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Did The IMF Just Open Pandora's Box?
By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by private entities such as hedge funds which already happened in 2012), then the rest of the PIIGS will come pouring in: first Italy, then Spain, then Portugal, then Ireland.
The problem is that while it took Europe some 5 years to transfer a little over €200 billion in Greek private debt exposure to the public balance sheet (by way of the ECB, EFSF, ESM and countless other ad hoc acronyms) at a cost of countless summits and endless negotiations, which may or may not result with the first casualty of the common currency which may prove to be reversible as soon as next week, nobody in Europe harbors any doubt that the same exercise can be repeated with Italy, or Spain, or even Portugal. They are just too big (and their nonperforming loans are in the hundreds of billions).
And yet, today, in a stunning display of the schism within the Troika, it was the IMF itself which explicitly stated that Greece is no longer viable unless there is both additional funding provided to the country, which can only happen if there is another massive debt haircut.
This is what the IMF said:
Even with concessional financing through 2018, debt would remain very high for decades and highly vulnerable to shocks. Assuming official (concessional) financing through end–2018, the debt-to-GDP ratio is projected at about 150 percent in 2020, and close to 140 percent in 2022 (see Figure 4ii). Using the thresholds agreed in November 2012, a haircut that yields a reduction in debt of over 30 percent of GDP would be required to meet the November 2012 debt targets. With debt remaining very high, any further deterioration in growth rates or in the mediumterm primary surplus relative to the revised baseline scenario discussed here would result in significant increases in debt and gross financing needs (see robustness tests in the next section below). This points to the high vulnerability of the debt dynamics.
And the kicker:
- "these new financing needs render the debt dynamics unsustainable."
Bingo, because that is, in a nutshell, precisely what Tsipras and Varoufakis have been claiming since day one. As expected, a Greek government spokesman promptly said that the IMF report is in line with the Greek government's view on debt.
What makes the IMF report even more odd, is not so much its content and position which have been largely known for quite some time now, but its timing: just three days before the Sunday referendum, Tsipras now has prima facie evidence to wave in front of the Greek people and say "see, we were right all along."
It is exactly the case that only a "No" vote at this point would allow Greece to continue a negotiation which has already seen one of the three Troika members side with the Greek position. Should Greece vote "Yes", it will make any future negotiation with the Troika impossible, and while the country will get a few months respite the resultant bank run after the bank reopen with the ECB's blessing will mean that all Greece will do is buy itself a few months time. Only this time all the debt will still be due.
And, should hey vote "Yes", this time the Greeks will only have themselves to blame for all the future pain, pain which will continue well after the mid-point of this century.
But ignoring Greece for a minute, what the IMF's "debt sustainability analysis" has just done is open the door for every single other comparably insolvent peripheral European nation to knock on Christine Lagarde's door and politely ask: "Mme Lagarde, if Greece is unsustainable, then why aren't we?"
Because as the chart below shows, the debt situations of all the other peripheral European nations is just as "unsustainable."
In this way, while the outcome of the Greek situation is currently unknown, it has also become moot, because at this very moment, politicians from Spain's Podemos to Italy's Five Star movement are drafting memos demanding that the IMF evaluate their own debt sustainability. Or rather unsustainability.
Perhaps more importantly, these same politicians will now dangle the prospect of an IMF admission that they, too, deserve a haircut as the catalyst to be elected into power. After all who can refuse that their life would be made so much better if only the country was permitted to selectively "default" on €50, €100, €200 billion or more in debt? Just elect this politician, or that, and watch your living standard soar...
And since the IMF has no choice but to agree that just like Greece all these nations are accordingly drowning in debt, Syriza's sacrifice (assuming Tsipras fails to outnegotiate Merkel) will not have been in vain. In fact, it may very well end up that today the IMF opened up the Pandora's box, one which, more than a Grexit, will destroy Merkel's "united Europe" legacy.
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Nothing to see here
The domino theory of the fiat money age.
Looks like US is using IMF to mess around a bit with German (and russian) ambitions.
Was thinking the same. The US is trying to foul things up for Europe here.
Just like the 'Dread Pirate Roberts,' Central Banksters must leave no survivors. Otherwise word gets out that they've gone soft, and then it's nothing but 'work, work, work...'
Isn't that domino theory thingcalled a Ponzi Scheme?
Smith and Wesson sure looks good here.
