReplacement
TheReplacement's picture

I think you mean NYET, not NEIT.  Boris will not be pleased. 

Fri, 06/19/2015 - 21:51 | 6216242 glenlloyd
glenlloyd's picture

No...more Greek Drachma...

Fri, 06/19/2015 - 16:35 | 6215260 Meremortal
Meremortal's picture

Putin and the new Russian empire will be gone in 5-7 years. I'm fine with that.

The IMF will still be causing problems, unfortunately.

Just another workaround, there are many on the naked planet.


Fri, 06/19/2015 - 17:36 | 6215276 farflungstar
farflungstar's picture

What Russian Empire?

The AmeriKan and European dumbocrats keep saying that shit too, but then, I don't expect them to back their noise up with any actual facts.

Hasn't it occurred to you that Russia has more than enough unspoiled land within their own borders that they do not need to subjugate former Soviet countries that would fight tooth an nail against any sort of re-incorporation? No, the West's covetous ones are itching for that unspoiled land to plunder for themselves, free of charge. The "Russian / Soviet Empire" soundtrack is just a ruse for the rubes as the AmeriKans build up their forces in preparation for the day when they attempt to steal what is not theirs. 

Fri, 06/19/2015 - 17:49 | 6215494 Latina Lover
Latina Lover's picture



Stratfor is pushing the meme that Russia will disintegrate within the next decade and the USSA will have save the world (tm) by rescuing Russia’s nukes from rogue elements.

Russia survived Hitler, Napoleon and the Bolsheviks but is now a doomed state, LOL>  This is why I cancelled my subscription. Why pay $$ when I can read the same BS for free,courtesy of the USSA state department?

Meanwhile, a decade back Goldman Sucks predicted that Russia would be richer than the USSA on a per capita basis.

Fri, 06/19/2015 - 21:38 | 6216208 WTFUD
WTFUD's picture

I used to be naive enough to subscribe to the MIC's/CIA Stratfor Disinformation. It's criminal that they feel they have a finger on the pulse when they'd be doing us a service having no pulse.

Fri, 06/19/2015 - 22:04 | 6216282 willwork4food
willwork4food's picture

I hope I don't muck things up too much here but don't forget that PUTIN alone is worth north of $70Billion. Something tells me he has NWO ranking and this is all a horse & pony show for the serfs of both Russian and the US and the world.

Sat, 06/20/2015 - 06:21 | 6216916 Farqued Up
Farqued Up's picture

I gave you an upper on the reasoning, even though I have a bit of doubt about the 70 bill. 

Why do I think you MAY be right? FSA is carpooling to the space station with them. Something smells like a ripe dead shrimp in a bait bucket in the car trunk in the summertime.

Sat, 06/20/2015 - 10:46 | 6217218 Counterpunch
Counterpunch's picture

And I'm open to changing my mind but I believe this is a disinfo meme out of the Beltway.

1) what is the evidence of 70 billion?
2) what is the evidence, irrespective of 1, that Putin and theAnglo-Zionist Front, despite all the appearances to the contrary?
3) irrespective of both 1.and 2., why would the NWO/ZWO and Putin engage in theatre at all?

Again, I am open, but seems like naked disinfo.

Fri, 06/19/2015 - 23:12 | 6216453 angel_of_joy
angel_of_joy's picture

Stratfor is just George Friedman talking to himself in front of a mirror, and trying to sound convincing... Don't waste your money. A Russian partition is an old reccuring wet dream of our elites. Not a chance in Hell to become reality, but it sure feels exciting. Hence their bullhorn, the Friedman guy...

Fri, 06/19/2015 - 17:19 | 6215401 tbd108
tbd108's picture

You are not a "meremortal", but a "merehalfwit." Russia has no debt, has more natural resources than any other country on the planet, and Putin is considerably more popular than Jesus. The bankrupt West is going down almost certainly long before 5-7 years ... huge external debt, sociopathic leadership, a broken welfare/warfare state, people who are not just ill-educated but positively clueless ... Assuming that you are putting your money where your stupid mouth is, hopefully your parents have a basement for you to stay in  with your pet rat when the fruit of actions of the West ripens.

Fri, 06/19/2015 - 18:24 | 6215641 TheReplacement
TheReplacement's picture

Russia does have debt, not much but some. 

Russia is missing one important thing - population.  Maybe that is why China is being so nice - room for expansion.

Think of it.  The west and Russia destroy each other, one way or another.  At best the survivors will be very weakened.  What are 1.3B Chinese to do?  They could build lots of boats and planes to get across the ocean to a somewhat depleted and polluted America or they can walk north and west to vastly more resources and less pollution.  If I was China, this would be in the playbook.

Still, nukes, the ability and willingness to use them trump all.

Fri, 06/19/2015 - 19:23 | 6215817 tbd108
tbd108's picture

It is true that the neo-cons/nazis are trying to draw the Russians into "nuclear combat" ... toe to toe ... (with respects to Slim Pickens) ... but so far Putin has refused to bite. Barring that calamity, the Russians have survived worse rivals (Hitler, Napoleon). They certainly have deep problems but at least their leader is not a racist half-wit tool of the Chicago mob and the New York/London banksters.

Sat, 06/20/2015 - 06:43 | 6216926 BoredRoom
BoredRoom's picture

Why do you repeat American Communist Party namecalling?? I'll bet you are too ignorant to know that's what you are doing.

Sat, 06/20/2015 - 00:21 | 6216608 Luc X. Ifer
Luc X. Ifer's picture

sweet dreams yo mortal brain

Sat, 06/20/2015 - 00:28 | 6216620 Ward no. 6
Ward no. 6's picture

did u give yourself the 1 ?

