This page has been archived and commenting is disabled.

Greece Will Default To IMF Tomorrow, Government Official Says

Tyler Durden's picture




 

Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back."

"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."

So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours.

More:

Greece won’t make a debt repayment to the International Monetary Fund due Tuesday, a senior Greek government official said Monday.

 

Earlier this month, Greece had notified the IMF it plans to bundle its loan repayments falling due this month into one payment of around 1.6 billion euros ($1.7 billion), which is due Tuesday.

 

The IMF has said that Greece will immediately be in arrears if it fails to make the debt repayment.

So, as per game theory, the Greek plan - at least until the social mood turns very ugly - remains just one:

 

The problem is what happens then...

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 06/29/2015 - 16:01 | 6250971 El Vaquero
El Vaquero's picture

Paying it back would break the system, so no, it's not getting paid back.  In fact, not adding to it will break the system, so it's not even going to hold steady at $18T.  But then again, kicking the can is going to break the system.  Ponzi schemes are funny like that. 

Mon, 06/29/2015 - 14:59 | 6250665 TeethVillage88s
TeethVillage88s's picture

Maybe something positive will come out of the Chaos.

We don't really have Democracy in the West, so maybe like a Phoenix Greece can rise up and invent a good government without Bankers, Lawyers & Lobbyists.

Simplify, Streamline, Standardize.

Mon, 06/29/2015 - 15:08 | 6250721 J Jason Djfmam
J Jason Djfmam's picture

Doesn't the EU have an obligation to provide basic support to the Greeks,

food, clothing, shelter, etc?

It is their system that fucked up after all.

Mon, 06/29/2015 - 16:40 | 6251171 TeethVillage88s
TeethVillage88s's picture

Yeah. ZH posted an article about how a Greek Committee investigating the Debt in Greece laid out the frame work on how the system was corrupt and illegal... the debt was odious and Illegal.

Committee recommended not paying for the illegal debt and that they had humanitarian reasons for not paying and that the humanitarian conditions meant that the debt was illegal.

Mon, 06/29/2015 - 19:01 | 6251751 shovelhead
shovelhead's picture

Everyone has a Mommy, why doesn't Greece?

Mon, 06/29/2015 - 15:00 | 6250667 JPMorgan
JPMorgan's picture

Anyone else think Juncker comes across as totally desperate and pathetic asking the Greeks not to vote against the bailout.

Has he even read the proposal?

No one in their right mind would agree to those conditions.

Mon, 06/29/2015 - 16:22 | 6251080 Anunnaki
Anunnaki's picture

My how the tables have turned. Last week it was nothing but condescension and heavy manners for the child like Greeks

Come Monday they are whining like a bunch of punk ass bitches

Juncker is Embarassing his team. As of this weekend scolding and chastisement don't mean shit

His don't commit suicide bc you are afraid of death should be as long lasting as if you like your health plan you can keep your health plan
In the annals of stupid things politicians say

Mon, 06/29/2015 - 15:08 | 6250725 markar
markar's picture

I hear Depends are flying off the shelves in Brussels.

Mon, 06/29/2015 - 15:08 | 6250726 NoWayJose
NoWayJose's picture

You can tell which side is worried more by reading the volume and ferocity of their rhetoric. And right now the volume out of Greece is being dwarfed.

Of course Estonia is going to try to get the Greeks to retain their liability. The Greeks would be fools to do so for any debt held outside the country. But Estonia is going to face MUCH higher rates on its debt if Greece defaults and then gets away with it.

Mon, 06/29/2015 - 15:09 | 6250727 robertocarlos
robertocarlos's picture

This seems to be new territory in law. You can't repossess a country or an island just because you didin't get repaid for something conjured out of thin air.

Mon, 06/29/2015 - 15:18 | 6250781 Land Snark
Land Snark's picture

BINGO!  But isn't that the basis for most wars?  Don't we "owe" the Chinese a shitload of ...stuff?  Perhaps we can repay it in land or ...treasure of some sort?  I'm sure the IMF will come to a fair agreement...