"You can keep the Ouzo." And the "Ginsu 2" apparently.
The IMF is just a repository for US dollar funding.
If the entire Continent of Europe cannot cough up a single US dollar to pay for "Greece" then that is the ECB's problem...not the IMF's problem.
Those dollar sure look pretty expensive right now...on that I would agree.
Can I draft a memo to the IMF requesting if the United States can pay its debts?
Do you think that I'd be taken seriously?
Our arrears are worse than Greece's ever were. The Debt is unpayable.
This is laughable.
Get back in the queue, the UK is ahead alphabetically, if not in scale of debt but we are no sluggard.
Dear Mother Fucker
I pick up pennies and surely the debt you have straddled my family with is Unsustainable.
An American
Gold Bitchez.......GOLD
I predict 3 countries out of the eu, and the greek guy gets big billing with the pope talking us into the nwo.
Hahaha I fucking called this shit this morning as soon as I saw that first article. We don't need no water let the motherfucker burn... The house of cards is getting flimsy.
+1 for the firewater burn reference.
The IMF rules the world. They are more powerful than the iron bank. Everybody has got to pay.
Csn we have this tool's account banned again. Every thred he links to his irrelevant blogp which is highly formulaic in its writing. boring and has nothing to do with the contact of the ZH post or evey anything generally covered on ZH. Get back on your bended knee and praty that you learn how to write.
When is a default not a default? When your creditors would implode from their derivatives books going BOOM all at one time... The EU can say whatever they want, but they aren't going to get any more blood from Greece... Referendum or not...
Still they are fishing for a Renminbi or Ruble or Riyal infusion, to provide enough liquidity to really blow up the situation.
Contagion from NOT throwing Greece under the bus.
The rest want THEIR "write downs" now.
Of course, the E.U. and the Euro are done.
They were from the beginning if you think about it.
"Ms. Lagarde! You must leave the tanning booth! Spain and Italy are defaulting!"
loans have been made
bonuses paid
the end beautiful friend
Perhaps it is a house of cards if you are European. Perhaps if you are one of the insiders this is all just part of the game. Fleece a different continent on a rotating schedule... Con on country or coalition into an expensive war on a rotating schedule... Cull the herd on a rotating schedule.... rinse and repeat.
Hell, it is almost like farmville or some such thing - till, fertilize, plant, water, harvest, till under... Ever wonder what the take home really is? They control everything. What are they getting out of this at this juncture? What is really left to take? They can wipe out countries and peoples at will. They can frame up individuals on a whim. They can move wealth and power to and fro and back again invisibly. They can get Americans to celebrate July 4th as Independence Day from the South. Are they that pathetic that this doesn't bore them like a kid gets bored stepping on ants?
Someone changed my picture to Darth Vader...
the only hope imfo is go gray. nuetral, minimal and mind no ones' busuiness.
the mutha fucks can all go fuck themselves. 1 for 1, eye for eye; tic toc mutha fuks...
They will take you serious if you yell" here's your full faith and credit bitches" and throw a lit pack of firecrackers over the whitehouse fence.
Maybe the time is drawing close for another Greek Cluster of Colonels to perform an act of economic stabilization? SharkNATO?
Coup is likely
"Closing the Athens Stock Exchange" sure sounds like a failure to pay to me.
I'm not an expert on "Greece" but that sure is an awful lot of islands.
Closing the Banks makes no sense either...
We didn't the nickname "The Great Satan" for nothing
Who is this "we" that you are referencing, child?
- Ned
{yes, that is my reddie}
You speaka da engrish. You is one-a-da "we".
Interesting.
This pits the IMF against Rainbowland. Their actions here imply they want the system to blow up (free shit for Greece (which is affordable) also means free shit for Italy and Spain (which isn't affordable)) however, Greece is now in formal default, and ClG could write her letter and deliver it tomorrow, blowing up Greece beyond recognition tomorrow.
The EU is pretty steadfast in what they desire -- Greece to bend over and keep the system going.
Greece is pretty obviously willing to play kamikaze economics.
What I don't get is the IMF. Some of their actions imply they want the system to explode, while their other actions imply they don't.
Given Greece and the EU kinda off-set each other right now -- the player at this point to watch is the IMF.
ECB can wreck havoc with their collateral requirements, but apart from that this pig is stuffed until 6 PM CST on Sunday.
