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IMF Spoils The Party Again: Throws Up On Latest Greek Proposal
And it was all looking so great based on the market's all-knowing discounting mechanism of kneejerk-reacting algos.
Despite Merkel's comments on "no discussion of restructuring" and Schaeuble's dysphoria over the proposals, a Greek Minister's overconfident "Greece is rescued" comment is about to be crushed by Lagarde's heavy hand:
- IMF DISAGREES WITH GREECE ON CORPORATE TAX, VAT AND PENSIONS - EU SOURCES
More from Marketnews which reported the latest IMF disagrement:
- EXCLUSIVE: GREECE JUNE IMF PAYMENT CAN BE COVERED WITH SMP PROFITS-SRCS
- IMF DISAGREES WITH GREECE ON CORPORATE TAX, VAT, PENSIONS
- CREDITORS CURRENTLY MULL 6-MONTH EXTENSION FOR GREECE
- GREECE EXTENSION ATTACHED WITH PRIOR ACTIONS, REFORMS
- IMF, COMMISSION STILL HAVE DIFFERENT APPROACH ON GREECE
More:
Greece will be able to quickly tap previously committed bailout cash to pay the International Monetary Fund next week if it's able to reach an agreement with its creditors, senior EU sources have told MNI, but the Fund remains ironically one of the country's toughest critics in the ongoing negotiations.
And from the WSJ:
But the IMF is still unhappy with key aspects of Greece’s new economic proposals and German officials were irritated by the speed with which the commission welcomed them, warning that much work needs to be done.
Greece’s plan calls for reducing the deficits in its pension system and government budget by relying heavily on raising taxes and social-security contributions, whereas the IMF wanted bigger spending cuts.
The Washington-based IMF has said Greece’s economy is already too heavily taxed and that too many additional tax increases would hurt economic growth, making it harder to pay down Greece’s debt.
“It is still short of everything that should be expected,” IMF Managing Director Christine Lagarde said Monday, suggesting Greece will have to modify its proposals significantly to win the IMF’s backing.
IMF representatives have told European officials that they are also not satisfied yet by Greece’s broader economic overhaul plans beyond its budgetary promises. The IMF sees a wider, business-friendly shake-up of Greece’s economy as essential if the country is to improve its long-term economic growth.
Yeah - but as they say - apart from that The IMF loved the Greek Proposal!?
However, even if this were to be agreed by The IMF, there is stil Zee Germans who just threw another "ball is in your court" wrench in the plans:
- GERMAN PARLIAMENT WON'T VOTE UNTIL GREEK LAWMAKERS APPROVE DEAL
Back to you Tsipras.
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one word…….USD/JPY
or is that 2 words, or 5, how about some words, or wording; Fuck! Sentence? Dammit! Everybody shut up and leave me alone!
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Is that you Varoufakis?
Blah, it is all a dog and pony show. Everyone running around looking like they are doing the best for their party. What a joke! Up on deck, one Grexit.
Going back to the headline, everyone should be throwing up on this, so is it news or is it just stating the obvious?
64,000.00 Zimbabwe dollars. Wow!... Now you can go buy yourself a big fat hamster and shove it up your ass. Get lost you troll.
Don't hold back, Yen. Tell him what you really think. (The hamster comment was funny as shit, by the way. I'm still chuckling.)
… not me --
I feel sorry for hamsters!
"I feel sorry for hamsters"
I like hamsters too. Especially braised in a wine sauce.
Izzat U, Ultimate.Cockgobbler@SwallowMore.cum?
The correct address is www.EarnMoar9.com
Go back to TMZ.com where you belong, Ultimate_Shithead
There will be NO GREXIT ever.
There will be a Grexit, but there will be a smoking wreckage of a country to mark its grave......
I fucking hope you are wrong. Those leechees have to go asap and go sucking someone elses blood.
I agree. Douchebankz has to go.
How the USA "solved" the problem of top-level federal oversight: the Civil War
How the EU (a geriatric petting zoo) solves the same problem (150 yrs. later): rules, rules, rules ("it's sooooo civilized")
ROFLMAO: when Pluto's in Capricorn (until 2025), there are no rules.
*Greiatric Petting Zoo*....Instant classic there Salah.