Sat, 06/20/2015 - 05:04 | 6216882 invisible touch
invisible touch's picture

i not see revolt in futur since sleeping in gaz simply never make you wake up again.


considering the greek population keep living without too much medias inceptions, bank run or not, this will go for more than a whole generation,  once that new generation of people will have raised in the no futur state of mind,  troika will have applied the core of the method to rest of europ  with help of TTIP and other stuff who unbalance internal economy and kill jobs making a societal collapse... 


6th animal exctinction started with eurozone.


problem with europ is they let their wealth flee outside, and in same time seek for external wealth to import by force.

locking & raising import taxe, relocalizing jobs and factories and pay fair price for local food production should do the job, i do not understand why they keep laminating themselves by letting the doors and windows open... it is just non sense for the masse who keep sleeping in gaz and wonder why their country is slowly dying.



Fri, 06/19/2015 - 17:12 | 6215362 Kirk2NCC1701
Kirk2NCC1701's picture

LL, I'd settle for a Financial Nuke:  "GOLD FOR HYDROCARBONS!"1, EUs Guys

Unless you're a BRICS member.  Then you pay in Rubles or Yuan.

[1] Exchange-in-Kind: Real assets for Real Assets.  Keep your fiat, Miststück, Merkel.

Sat, 06/20/2015 - 13:43 | 6217552 bid the soldier...
bid the soldiers shoot's picture

true, LL

The banksters have plundered Greece for most of what they want. 

With the exception of naval bases in the Mediterranean, at the mouth of the Dardanelles, which, if leased to Russia, should put the NATO warships frolicing in the Black Sea on good behavior when they depart.

The Maidan started out as a win-win for NATO.  Either the Russians would cave in to their demands or join a neverending battle with the proxy Ukes.

Now the coalition is unraveling. Slovakia, Czech Republic Hungary, Italy, Austria have all expressed dissatisfaction with 'the world according to Noodleman.'

Finally, Rome wasn't built in a day nor will America be taken down in a day. 

Fri, 06/19/2015 - 16:04 | 6215130 CPL
CPL's picture

The snake always eats itself once it runs out of food.  That's just how the history of collapse works.

Fri, 06/19/2015 - 15:43 | 6215032 Jacksons Ghost
Jacksons Ghost's picture

The Spice must flow.

Fri, 06/19/2015 - 16:54 | 6215187 Bioscale
Bioscale's picture

I've read  about former Russian finance minister Kudrin suggests early presidential elections to speed up reforms in Russia. Another guy who was schooled by IMF to tell the old story that is currently happening in Macedonia, Moldavia, Ukraine maybe other countries.. Funny how IMF never calls for reforms in the USA.

Fri, 06/19/2015 - 15:44 | 6215039 Skateboarder
Skateboarder's picture

When there's nothing left to sell, the people get sold. Or was it the people who got sold first. I don't remember, but the point of the story is, people get sold at some point. Every time, without fail.

Sat, 06/20/2015 - 07:57 | 6216994 WOAR
WOAR's picture

Your eyeballs are the first commodity to be sold.

"Have fun at the circus, and here, take a bagette with you when you go..."

Now, instead of bread and circuses, we have Youtube/MSM/Pornhub and EBT cards.

What's that saying? Same as it ever was?

Fri, 06/19/2015 - 15:45 | 6215041 Bill of Rights
Bill of Rights's picture

The IMF itself is Humiliating so they've got something in common.

Fri, 06/19/2015 - 15:45 | 6215042 buzzsaw99
buzzsaw99's picture

the imf is just a tool of the usa ptb and an extension of usa foreign/economic policy. everyone knows that.

Fri, 06/19/2015 - 15:52 | 6215076 Oh regional Indian
Oh regional Indian's picture

Word on conspiracy street is that reality is actually the opposite of what you state buzz.

It is the IMF that is the real capo in this deal.

Fri, 06/19/2015 - 15:58 | 6215096 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

The fact that the United States has veto power over IMF decisions and repeatedly has denied the upcoming economies of the world (particularly China, India and Brazil) greater voting rights within the IMF is rather telling.

Fri, 06/19/2015 - 16:32 | 6215246 clooney_art
clooney_art's picture

IMF = International Mother Fucker.

Fri, 06/19/2015 - 17:16 | 6215387 Kirk2NCC1701
Kirk2NCC1701's picture

I beg to differ on the International part.

But decorum prevents me from being explicit.

Sat, 06/20/2015 - 10:12 | 6217172 20-20 Hindsight
20-20 Hindsight's picture


Fri, 06/19/2015 - 15:46 | 6215049 Oh regional Indian
Oh regional Indian's picture

Lending into our rears?

Sounds odd...also sounds greek...

What's the problem here?

Fri, 06/19/2015 - 15:48 | 6215057 Ness.
Ness.'s picture

it's buying stocks time - very bullish this.

Fri, 06/19/2015 - 15:50 | 6215071 Bill of Rights
Fri, 06/19/2015 - 15:49 | 6215062 sablya
sablya's picture

It is a good decision from an investment perspective.  Greece is a money pit, always has been, always will be.  They'll never pay back from their own GDP.  Ukraine, on the other hand, has great potential because Ukrainians are technologically competent, able to manufacture, able to export high-end hardware and software.  If they can just get the oligarch leeches off them, and the Russian monkey off their back, they might have a great economy.  

Fri, 06/19/2015 - 15:52 | 6215078 kaiserhoff
kaiserhoff's picture

Some of the best farm land in the world, and a key cross roads location,

  but in a rough neighborhood.

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