IMF Spoils The Party Again: Throws Up On Latest Greek Proposal

Tyler Durden's picture

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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spastic_colon's picture

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!

Ultimate_Warrior's picture
Ultimate_Warrior (not verified) spastic_colon Jun 23, 2015 10:31 AM

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Vampyroteuthis infernalis's picture

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.

whotookmyalias's picture

Going back to the headline, everyone should be throwing up on this, so is it news or is it just stating the obvious?

Yen Cross's picture

 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.

NoDebt's picture

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.)

tc06rtw's picture

  … not me  --

I feel sorry for hamsters!

 

indygo55's picture

"I feel sorry for hamsters"

 

I like hamsters too. Especially braised in a wine sauce.

 

UndergroundPost's picture

Go back to TMZ.com where you belong, Ultimate_Shithead

Blopper's picture

There will be NO GREXIT ever.

KnuckleDragger-X's picture

There will be a Grexit, but there will be a smoking wreckage of a country to mark its grave......

elegance's picture

I fucking hope you are wrong. Those leechees have to go asap and go sucking someone elses blood.

agstacks's picture

I agree.  Douchebankz has to go. 

Salah's picture

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. 

Oh regional Indian's picture

*Greiatric Petting Zoo*....Instant classic there Salah.

BTW, I always notice your astrological by-lines. Do you blog/write about this somewhere?

 

Kirk2NCC1701's picture

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. 

indygo55's picture

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. 

q99x2's picture

What Greece might default. Tell me it ain't so.

One And Only's picture

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.

 

NoDebt's picture

I never thought I would despise a series of articles more than last year's Ebola scare.

I was wrong.

BarkingCat's picture

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.

Blopper's picture

"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?

detached.amusement's picture

Vaguely reminiscent of Dark Helmet playing with his dolls again

youngman's picture

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...

Pliskin's picture

...another 5 years... That's rather optimistic for you Youngman!

Blopper's picture

They are the Rothschild's yesmen. You have to give them a break. They "deserve" it after so much hard work.

Dragon HAwk's picture

Up on the Rumor of a Deal,  Ignore the facts, repeat tomorrow... got it..

rccalhoun's picture

this is beyond ridiculous and typifies the entire financial world circa 1990-present

Theremustbeanotherway's picture

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.

 

thunderchief's picture

Now Greece will truly be punished for not bowing to the master sooner.

Thisisbullishright's picture

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?

 

youngman's picture

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

spastic_colon's picture

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

AlphaBetaCFA's picture

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!

Thisisbullishright's picture

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??

 

Fun Facts's picture

The International Mother Fuckers want it all.

coast's picture

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.

cwsuisse's picture

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?

BoPeople's picture
BoPeople (not verified) Jun 23, 2015 10:48 AM

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.

Theremustbeanotherway's picture

I think you're right.  Apparently the anti terrorist police in the UK are on unlimited over time ... make of that what you will

Salzburg1756's picture

"Fangul!"

What she actually said.

Ted Baker's picture

WE DONT CARE ABOUT THE IMF

thismarketisrigged's picture

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.

Housicker's picture

Thks Greeks, Germans, IMF,BCE.....  Where would the volatility be without you :)

aliki's picture

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.

Catalonia's picture

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