BTW, I always notice your astrological by-lines. Do you blog/write about this somewhere?
Greece is the Template for other EUSSA countries, to usher in Neo-Feudalism.
And, at the same time, a nice Tool to mess with Russia.
I suspect.
Soros is paying Greeks to protest to stay in the EMU and with the Euro. They have really nice banners and such and the people are very happy to do this because they are being paid. The best job in Greece they say.
What Greece might default. Tell me it ain't so.
God fucking damnit I don't give a shit either way just get something done. I'm sick of hearing about this stupid shit. Five fucking years get it done for fucks sake. WW2 didn't take this long.
I never thought I would despise a series of articles more than last year's Ebola scare.
I was wrong.
That is a great point about WWII being shorter.
Of course I think this is most likely following the Great Depression theme than any of the wars.
That train wreck took a long time also.
"No, no, no, yes, no, no, yes, no, yes, no, no, NO, yes, NOO, NOOO, NOOOO, yes, NOOOOOOOOO, YES!" says Greece and Germany.
Can't you see the game they are playing?
Vaguely reminiscent of Dark Helmet playing with his dolls again
"Your helmet is SO BIG!"
What pisses me off is that this agrrement could have been done years ago..but no...the players had to play it out and waste all that money on meetings..hotel rooms...limos..and fine food.....we really are stupid...oh and by the way..its not done yet...this will go on for another 5 years...
...another 5 years... That's rather optimistic for you Youngman!
They are the Rothschild's yesmen. You have to give them a break. They "deserve" it after so much hard work.
Up on the Rumor of a Deal, Ignore the facts, repeat tomorrow... got it..
this is beyond ridiculous and typifies the entire financial world circa 1990-present
This is like pulling petals off a daisy - she loves me, she loves me not except we're playing Grexit The Grexit is on, no it's not. Pivot to Russia, no we won't. For F***s sake make up your mind Greece!
Tell the IMF whore to go f*** herself and get on with he Grexit.
Now Greece will truly be punished for not bowing to the master sooner.
I went to the doctor and he gave me 6 months to live...
....I couldn't pay my bill, so he gave me another 6 months!!
- Henny Youngman?
I went to the doctor..and he said I have some good news and some bad news.....I said what is the good news...he said I had 24 hours to live...I screamed what the Hell....what is the bad news....he said I could not get a hold of you yesterday....ba da boom bada bing
i went to the doctor and said "doc every morning i get up and go to the bathroom, look in the mirror, and then throw up! whats wrong with me? Doc says, "i dont know but your eyesight's perfect".
-Rodney
badump dump
A guy went to the doctor and he told him he had some bad news and some really bad news, which did he want first? The guy said, give me the really bad news. He said you have cancer and will be dead in a week. The guy said geez, what is the bad news? He said, you have alzheimer's. The guy said, thank god, I thought I might have cancer!
The rigged casino bullshit fuck-tard "markets" and their Algo linchpins love creating straw men on a daily, weekly, monthly basis....
Create a bullshit headline straw man and then blow it over like nothing and watch the fucking totally rigged horseshit casino ponzi scheme shoot higher and higher!!
Can you tell I'm absolutely over it??
The International Mother Fuckers want it all.
I thought greece was a movie.....Its a country too? Probably somewhere in the middle east huh? I find it surprising tho, muslims usually pay their bills. Why doesnt the west just bomb them and take their oil? Joking aside, someone tell me if I am at least on the same planet to what is going on. Greece borrows money from the bankers. Seems they borrowed too much and did not spend it properly. Now they need to borrow more because they spent it all. I hate the bankers more than I can say, but isnt this the fault of Greece for mismanaging the money? I dont really blame Greece for borrowing, I had to borrow to buy a house. Well, I lost my job and I ended up filing for bankruptcy. This was about 15 years ago. I finally found a job and worked my way back up, but filing for bankruptcy didnt kill me. In fact it was good for me because I was unable to BORROW ANY MORE FRICKING MONEY! I stayed out of debt ever since. For the bankers, they are worried that if Greece defaults, then so will Spain, Portugal, etc. In fact, this isnt about the money, its about the bankers keeping control of the country/world. And what the heck is 7 billion dollars? Obamas vacations almost equal that. :-)
ANyway, sorry for the novel, I am bored this morning.
