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IMF Rips Pandora's Box To Shreds, Demands Greek Debt Relief "Far Beyond What Europe Has Been Willing To Consider"
Earlier today, Reuters first leaked that just two weeks after the IMF released its first revised Greek debt sustainability report, one which the Eurogroup desperately tried to squash as it urged for a 30% debt haircut and came hours before the Greek referendum vote giving the Oxi camp hope and crushing Tsipras' carefully laid plan to lose the vote and capitulate with integrity instead of having to capitulate a week later after 17 hours of "mental waterboarding" and have his reputation torn to shreds, the IMF would release a follow up report updating its view on the Greek economy which in just two short weeks of capital controls has utterly imploded.
Just like the first IMF report, which we correctly compared to the opening of a Pandora's box, and with which the IMF also obliterated the careful plans of the Troika, so with this follow up the IMF effectively crushes the glideslope of the latest Greek bailout process barely scraped together on Monday morning and has torn Pandora's box to shreds with the following summary assessment: "Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far."
Yes, debt relief... just the others' debt: not the IMF's, please.
So what just happened?
As of this moment the IMF is telling Greece that if nothing changes, it will die of cancer with 100% certainty; on the other hand the Eurogroup is telling Greece it will die of a heart attack also wih 100% certainty if anything changes.
Good luck with the choice.
Here are the report punchlines:
- Greece’s public debt has become highly unsustainable. This is due to the easing of policies during the last year, with the recent deterioration in the domestic macroeconomic and financial environment because of the closure of the banking system adding significantly to the adverse dynamics. The financing need through end-2018 is now estimated at Euro 85 billion and debt is expected to peak at close to 200 percent of GDP in the next two years, provided that there is an early agreement on a program. Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far.
- ... significant shortfalls in program implementation during the last year led to a significant increase in the financing need—by more than Euro 60 billion—estimated only a few weeks ago. As a result, debt-to-GDP by 2022 was projected to increase from an estimate less than a year ago of about 105 percent to a revised estimate of 142 percent, significantly above the target of 110 percent of GDP. This would under the November 2012 agreement have implied significant additional measures to reduce the face-value of debt.
- Greece cannot return to markets anytime soon at interest rates that it can afford from a medium-term perspective.
- The events of the past two weeks—the closure of banks and imposition of capital controls—are extracting a heavy toll on the banking system and the economy, leading to a further significant deterioration in debt sustainability relative to what was projected in our recently published DSA. A full and comprehensive revision of this debt sustainability analysis can only be done at a later stage, taking into account the deterioration in the economic situation as a result of the closing of the banking system and the details of policies yet to be agreed. However, it is already clear at this stage that there will be a significant increase in the financing need. The preliminary (mutually agreed) assessment of the three institutions is that total financing need through end-2018 will increase to Euro 85 billion, or some Euro 25 billion above what was projected in the IMF’s published DSA only two weeks ago, largely on account of the estimated need for a larger banking sector backstop for Euro 25 billion. Adjusting our recent DSA mechanically for these changes, and taking into account the agreed weaker growth path for the next two years, gives rise to the following main revisions:
- Debt would peak at close to 200 percent of GDP in the next two years. This contrasts with earlier projections that the peak in debt—at 177 percent of GDP in 2014—is already behind us.
- By 2022, debt is now projected to be at 170 percent of GDP, compared to an estimate of 142 percent of GDP projected in our published DSA.
- Gross financing needs would rise to levels well above what they were at the last review (and above the 15 percent of GDP threshold deemed safe) and continue rising in the long term.
In other words, for every week that the Greek capital controls remain , the total cost of the Greek bailout (the funding needs) increases by €10 billion.
Another way of putting it: with every passing day, another 1% of Greece's €210 billion in bank loans becomes "non-performing."
It gets worse: "these projections remain subject to considerable downside risk, suggesting that there could be a need for additional further exceptional financing from Member States with an attendant deterioration in the debt dynamics."
- Medium-term primary surplus target: Greece is expected to maintain primary surpluses for the next several decades of 3.5 percent of GDP. Few countries have managed to do so. The reversal of key public sector reforms already in place— notably pension and civil service reforms—without yet any specification of alternative reforms raises concerns about Greece’s ability to reach this target. Moreover, the failure to resist political pressures to ease the target that became evident as soon as the primary balance swung into surplus also raise doubts about the assumption that such targets can be sustained for prolonged periods. The Government and its European partners need to address these concerns in the coming months.
- Growth: Greece is still assumed to go from the lowest to among the highest productivity growth and labor force participation rates in the euro area, which will require very ambitious and steadfast reforms. For this to happen, the Government— which has put on hold key structural reforms—would need to specify strong and credible alternatives in the context of the forthcoming program discussions.