2 theories
1) the IMF (US) realizes Greece can't fail for strategic geographic reasons
2) they are trying to save face for Merkel
or of course none of the above
1) the IMF (US) realizes Greece can't fail for strategic geographic reasons
1.1) Greece must stay inside the EU because it is easier to block Russian gas lines that way, and the EU is too divided to decide how to pay for a gas line through Greece by itself
china gets a military base, and russia gets its pipe, and greece is a bric not a eu
My theory....
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."
pensions
And all this, in the basement, with the hungry tigers, under the crypt, with no lights, in the locked drawer.
Lol :-)
debt , baby, debt, with the implied threat of violence. thanks jonnie, now move to the head of the class, ha, lol...
rise up serfs
Greek "euro-debt" WAS paying 18% just last week.
"Ruble MONEY" pays about 14%...give or take.
Brazilian REALES look like the best deal on actual MONEY right now would appear...there just aren't many of those either though.
This debt juggernaut is the planet’s most serious threat. World leaders must get a grip on all lending institutions that can place irresponsible/shortsighted/corrupt countries in Greece situations.
We know the cause, symptoms and prognosis but fail to find a cure other than continuous talk, talk and more talk and more debt and we even know why we do this.
The US, G7, G20, UN someone, somewhere must take lead and cure the world of this bankers disease. The bankers caused it; keep them away from the patient.
I totally get the naivity of my comment, but this fixing it with what caused it is ...well.
I guess I don't get why Greek debt is suddenly all due and payable...whereas US and Chinese debt (and everyone else's, Ukraine etc) that is equally unpayable...never will be?
It is not all due and payable right now. The Greeks can't even make the scheduled payments.
Greece doesn't have an FOMC at their disposal to keep their rates at 0%. The US would blowup long before they hit the levels Greece has to pay.
The printing press and who controls it makes all the difference. The U.S. Will never go broke. It may however blow up its currency.
When you have blown up your currency you're as good as broke.
The printing press and who controls it makes all the difference. The U.S. Will never go broke. It may however blow up its currency.
Mark my words, you will never hear Victoria Nuland say, "Fuck the Bankers."
Greece is now in formal default
Are they though?
What I don't get is the IMF. Some of their actions imply they want the system to explode, while their other actions imply they don't.
Considering Germany and France have competing interests to the US this would make sense.
All I know is watching this has been a lot more interesting than last seasons game of thrones.
This is the Euro version of Game of Thrones unfolding
Lagarde has her tits (what there are of them) in a wringer now and clearly needs to be taught a Keynesian lesson. I say... UNLEASH THE KRUGMAN!
Fate the Magnificent
"Push the Button, Max"
Varoufakis End-Game Theory
+1 for the "Golden Fleece" reference...
;-D
I agree with you again. I'll throw this out there: if the US rattles Europe here, and then even pushes China's markets over, the US would have effectively kneecapped every major economy (inc Russia), all of northern Africa, and the ME in a decade and a half.
If only you Brotha from anotha motha was savvy enough to formulate that evil plan.
He isn't.
Aren't all of the US interests in Europe purely about money?
Sure looks like an extortion racket and not "blackmail" near as I can tell.
There is nothing to "blackmail" for Greece that is in Grece is there? A little crass to say that of course.
However if you want to EXTORT money I guess you could see NATO as some type of "protection racket" with Putin as "the Heavy."
If you are the IMF and you have a chance to kill the ECB, you kill the ECB.
Edit: Lotta national CBs in peril too. Think long term. The game is called consolidation.
What I don't get is the IMF. Some of their actions imply they want the system to explode, while their other actions imply they don't.
---------------------
What, it doesnt make sense that the squid would misdirect with a tentacle?
Haus,
You got it bass akwards..... This is the US throwing Greece out of the EU. Its to double underline if they do it for Greece they have to do it for everyone. This strengthens the German position if they have the stones to stand up to Deutsche Bank, where the real pandora box is.
But nothing on Japan. It's amazing how they can look at one, Greece and say it is unsustainable, but just because Japan, who is in much worse shape, can print money they don't see a problem. A solvency crisis can not be solved with money printing, and most developed nations are insolvent. When the collective world realizes a printing press makes no difference there will be fireworks, and that realization will happen in the blink of an eye.
Imagine that gold is the bear and fiat currencies are the campers.