More important than who agrees or disagrees with what is to design and implement a solution to Greece's debt problem which hangs like a shadow over Europe and destroys the social fabric in Greece. The latest proposal shall if implemented only drill deeper holes into Greece without providing debt relief and therefore the problem will be increased instead of solved. It is not helping anybody if the Greek government is in future waterboarded with credit extension talks every 3 month by chief torturers Schäuble, Juncker, Lagarde and Draghi. Excessive debt needs to be extinguished. Everybody knows that. Where is the problem?
IMO, this has nothing to do with the end result. It is everything about timing now.
They are timing an "event".
Otherwise the "theater" would be meaningless.
I think you're right. Apparently the anti terrorist police in the UK are on unlimited over time ... make of that what you will
"Fangul!"
What she actually said.
WE DONT CARE ABOUT THE IMF
not that this is anything other than a fucking shitshow that we all know how it ends, but of course the algos do not read this and sell off on this both in europe and in the u.s,
dont worry though, later tonight or early tomm morning when the next bs rumor come out, algos will pump another 2-3 percent.
Thks Greeks, Germans, IMF,BCE..... Where would the volatility be without you :)
markets bounced - thats why IMF is putting up this front. let the DAX, CAC, and FTSE all drop another 10-15%. watch how fast a deal gets done then.
They have to kill Greece now, before autumn elections in Spain. They can't risk another leftist government not bowing to the masters. How dare they raise their voice
One word describes the Greek crisis: Usury.
The quicksand Greece finds itself in…the multiplication of Keynesian entrapment… is a variation of an old usury formula. The famous British author, Thomas Carlyle (1795-1881), has descriptions of parasitic financing once involving the monastery St. Edmundsbury. Here’s the author Alfred Guernsey (Carlyle biography 1901):
“We give a single specimen of monkish and Hebrew financiering in those days, as set down by Brother Jocelyn de Brakelond, giving the sums in coin at our present valuation.
"Some repairs were required on the convent buildings, and, there being no money in the treasury, Abbot Hugo, the predecessor of Samson, borrowed 540 dollars from ‘Benedict the Jew’ to make these repairs. The account ran on for a while, while with interest the debt amounted to 10,000 dollars, when Benedict began to press for payment.
“Moreover, Abbot Hugo had from time to time borrowed other sums from Benedict, amounting to all, interest added, to another 10,000 dollars. There is still no money in St. Edmund’s treasury, and Abbot Hugo has to ask for an ‘extension.’ This is granted by Benedict upon certain terms, which were that Abbot Hugo should give him new bonds, sealed with the seal of the Saint, for 40,000 dollars, payable in four years.
“The four years pass, and still there is no money in St. Edmund’s treasury. So Benedict and Hugo make a new arrangement. The Abbot shall give the Jew a bond for 88,800 dollars, to be paid in installments at the rate of 8,000 dollars a year.
“Somehow, all this has grown out of loans amounting in all to 10,540 dollars. Nor is this the whole. Benedict has memoranda of certain ‘small debts,14 years old,’ due him from St. Edmund. Putting all together, the Hebrew’s whole claim foots up to 120,000 dollars ‘besides interest.’”
--Thomas Carlyle, His Life, His Books, His Theories (1901)
This was written on the basis of David Stockman’s excellent description today of what has happened to Greece. In short, the usurers look for the weaknesses in their victim.
Note: Benedict the Jew was probably was probabaly killed by the townsfolk and all debts cancelled under the blessing of Abbot Samson a few years later. Will history repeat itself?
Carlyle, in his book Past and Present, featured a profile of Abbot Samson who managed the monastery with great efficiency and progress, working as well with the townsfolk. Abbot Samson was the hero in Carlyle’s account. The parallel with the events of today, i.e., Abbot Hugo and the profligate US Congress, is that different leadership can overcome the duplicity of past leadership failures that are dependent on parasitic moneylenders and tyrants.
Thanks for the information. Here is more on Samson of Tottington from Wikipedia (coincidental isn't it that he was jailed by Abbot Hugo?):
Samson of Tottington
Samson of Tottington (b. at Tottington, near Thetford, in 1135; d. 1211) was an English Benedictine monk who became Abbot of Bury St. Edmunds. His life was later used by Thomas Carlyle as a model of leadership in his book Past and Present.