- Bank support: the proposed additional injection of large-scale support for the banking system would be the third such publicly funded rescue in the last 5 years. Further capital injections could be needed in the future, absent a radical solution to the governance issues that are at the root of the problems of the Greek banking system. There are at this stage no concrete plans in this regard.
The conclusion:
The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date—and what has been proposed by the ESM. There are several options. If Europe prefers to again provide debt relief through maturity extension, there would have to be a very dramatic extension with grace periods of, say, 30 years on the entire stock of European debt, including new assistance. This reflects the basic premise that debt cannot be assumed to migrate back onto the balance sheet of the private sector at interest rates close to the current AAA rates before debt levels have been brought to much lower levels; borrowing at anything but AAA rates in the near term will bring about an unsustainable debt dynamic for the next several decades. Other options include explicit annual transfers to the Greek budget or deep upfront haircuts. The choice between the various options is for Greece and its European partners to decide.
Actually, it is no longer Greece's: Greece is about to hand over its sovereignty to Brussels on a silver platter. The choice is now all up to the European "partners" to decide.
Full report (pdf)
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Orange torpedo in the water.
With IMF saying NO
Will Draghi go all in?
LOLOLOLOL
The IMF is sinking the German diktat ship. Washington DC does not want Greece bailing out of the eurozone and into the arms of Russia just so that pinhead Schauble can stick it to the godless Greeks. Period. He does not get that pleasure.
Suck it up Germany. You played your hand a little too hard (again, as usual and for the umpteenth time in 100 years) and here comes the pain.
It will be very interesting to see if america still gets their way on this matter. Seems to me like there are several players in this game and each has their eyes set on the throne.
Very true, I was speaking strictly from history. No particular reason that trajectory goes forward.
So maybe China, then? I'd go with that. They say Greece is more correctly Occidental anyway.
It doesn't matter though, because the southern limb of Europe is set to be overrun by every human being currently living in Africa and the Levant.
I'm not so sure it matter who ends up on the global throne. just like the american political system is not much more than a front which the ruling class uses to distance themselves from daylight. I would be very surprised if it is any different in europe, russia, or china.
My real question is whether or not each region has it's own shadow class, or if they are all in on the game together. The primary trend I'm seeing now is leading me to believe they are all in on it together.
When sociopaths collide.
The whole circus is coming down, and each character is checking their leverage, grasping at whatever they can to keep the tent up, and NOT be held responsible for the collapse.
Like watching gladiators trading blows.
The winners get incarceration, the losers get to leave their bodies.
....then the IMF is trying to ruin the EU.
They CAN'T be so stupid as to not understand that if Greece gets "relief" ALL the other losers will demand relief.
And yet no releif is certain destruction of Greece and all the other losers via humanitarian crisis & civil war. Scenes of WWII like destruction will be on youtube. At the end of the day there is no way out of the "box of fraud". That fraud can only be extended for so long, ultimately, there is no way around the maths.
… it IS convenient that the IMF has the courage & honesty to demand debt relief, since obligations to them are sacrosanct!
... and where was the IMF 3 months ago, last year, 2 years ago or 3 years ago?
We all being played.
When sociopaths collide.
A fantastic title for a disaster movie. Who would star in it? The list is very long.
Greece debt crisis: IMF attacks EU over bailout
Even the BBC rips the deal!
All of this is high level Kabuki designed to keep the sheeple captivated.
The other intent is to keep them fearful.
“For this reason, kabuki was also called 'prostitute-singing and dancing performer' during this period”.
https://en.wikipedia.org/wiki/Kabuki
None of this is happenstance.
Europe will bend to the demands of the IMF. If Greece leaves, the house of cards collapses. Greece out of the Euro simply isn't an option.
Germany has just been asked the "who's your daddy ?" question. This is between US and Germany, now...
Orange vs red lady...
and after swearing in, we have pink (or is it white) lady joining in.
A tri-ad.
What are we supposed to be distracted and fearful from?
All the other distractions? Or the distractions of those distractions?
This distraction business is distracting.
The only thingto fear is fear itself, because fear is what TPTB peddle. If you don't fear them, they hold no sway over you.
why are we to acklowledge the imf, the fed, ecb ect. they aren't even legitamate entites?! programming us to believe they are institutions in the first place. like shit think without a doubt. they are bunk bullshit up our ass raping bankster run scams shovered into our consiousness as legitamate-start their with all thoughts...
printing labor is a crime
these fucking entites are evil.
this is the core problem.
ending the money schemes and it all changes...
violently, as it is the only path back to liberty.
gorillas don't come down easy...
File this one under "really bad shit-shows"
Mutherfucker jew banksterz and their clown politicians!
… it IS convenient that the IMF has the courage & honesty to demand debt relief, since obligations to them are sacrosanct!
--
++++++++++++++++++++++++ took the words right out of my mouth....they have their money and they get their money from "cleaner" sources, so go fuggin sod off if greece owes you money, then?
one tentacle to another, troika juxtaposition, fed and all this.