Imagine that the average person is, hey, isn't that some famous chick's butt? Oh, it's just Hugh Jass.
Japan is busy shipping Fukushima radioactive waste around the country to be burned in cities' co-gen plants for electricty, spreading the 'plutonium love' far and wide. Killing their own kind off faster than waiting for the wind to blow it in from the coast. It kills the kids first.
An entire nation being killed off by their leaders on purpose. The US and Canada are right behind, with no testing of food or water, and extending operating licenses on a majority of the worst nuclear power plants on this Earth, that should have been shut down decades ago.
Printing presses are the least of our concerns.
Plus Japan, as one of the most successful exporters of the last 50 years is showing that it still has it.
It is now easily the world's biggest exporter of radioactive polution, into the Pacific, FOB and a free gift to the east coasts of Canada and the US.
East coast?
Japan does not owe the Troika any money. Japan is not part of the European Union. Madames LeGarde and Merkel don't give a shit about Japan.
I agree Japan is hopelessly insolvent, and the fact that JGBs (denominated in Yen) are seen as a "safe haven" in times of global turmoil is insane. Someday soon they are going to melt down into a pool of toxic crap.
Japan is just a potential lit fuse should TPTB ever need a diversion.
Exactly, if you "fuck the EU" and make them so poor they buy less energy products, you inadvertently kill one of Russia's preferred revenue streams. So the US is using the IMF to fuck the EU in its war with Russia.
just as long as its not forgotten that fascist banksters call the shots
Give us MOAAAAAR
The only thing left in Pandora's Box was hope.
No.... Hold on.... I think there is still some change in there... or is that just lint?
Wow, you've got LINT? Things are looking up.
Hope is down at the club working the pole after Mercedes. Pandora's box left a snail trail on the bar.
One might be forgiven for thinking the whole game is about destroying Europe, not Russia, but if Russia burns too then so much the better.
Not my opinion, just a speculative observation of potential motivations of our neighborhood PTB.
The US might be upsetting its European allies but at the very least its closer to the realisation that this debt can't be paid back, Germany is still in complete denial.
It's high time to open a Black Hole Bank to swallow all this debt, after which a Universe Bank can be chartered that will expand to infinity along with the money supply.
Billions and billions and billions...
Infinity came here and we are now just waiting to see what's on the other side of that invisible wall.
What I'm curious about is where the hell is the Intergalactic Federation of Planets to demand payment on the fuckhueg debt of planet Earth. It's time we had some austerity and cuts in order to "fix" our economy and achieve some growth as a planet. First off, we should sell the landmass of the planet to the Intergalactic Banking Network, if that doesn't work, well, pushed into slavery forever.
J for Jubilee.
Fiats Domino.
Excellent William!!!
"Finally, you have broader considerations that might follow what you would call the "falling domino" principle. You have a row of dominoes set up, you knock over the first one, and what will happen to the last one is the certainty that it will go over very quickly. So you could have a beginning of a disintegration that would have the most profound influences."
Dwight D. Eisenhower - April 7, 1954
False flag time!
Memo to TD: Thanks for the chart, peckerwood--it shows very clearly that the terrible "austerity" these bitches are forever crying about never.fucking.happened.
No one could have seen this coming.
The only reason the IMF would take such a stance is because THEY WANT TO KICK THIS HOUSE OF CARDS OVER.
Even an idiot can see that the Troika wants this to explode.
A+; too hard for News-from-KK-ass followers to see it ...
...and release their SDRs ? The final World Wide Dominion ...so, using Greece as a worldwide Jubilee Trigger. ...So the last (at the bottom, and recently to take the massive debt) will be first...
Retards, idiots, comatose, news-from-the-KK-Ass followers, non-human animal reign etc. - yes, I agree - they couldn't .
Maybe it's time we all run out and max out our credit cards. Looks like there will need to be a great reset.
You need to hope for an EMP to erase debt. People that may and will try what you stated will find the SS knocking on their door asking them to join their other fellow deadbeat debtors at adult fun camps. This is exactly why credit is the most evil, vile creation in human history.
I hope that reading 0H for ISIS members & admirers is *haram*.
Most have run out and maxed out their credit cards already. How do you think the middle class has been able to maintain its purchasing power.
yep and likely bought 99% useless china garbage or attended a football game to worship their false idols. Talk about a ROI.
We haven't and we haven't BTFD either. We have no debt and little in the casino. I just thought the way things were going we might as well.