Life
After taking his M.A. in Paris, Samson returned to Norfolk and taught in the school at Bury St. Edmunds. In 1160 the monks of St. Edmunds sent him to Rome on their behalf to appeal against an agreement of the abbot and Henry II of England, and for this on his return Abbot Hugh promptly clapped him into gaol. By 1166 Samson was a fully professed monk, and in the years following he filled a number of offices - those of sub-sacrist, guestmaster, pittancer, third prior, master of novices, and master of the workmen.
Abbot Hugh died in 1180, and on the advice of Eysteinn of Nidaros who resided in the abbey between 1181 and 82, Samson was elected abbot of Bury St. Edmunds on 21 February 1182.[1][2] For the rest of his life, Samson worked for the abbey, for the town, and for the State. He regained the right of joint election of two bailiffs for the abbey and town, "improved the monastery’s financial position by paying off debts, stamping out independent borrowing by his monks, ...increasing revenues from the abbey’s holdings,"[3] rebuilt the choir, constructed an aqueduct, and added the great bell tower at the west end of the abbey and two flanking towers. He defended the liberties of the town. He helped the townsfolk to obtain a charter and encouraged new settlers. The monks resisted Samson's concessions of market rights to the townsmen, but were no match for their abbot. A hospital at Babwell, and a free school for poor scholars, were also the gifts of Abbot Samson to the townspeople.
He was abbot at the time of the 1190 massacre of Jews in Bury St Edmunds.[4][5] He also oversaw and arranged for the expulsion of all Jewish townspeople, asking in his letter to King Richard I “for written permission to expel the Jews from St Edmund’s town, on the grounds that everything in the town...belonged by right to St Edmund: therefore, either the Jews should be St Edmund’s men or they should be banished from the town.”[6] …
Pope Lucius III made Samson a judge delegate in ecclesiastical causes; he served on the commission for settling the quarrel between Hubert Walter and the monks of Canterbury; and on the Royal Council in London, where he sat as a baron, opposing the efforts of William of Longchamp to curtail the rights of the Benedictine Order.
Samson died in 1211, having ruled his abbey for almost thirty years. Thomas Carlyle in Book 2: The Ancient Monk of Past and Present wrote an extended essay on Samson and leadership.
https://en.wikipedia.org/wiki/Samson_of_Tottington
America lacks leadership.
Sometimes I WISH I had Alzheimer's.... :-)
Christine Lagarde receives a salary of $467,000 dollars and another $83,000 allowance. Lagarde pays no taxes. Seriously, no taxes paid.
Christine made 83'000 dollars working at home on the internet...go to www.fukuall.com and sign up for free membership with no obligation..hurry..spaces are limited...
The IMF mafia kingpins have not only exempted themselves from paying taxes, they have given themselves diplomatic immunity in case they get caught ass raping a maid or something of that nature.
"We have to save Greece, so we can fuck it."
-Some IMF douche
Tsipras; you shopuld have realised by now that ONLY,ONLY, TOTAL SUBMISSION IS AN ACCEPTABLE POSITION AS FAR AS THE TROIKA IS CONCERNED.
TELL THEM; FUCK OFF, NO REPAYMENTS, NO EUROS, NO MORE SLAVERY, GO AND EAT YOUR OWN DERIVATIVES.
You're going down take the rest of the redistributionist welfare socialist with you.
So, apart from all the major points, its a go.
What a relief.
But, but, but... Zero Hedge has been loudly proclaiming the deal as done like dinner! Are you telling me Zero Hedge was merely speculating like a dumb as a sack of nickels algo? No, never.
There never was a proposal. Last ditch "efforts" by the clowns in Athens. Fucking hillarious.
Just imagine how money has been wasted in the 6 year Greek saga. All the money that has been wasted with meeting after meeting after meeting. Hotels, airlines, food vendors, hookers ect.. In the end the Greeks will get more money to pay off the loans they couldn't pay off 6 years ago, and will be "saved" for another three months.
All those officials aren't staying at the Motel 6 or eating value meals at McDonald's. Great gig if you can get it.
Accordingly, market getting "crushed" on the news
Dow was down 2 full points last I checked
One attempted coup d'etat coming right up.