Mon, 06/29/2015 - 15:30 | 6250839 robertocarlos
robertocarlos's picture

Pretty sure you leased Alaska from Russia but the Russians lost the lease papers. You could sign Alaska over to the Chinese and call it a day. Might as well throw in Hawaii as a bonus.

Mon, 06/29/2015 - 18:17 | 6251566 seataka
seataka's picture

That worked for the Roman Empire when tribute was not paid.

 

Mon, 06/29/2015 - 15:12 | 6250745 Land Snark
Land Snark's picture

RELEASE ....THE kRAKEN!!!

Mon, 06/29/2015 - 15:16 | 6250775 robertocarlos
robertocarlos's picture

I know! The IMF can sell the Greek debt to the USSA and they can then send some peoples to collect the bill.

Mon, 06/29/2015 - 15:21 | 6250798 Mike Masr
Mike Masr's picture

With all thats going on with Greece, Canada just imposed additional sanctions against Russia. LMFAO

http://tass.ru/en/world/804765

I'm sure this is really going to hurt Russia. Russia cancel / replaced their food supply deals months ago.

Fuck Canada and fuck that jackass Stephen Harper.

 

 

 

Mon, 06/29/2015 - 18:15 | 6251561 seataka
seataka's picture

Until recent events I believed Canadiens were less mind controlled than Amerikans.

Mon, 06/29/2015 - 15:23 | 6250808 mersault75
mersault75's picture

Greek debt: Standard&Poor's reevaluated from CCC to CCC-

Does it make a difference?

 

Mon, 06/29/2015 - 15:53 | 6250928 Goldbugger
Goldbugger's picture

Yes CCC- is closer fo CC then the BIG D

Mon, 06/29/2015 - 15:25 | 6250816 Jack Burton
Jack Burton's picture

IMF has vowed to fund Ukraine, even when it defaults, as it surely must. The Rada voted a law allowing non-payment of Ukrainian debts in any amount, this was a true technical default. But the IMF and EU looked on in silence, only to say "IMF loans to Kiev will continue, no matter short term payement defaults. That frees up 18.5 billion Euros to fund Kiev summer war, should they chose to attack. Greece should offer to kick NATO out the fucking door, every base, every fighter jet, every American tank. THAT will get attention, it has to be taken seriously. A loss of Greece, or any nation, by NATO would be seen as an utter disaster in the war on Russia.

Mon, 06/29/2015 - 15:31 | 6250840 J Jason Djfmam
J Jason Djfmam's picture

We surely do live in interesting times.

Mon, 06/29/2015 - 15:45 | 6250889 Bighorn_100b
Bighorn_100b's picture

IMO, the IMF has their hands tied behind its back. U.S. is done, finished, kapoot. Spending money outside the USA is a complete failure for the Democratic Party from here on out. That's just the way it is. Democrats must show fiscal restraint going into the next election. Otherwise Republicans will win the White House. Again, IMO.

Mon, 06/29/2015 - 18:11 | 6251543 Crocodile
Crocodile's picture

Are you that stupid as to believe that Presidents are actually elected or do you not see that the two, and only two parties, are the same as the results prove over and over.  Congress is a distraction (no longer relevant) and the Supreme Court is bought and paid for just as the President.  We live in a a totalitarian state; ask any business owner; especially small business and small farmers.

This will help you to wake up: https://www.youtube.com/watch?v=QyzW8tV-bz4

Wake up more with the full interview: https://www.youtube.com/watch?v=YGAaPjqdbgQ

 

Most important: https://www.youtube.com/watch?v=NMlv21zGARM

Mon, 06/29/2015 - 19:23 | 6251826 Bighorn_100b
Bighorn_100b's picture

Hello, Yes I am stupid to think that the USA has any money left to spend on foreign affairs. Stupid is as stupid does.

Honestly, we are/everybody, is stupid to think that the USA taxpayer is the end all Soulution to the worlds financial issues. We are not. Never meant to be.