Those who do the right thing finish last?
It sure seems the ones that do the absolute most rotten things come in first.
EU is dead, and where EU goes, goes the IMF
Name a day.
National debt free day.
Celebrated by going so far into all sorts of debt, we'll never dig out.
Oh wait...................
Seems like the US bureaucracy has decided to lay a pile of manure onto the EUs front lawn. If they cant fix their problems we have to completely erase them through backstabbing...great move.....the ides of March in July...who could have seen this coming...
Seriously, could the IMF have handled this whole situation any worse?
Could any of the players in this five year train wreck,
have done any worse?
They will…
The train wreck has been coming for a lot longer than 5 years.
When it dawns on you that the elites are not trying to save the system, but destroy it, you will no longer be confused.
And the more incoherent the game gets, the less likely any particular group of players can be held accountable.
Fuckin' genius, I tell ya.
a moment of clarity
this simply means that the anti-austerity parties of europe need to be brought into the fold (in a gradual transition of euro leaders and policies)
Avalanche!
Gotta love it, just bought another 40 ounces of Silver and a gold coin prior to reading this story. Fiat dominoes are all going to fall...
Agreed,
However I just sold a bunch of silver and gold. Indeed eventually it'll go up, way up, but in the meantime it'll go down, or I'm betting on that. Sold Ag at $15.68 and if I'm correct I'll buy back at $11.60 +/- $1 and then I'll have 1.3x as much. A month or three or six...but just because it's so low does not mean that gold cannot go to 1050 or even 900 or lower. Deflation rules at the moment.
Yet you cannot lose since you hold physical and time will pay you well regardless of the short to medium term fluctuations. And of course--I could be very wrong.
sorry, but it seems you made a small miscalculation. You sold silver and gold. You now have paper in replace of it. You may think you are going to buy more whan it is worth less in fiat dollars, but fiat dollars actually have ZERO value.
So, all you have done is speculate.
And, in the process you have less silver and gold.
Your call, but I think trading collateral money for fiat is foolish.
Just my two cents... er, drachma, er, ounces.
Agreed. And even if the spot price of silver does fall to $11 an ounce, the premium WILL be $5 or higher.
And the biggest basketcase of all will save its Gallic pride because of all the PIIGSy media noise.
We had a Gay Lick Pride just this last weekend. And the weekend before that. More slings than baskets, though.
Hahaha, the "jack in the box flavour of truth"... the IMF now caught in its own cross hairs.
DSK made that statement a few days ago that the chief economist of the IMF has now set in stone like a potential time bomb.
And Lady LAgarde, the scheming Milady of Status Quo, (she said no debt restructuring UNTIL they implement full austerity in Greece and kill all those pensioners), is now made to look like what she truly is : A creature of Pax Americana power cabal. The woman who said to Sarkozy; another Neo-con fellow traveller; fais ce que tu voudrais de moi Nicolas...back in 2007 when he got elected to President. And he did!
Now the IMF has turned the tables; probably to follow suit in echoing the declarations of its ex and humbled CEO; DSK.
Is this the work of Olivier Blanchard who leaves the IMF or is it the work of his successor?
In any case this is a psychological time bomb as the IMF mask comes off!
Pretty clever ...this is where Lew gets a demand for a declaration of unlimited credit to the IMF; then the cycle of destruction moves to the next phase.
Can someone please explain to me why anyone would ever repay their debt.
I sleep better without a banker dick in my ass!
Hey...Anbody hear anything about Iceland lately? How are they doing?
The economy is in pretty good shape. You can see some info here http://www.cb.is/
The latest new is that Moody's have decided to bump Iceland up a notch, not long ago Iceland was rated as trash, far below investment grade.
Personally i dont have much faith in rating agencies.
Icelanders have always been crazy about documenting everything and in the old days we had a human rating agency called Espólín.
Jón Espolin was a writer of Icelandic genealogy somewhere around 1800 and in his work in that field he rated the qualities of many people.
One was according to Espolin terribly lazy, he went to sleep and slept for 9 days, and eventually died from to much sleep. Another one who went to school had to give up his quest for education due to lack of intelligence.
Espolin may have been a bit harsh at times in his ratings, but i am sure he looked more favorably at the ones he liked, like special friends.