Tspiras had better take forthright measures now, without delay, to prevent that or he faces being forcibly overthown within days.
Snap joint military exercises might do the trick.
The IMF has decided the pivot needs to be made to China and away from the West. The Euro and the Dollar will be thrown under the bus in favor of the Yuan. The IMF will force Greek default and Euro devaluation. Not a surprise.
Well, I can't say I am surprised. Basically, Tsipras is offering to raise taxes he knows he won't collect so that he can get at the rest of the bailout funds (and more funds after six months or reopen the "negotiations") to spend a little inside of Greece while paying off the IMF. This has the benefit of allowing Greeks further access to ELA for another six months to slowly get their capital out of the Greek banks before they go down (this closure of ELA was the EU's only real threat at this point).
I think Tsipras knows there is never going to be a deal, and is simply trying to extract the maximum amount out of the previous agreement and the ELA. With that in mind, expect him to always come up with a last minute new proposal that extends things a day, a week, a month, six months. But never expect him to come up with proposals that cut spending at the Greek government level.
Who can authenticate that any of the proposed measures get put into action. Even if their clown parliament votes on it? The track record and past performance are all that matters. The political establishment in Germany, France and so on is dumb as borscht. Ok, maybe they're not dumb. Maybe just criminally complicit or being blackmailed? Although some German political figure is saying they don't want to appear as being blackmailed.
As always, the political establishment lives on Cloud 9 in Kookoo Land.
Greece is a political, financial and economical basket case. Same as it ever was. That won't change no matter how much more money they're being thrown at.
Every kid in Germany is now able to see it for what it is. Seriously, people are questionning the ability and credibility of their government in Germany.
This Greek shit show has consumed several weeks and months of the political working calendar this year. There are many other pressing issues that are not being addressed or looked at.
How about the TTIP agreement that is going to change food labelling and food products in Europe forever?
Greece is broke today. They were broke yesterday and they will be broke tomorrow. Wanna piss more money down the drain? Have at it. Just make that decision. Don't want to pay anymore. Then tell Greeks to fuck off.
This doesn't require countless hours of meetings and proposals and more meetings and proposals.
None of these clowns acting here have ever sat in a boardroom and making decisions about funding or not funding a deal with their own money. That is the problem. None of these clowns have any skin in the game and if they make a mistake, there are no consequences for their actions.
Fuck 'em all!
It is like sideshow 3 shell ball game.
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as Thimblerig, Three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.
The IMF/Greece/ECB(Germans) are the shells, the 'default' is the ball, the financial media is the con man, the mark is the markets. The markets don't think they do as programmed by the HFTs since it is all automated now. The con is to inflate the markets using it as the pea for other shell games. Specifically the bond markets to make the ECB member bonds worth more than they really are for starters. Con games within con games.
It is one giant jawboning verbal shell game to con the markets upwards. Then take this as it's own iterative shell and then add the Federal Reserve, etc. You get the idea. It is 3 card verbal bullshit ponzi to keep the players from leaving the table to cash out. The Ai's on the other hand just keep playing along because artificial intelligence is anything but intelligent. They are the mark since lack of intelligence is the easiest to con. Something about maximum flow rates vs resistance. Must be a coincidence not natural law that the con game works in this manner.
They are playing the old negotiating cliche: good cunt bad cunt
This has been going on for a few years now, in that time, how many new factories has Greece built? What have they done to get their house in order and get on the way to finally becoming a productive people? All I see them doing is whining about repaying their debts. Lots of effort that should be spent on restructuring their failed, socialist economy. The days of retiring at age 50 with a government pension are over for Greeks. Time to accept it , roll up your sleeves and start producing.
Who has skin in the game?
"Schaeuble's dysphoria" my ass. He is waiting for Deutsche Bank's irreversible derivative tsunami which is coming irrespective of how the Teutonic Neo NAZIS deliver Urupp to the Wall St chosen racer gansters.
So, what's behind door # 3 ?
The irony is that the IMF is correct.
Greece spends too much and their taxes are too high..... not that people pay these taxes.
As much as I want Syriza to succeed in this ordeal, I have to remember that they are a bunch of communist, so their outlook on things is also mighty idiotic.