If you have a issue, I have a tissue. Let the rest of the world pick up the bill. My generosity has run dry.

Mon, 06/29/2015 - 16:14 | 6251034 Anunnaki
Anunnaki's picture

Jack

Do you think Ukraine would Launch a summer cauldron season on the heels of loan delivery to Kiev

That would be pretty brazen to look like Ukraine wasn't given the loan for any other reason than to re-start the war and deep six Minsk II

So the troika would be essentially paying Kiev to go back to war. Dangerous

Any Ukrainn youth stupid enough not have left Banderastan by now is as stupid as anyGreek who still had money in the bank

Mon, 06/29/2015 - 18:07 | 6251528 Crocodile
Crocodile's picture

That would be akin to suicide, the latter part of your comment.  Greece will not leave and a major short squeeze by Friday for the US Markets as the "plunge protection team" comes out.

Mon, 06/29/2015 - 15:40 | 6250877 css1971
css1971's picture

No you idiots. Pay the IMF, default to commercial banks.

 

Who owns most Greek paper then?

Mon, 06/29/2015 - 15:52 | 6250916 Goldbugger
Goldbugger's picture

Looks like no FED bail out today. perhaps tomorrow or not....

Mon, 06/29/2015 - 16:23 | 6251088 Anunnaki
Anunnaki's picture

Wouldnt a military coup be cheaper and quicker?

Mon, 06/29/2015 - 15:55 | 6250941 Anunnaki
Anunnaki's picture

After to,orrow will Lemonhead step up with his plan.

Monday - Syria
Wednesday. - BRICS loan to Greece

Putn is really showing his prowess in picking the right time to say check and mate

Mon, 06/29/2015 - 17:03 | 6251287 J Jason Djfmam
J Jason Djfmam's picture

Better yet, BRICS will give money to Greece, just to get them hooked.

Mon, 06/29/2015 - 16:09 | 6251018 franzpick
franzpick's picture

New lows on the close, DJIA down 350 and SPX minus 43.  Gotta hand it to these debt-addicted domestic and world politicians turned Keynesian monetary experts: wherever you go with them, there you are.

Today's 5 hour charts say look out below for more 2-3% index declines tomorrow:

http://www.investing.com/indices/us-30-futures-advanced-chart

 

Mon, 06/29/2015 - 18:04 | 6251524 Crocodile
Crocodile's picture

That is what they want, then the plunge protectors come in and burn all those shorts...I see a major short squeeze coming by Friday.  I agree that tomorrow will be negative to slightly down depending on when the plunge protection team strikes, but they will.

Mon, 06/29/2015 - 16:23 | 6251056 TomGa
TomGa's picture

ABOUT DAMN TIME.  

 

 

"Greece’s debt would still remain outstanding and creditors would expect this money back."   LOL. That's rich. Good luck with that.

Mon, 06/29/2015 - 16:22 | 6251085 Shizzmoney
Shizzmoney's picture

LOL WSJ: "But what about the tourists?  Will they be able to get their money?"

Mon, 06/29/2015 - 16:42 | 6251183 Ted Baker
Ted Baker's picture

THE IRONY IS THAT THE MASTER MIND BEHIND THIS IS NOT ALEXIS BUT HIS WIFE - WHAT A JOKE

Mon, 06/29/2015 - 16:45 | 6251203 DutchBoy2015
DutchBoy2015's picture

All world finance is started and controlled by Jews. (kikeroaches).

Look for a Mossad hit on Tspiras and the other guy,

Mon, 06/29/2015 - 17:43 | 6251446 falconflight
falconflight's picture

DoucheButtBoy2015?  Your life depends on the Joos, just like every other Douche in Hallaland.

Mon, 06/29/2015 - 17:57 | 6251497 DutchBoy2015
DutchBoy2015's picture

Hey kikeroach, if I wanted any lip from you I would scrape it off my foreskin you Jew PIG bastard.