This stuff is fun to read though :)
"The latest new is that Moody's have decided to bump Iceland up a notch, not long ago Iceland was rated as trash"
MOODY'S IS TRASH.
Sorry but I just had to say it...
All the rating agencies are the same.
This states that the Euro is now dead.
If you own any investment in any country in the EU - run.
PIIGS what a fitting name.
Loved the essay. Very pointed.
Pro nuclear trolls, paid pimps of the industry, attack a concerned mother, calling her a "stupid rat"
http://nukeprofessional.blogspot.com/2015/06/trolls-attack-stupid-rat-mo...
The Nuclear age is over, for more than 1 reason...behold the truth.
https://www.youtube.com/watch?v=sSQdB3myW9M
He may be a smart guy, but the English translation is worthless.
It's such bullshit. If nukes are so great, then kill all of their government subsidies. Take a guess what will happen? ROTFLMAO
Actually this is the Banksters threatening the countries, including the US.
They don't care who pays, just that they get their money, risk free.
"They don't care who pays, just that they get their money, risk free."
Their money??? What did "they" ever create in any of these countries? Why is it "their money"?
Since when did NYC hedge fund/banksters ever even live in the territories they have raped to shreds?
They get money but it ain't "theirs", my friend.
Spain, Italy and France have the "too big to fail" status bankers covet.
Unconditional bailouts and bonuses all round.
Heat wave happening here in Europe. Perhaps 'le peuple' won't be so obliging... People here haven't had much sleep lately.
Meet the new Mutually Assured Destruction
"Pandora was a woman who lived with her husband in a paradise and was given a beautiful box for safekeeping with the caution that she ought not to ever, ever open it. For a time she remembered and kept her promise to not open the box but eventually succumbed to the temptation and decided to have a peek. The lid flew open as soon as she raised it and a swarm of imprisoned evils flew up and out into the world inflicting pain, greed, envy and manner of suffering on all they found.
Pandora and her husband Epimetheus were also the victims of all these ills, knew they were responsible for the suffering and were grieving their part in it while sitting near the box. In the midst of their lamenting, they heard a small voice crying out from the box, "Open, open, and I will heal your wounds! Please let me out!" and while at first they were afraid to open it and possibly release even more troubles, they eventually decided to see who the plaintive voice came from.
They fearfully opened the box and found a small bright-winged beautiful creature. It was well for Pandora that she opened the box a second thim, for the gods, with a sudden impulse of compassion, had concealed among the evil spirits one kindly creature, Hope, whose mission was to heal the wounds inflicted by her fellow prisoners"
Good bedtime story. I'm sleepy already.
I'm holding some Greek Municipal Junk Bonds and praying for a YES Vote. Am filling my diapers on the hour every hour. Thank God my Puerto Rico Investments are looking good. s/c
Hee hee! Open the DAM!
"Actually this is the Banksters threatening the countries, including the US."
Close, but not quite..it's the BLACK HOLE:
http://www.paulcraigroberts.org/2015/07/01/care-feeding-financial-black-...
We can joke all day/week/month/year until WWIII breaks out. IMO, this shit is getting real.
If anyone lives in a country that may or may not financially collapse, I suggest getting out while the gettin out is good.
Would have sucked living in Europe during WWII. Don't make the same mistake twice.
Please move to Canada, USA is full. Thanks in advance. :)
No, move to Mexico. It is virtually empty after most of its citizens crossed the border into the US.
It's not the best suggestion unless the war on drugs ends although if you like adrenaline and thrills.... ;)
Trump, is that you?
IMF's four steps to damnation -
http://www.theguardian.com/business/2001/apr/29/business.mbas
world government empire
banksters money machine
citizens of earth
somebody is going down or all are
Can't someone just print a $1 trillion Euro bill and hand it to the Greek government to pay everything off and start anew.
I think you mean SDR.
Long story short, the choices left are but two. Endure the pain of a global collapse, or enslave the planet with all of this unpayable debt rolled up into the next global monetary system.
With a few wars along the way to grease the skids.
Cyring "Uncle!" yet?
The IMF is backtracking because the new Chinese-led bank has opened.
It is not the only option anymore.
The Chinese could step in any minute, and that would mean the end for the IMF's plundering tactics - worldwide. So, letting go of some of its demented demands on Greece is only cautious.
As for the AIB...
Meet the new boss, same as the old boss. Besides, China is just as fucked as the rest of the world.