Still, this is like watching a fight between two assholes that you do not like.
Lady Lagarde is a modern remake of Milady in the "Three Musketeers"...she serves occult interests of : "it is by my order and for the interests of the State, that the holder of the present did what he (she) did"...
It (the celebrated phrase, like "out, out damn spot") entered into literary history as the "Blanc Seign" signed by Richelieu--Eminence Grise, who made modern statist and Machiavellic France-- the "blank signature" to "do whatever it takes to achieve the ends of French absolutism" (never mind the Means, as Machiavelli had changed all that "ethical nonsense" when it came to making "decisions of state"... game changing decisions.)
So Lady Lagarde is prepared to sacrifice Greece to save those superior interests of Word Inc; aka the Bankster cabal, represented by the SQUID and its minions currently running USA/EU alliance and who led that band of Greek political scallywags into the Euro back in 2001 when the Squid established the false balance of Greece's candidature to Euro group (Thank u Mr Draghi, you played the Comte de Rochefort perfectly to a T as hit man for the Squid) .
Since then, we have gone viral on making Oligarchy capitalism, fed on steroids, the zeitgeist of this age.
When debt = asset and when debt is a runaway vagrant, then all bets are off!
But in the meantime Milady rules the roost until one day... she is led to Armentières!
But that still has to play out!
Could it be that Madame Legarde has picked up some of the arrogance against the lesser people from her ancestry prior to the French Revolution? And the revolution is coming?
It was covered by Carlyle:
“That, if the gods of this lower world will sit on their glittering thrones, indolent, as Epicurus’s gods, with the living chaos of Ignorance and Hunger weltering uncared-for at their feet, and smooth Parasites preaching ‘peace, peace, when there is no peace,’ then the dark Chaos, it would seem, will rise; -- has risen and Oh Heavens! has it not tanned their skins into breeches for itself? That there be no second Sansculottism on our Earth for a thousand years, let us understand well what the first was; and let rich and poor of us go and do otherwise.”
The rulers can ignore Carlyle and the people’s hardships and the people’s ignorance of its cause but the Chaos it will render will not be worth the price to the oligarchs.
NOTE: Sansculottism definition, (in the French Revolution) a revolutionary of the poorer class: originally a term of contempt applied by the aristocrats, i.e.,, sansculotte, "lower-class republican of the French Revolution," 1790, from French, literally "without breeches;" see sans + cullotes. Usually explained as referring to the class whose distinctive costume was pantaloons (long trousers) as opposed to the upper classes, which wore culottes (knee-breeches), but this is not certain.
Well between you, me and the deep blue, I would vouch that Lady LAgarde is a pure product of "american exceptionalism".
A simple (albeit ambitious) french girl went to America and became thru "true grit" the lead "water carrier" (think Gunga Din of Kipling's tale) of US Oligarchy as head of a corporate lawyer firm specialised in protecing the interests of Oligarchy America against the Erin Brockovichs of this world (social disputes).
Having made her reputation world wide, she then became Milady Lagarde as french Economics Minister and the rest is History, as DSK's frolics in a NY hotel opened the door for her as lead hitwoman of IMF doing God's (Squid/Pax Americana) work.
So her french pedigree is not relevant. She crossed the pond to become Machiavellian par excellence in new Rome.
I can go along with that, falek. The pond tends to pollute.
Really IMF stooge of the Obama regime wants spending cuts?
We're supposed to believe this?
Seriously?
Who would have guessed that a small, specialized website, directed to statisticians and market technicians, would become the preferred platform for an array of philosophers, historians and literary critics. But such seems to be the case. In any event, current events in Europe are coming to a denoument in which the International Monetary Fund is finally baring its ideological teeth by attempting to specify exactly how Greece is expected to respond to its economic predicament. Going beyond its legal jurisdiction, it proposes to force the Greek government to curtail its social program and not raise taxes. This is pure neo-liberalism which has infested the IMF in recent decades. At the same time the Syriza government of Greece is spinning a web of fairy tales about its plans to improve tax collection. Regardless of how the end-June deadlines are resolved, it can be predicted that, within a few months, there will be a definitive default and Greece will leave the eurozone. The IMF will learn nothing from the experience as long as it remains the servant of US foreign policy.