Mon, 06/29/2015 - 18:13 | 6251550 falconflight
falconflight's picture

Eunuchs don't have foreskins....especially for a Nation of eunuchs that love Tulmudic loads exceeded only by their love of Bund loads.  What a filthy evil people you Douche.  Had to make up the Ann Frank BS to inoculate the very supportive Douche people of the Third Reich...the other Aryans.  Bow down DoucheButtBoy, cause your vassal state is just that, a Jooo vassal state.

Mon, 06/29/2015 - 18:17 | 6251569 DutchBoy2015
DutchBoy2015's picture

Just like the Jewnited States, right??

Mon, 06/29/2015 - 18:23 | 6251596 falconflight
falconflight's picture

Oh please, you want to compare the Douche city-state and its absolute subservience to the NWO with the US?  Jesus, you musta got drunk on Krautloads today.

Mon, 06/29/2015 - 19:53 | 6251897 Anunnaki
Anunnaki's picture

The name your re forgetting I is Whatthefuckus

Mon, 06/29/2015 - 16:59 | 6251279 unicorn
unicorn's picture

Cypress Hill - When The Shit Goes Down >

https://www.youtube.com/watch?v=I826gxc8TvI

Mon, 06/29/2015 - 17:08 | 6251308 mersault75
mersault75's picture

They (the Greeks) are trying to show themselves as insignificant players in the world's financial affairs. Reminds me of this: https://www.youtube.com/watch?v=b9l6ofF5228

But they are NOT.

The s*it is about right to hit the fan.

Mon, 06/29/2015 - 17:41 | 6251436 Crocodile
Crocodile's picture

What has actually happened yet?  NOTHING.  "You never let a serious crisis go to waste" (Rahm Emanuel); so the market is down almost 2% and it recoup much, if not all, by Friday.  Greece will NOT exit unless the bankers have figured a way to save failing/exposed European banks that have great derivative exposure and cause contagion across the Atlantic or the banking-elite are ready to crash the entire enchilada...do not think so.

------------------------------------

This will be good for the US markets since it is "perceived" as a safe haven.  Be prepared and be sure to read Revelation 13:16-17, which is this http://www.biblestudytools.com/csb/revelation/passage/?q=revelation+13:1... in light of this from the late Aaron Russo.  https://www.youtube.com/watch?v=YGAaPjqdbgQ  short clip of 10 minutes--> https://www.youtube.com/watch?v=QyzW8tV-bz4

Mon, 06/29/2015 - 17:54 | 6251480 DutchBoy2015
DutchBoy2015's picture

Alex Jonestein the Zio gate keeper?  Loud mouth fucktard,  Amazing how many people listen to that goofball.

Mon, 06/29/2015 - 17:56 | 6251488 DutchBoy2015
DutchBoy2015's picture

Alex ''Arabs control Hollywood'' Jones,.  That Alex Jones?

Mon, 06/29/2015 - 19:51 | 6251895 Anunnaki
Anunnaki's picture

You can say that again!

Mon, 06/29/2015 - 17:56 | 6251489 DutchBoy2015
DutchBoy2015's picture

Alex ''Arabs control Hollywood'' Jones,.  That Alex Jones?

Mon, 06/29/2015 - 17:56 | 6251491 DutchBoy2015
DutchBoy2015's picture

Alex ''Arabs control Hollywood'' Jones,.  That Alex Jones?

Mon, 06/29/2015 - 18:13 | 6251549 Crocodile
Crocodile's picture

Nothing on the local news today except the normal non-news-nonsense.

Mon, 06/29/2015 - 17:56 | 6251486 falconflight
falconflight's picture

Just like these 50 States are no longer sovereign gov'ts, but merely administrative subdivisions of the People's Republic, the same holds true for the members of the EU.  

Mon, 06/29/2015 - 17:56 | 6251495 fromthinair
fromthinair's picture

Greece must not Fall. Germans, it will be your responsibility.

http://just-a-thought-from-thinair.blogspot.com/

Mon, 06/29/2015 - 18:11 | 6251537 seataka
seataka's picture

To WHOME is all this 'debt' owed to? it is logically impossible for the world to be bankrupt unless the debt is owed to someone off world... so it is impossible, which means it is a delusion, created to enforce debt slavery, the Politcally correct, equal opportunity,  21st century, newspeake term for SLAVERY.

Mon, 06/29/2015 - 18:21 | 6251585 falconflight
falconflight's picture

In an economy (EU) whose size rivals the Amerikan economy, the payments of interest owed and even the 250 billion in debt is pretty unremarkable.  This is about saving EU sovereignty over the now nominal nation-states, not Greek debt.  The bank's exposure to a Greek default has greatly diminished since 2012.  Most of the debt have been transferred to the public debt ledger.

Mon, 06/29/2015 - 18:47 | 6251695 ramgold2206
ramgold2206's picture

the whole thing is fucked... ego driven .. Junker said as much today... "my lifes work" seriously the only antidote is gold bullion.

get the physical stuff asap -- you wont regret it --

 

www.teamramgold.com

Mon, 06/29/2015 - 19:03 | 6251757 Sorry_about_Dresden
Sorry_about_Dresden's picture
Ex-Bush Adviser: Germany Prints Old Currency in Case Euro Ditched  

By Michael Kling   |   Tuesday, 04 Oct 2011 01:06 PM

 

 

The Germans have been planning their exit for quite some time. The only thing stooping them is the $50 billion trade agreement with China.

http://www.newsmax.com/Finance/StreetTalk/Ex-BushAdviserGermanyPrintsOld...

Get ready for German supremacy once again. A cold day in hell is here once again!

Mon, 06/29/2015 - 20:15 | 6251961 lesterbegood
lesterbegood's picture

So who is the IMF going to default to?

Mon, 06/29/2015 - 20:36 | 6252023 FreudianSlip
FreudianSlip's picture

Perhaps the Greeks will declare a National Holiday, Jubilee of Debt Forgiveness, and tell the IMF to keep rolling those arrearages any way they want.  The Greek legislature and courts can decree no seizure of Greek assets allowed.  

If corrupt banks are not allowed to seize property and assets perhaps their loaning to own would stop.

 

Mon, 06/29/2015 - 20:46 | 6252044 Redart
Redart's picture

This is all bogus and doomsday fiction. BTFD tomorrow noon, smart money is buying the S&P

Mon, 06/29/2015 - 23:39 | 6252723 fremannx
fremannx's picture

Smart money is getting out of the way... DJIA and S&P headed down big,

 

http://www.globaldeflationnews.com/

 

Mon, 06/29/2015 - 22:09 | 6252322 Kina
Kina's picture

Let gold go to $50,000 oz 

Greece has 112 tons  (3.6m oz??)

 

Debt paid, part, halved

Mon, 06/29/2015 - 22:17 | 6252365 Kina
Kina's picture

Dilema.

Where to put money. 

Cash at home, cash split between banks, gold and silver certificates Perth Mint, gold and silver physical bullion.

 

However with a larger bunch of cash in Superannuation that cant be put into bullion, where to direct it?  

Shares? No.

Bank deposits (Australia) - where it is - at risk of bail in if SHTF

We are all gonna have to be alert and nimble when SHTF.

 

 

Tue, 06/30/2015 - 00:39 | 6252890 silverer
silverer's picture

Don't forget vodka!

Mon, 06/29/2015 - 23:04 | 6252597 Hilroy
Hilroy's picture

in 24 hours the Greeks will be in a-rrear?  Late night TV just got handed a gift.

Tue, 06/30/2015 - 00:38 | 6252888 silverer
silverer's picture

Wow, it's June 30 now!  DEFAULT! Bzzz, bzzz, DEFAULT!

Tue, 06/30/2015 - 01:14 | 6252974 onmail
onmail's picture

Entire Europe & America will also go down the drain
(& beg the Asians for sustenance)

or

Snatch, loot, kill, murder & destroy Asia as usual as in colonial times

Do NOT follow this link or you will be banned from the site!