Actually, "default" is a very effective type of debt relief, too.
In a rational world the European Union would be working on a structured default and a new triple F debt rating for future Greek bonds. That is the way it is supposed to work.
Anything else is just lots more pain for lots more time for Greeks.
The last point is Greeks are going to have to educate themselves on economics and political systems and make some changes or they can be the European Argentina with a new default every decade.
The real irony in this is that Tsipras didn't want the IMF involved at all in the final deal. Now it looks like the IMF may save his country from his own lack of a spine.
They'll be there to pick up the pieces
" A man's gotta to know his limitations"
"A country gotta to know it's limitation"
"Debt has gotta know it's limitations"
All the other "losers" lack a warm water port in the Eastern med as well as other strategic advantages important for the Bear and Dragon... Jack Lew is pressuring the orange witch to twist merkels tit until our southern flank is secured then we can pivot to Ukraine... Notice how quiet it has been there, this is why...
Russia's doing pretty good with their warm water ports in Crimea and Syria.
If China wants a base they'll just buy Crete or build their own island.
But after watching Greece's negotiating skills with the Troika, they might want to give them a go.
$6500 bucks and free sewerage.
Freedom in Your... wrote: "I'm not so sure it matter who ends up on the global throne"
then perhaps you have not noticed what happened after WWII: the US won, and immediately engaged in a long Cold War with the Soviet Union
then the Soviet Union imploded for a long list of very complex reasons, leaving the US, for a time, the undisputed hegemon of the planet
and now we are shifting again from a "uni-polar" world to a "multi-polar" world
Spain had such a moment, under Philp II, Britain had such a moment under Victoria and the US had such a moment in history, from the 90's to the last Iraq War
nope, nobody will "end up on the global throne" for quite a time, while the US remains in a very powerful situation, if not all-powerful anymore
meanwhile, I find it hilarious: the IMF, a "darling" of ZH, is fully behind the Washington thrust in this Greek matter. as often, Washington is very... generous with what it's european allies ought to spend
does anybody remember how often this or that ally of Washington refused to partake to this or that war and was presented with a bill, instead?
Our immigration problem pales in comparison. Ruts of Ruck Europa. Good post. Milestones
That's the crucial recommendation missing from this IMF report.
More foreigners need to be allowed in to take Greek jobs and obtain Greek welfare. This is the way to kick start the economies of all Western nations.
One has to wonder about the real agenda of the IMF in light of this omission.
You shouldn't use hurtful language like "overrun."
The vast majority of IMF money comes from the US. Despite having a well-tanned leather-faced Frenchie heading it up, the US has a great deal of influence on them. Their agenda is, therefore, largely a US-centric agenda. And the current king in the US is Obama who likes to spread poverty around.
If by the US you mean a cartel of privately owned central banks, then sure
http://www.xat.org/xat/worldbank.html
THE WORLD CENTRAL BANK (1948 - Present)
In Washington, the headquarters of both the World Bank and the IMF (International Monetary Fund) face each other on the same street. What are these organisations, and who controls them?
To find out we need to look back to just after WWI. At this point the money changers were attempting to consolidate the central banks under the guise of peacemaking. To stop future wars they put forward the formation of a world central bank named the Bank of International Settlements, a world court called the World Court in the Hague, and a world executive for legislation called the League of Nations.
In his 1966 book entitled Tragedy and Hope, president Clinton's mentor Carroll Quigley writes about this.
"The powers of financial capitalism had [a] far-reaching [plan], nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.
This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences.
The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations.
Each central bank... Sought to dominate its government by its ability to control treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
Carroll Quigley, Professor, Georgetown University
They got 2 out of 3. The league of nations failed largely owing to the suspicions of the people and while opposition concentrated on this, the other two proposals snuck their way through.
It would take another war to wear the public resistance down. Wall street invested heavily to rebuild Germany, as the Chase bank had propped up the Russian revolution.
Now the Chase merged with the Warburg's Manhattan Bank to form the Chase Manhattan which would later merge with the Chemical Bank to become the largest bank on Wall Street.
In 1944 the US approved its full participation in the IMF and the World Bank. By 1945 the second League of Nations was approved under the new name 'The United Nations'. The war had dissolved all opposition. The methods used in the National Banking Act of 1864 and the Federal Reserve Act of 1913 were now simply used on a Global scale.
The Federal Reserve Act allowing the creation of Federal Reserve notes is mirrored by the IMF's authority to produce money called Special Drawing Rights (SDR's). It is estimated the IMF has produced $30 billion dollars worth of SDR's so far. In the United States SDR's are already accepted as legal money, and all other member nations are being pressured to follow suit. With SDR's being partially backed by gold, a world gold standard is sneaking its way in through the back door, which comes with no objection from the money changers who now hold two-thirds of the worlds gold and can use this to structure the worlds economy to their further advantage.
We have gone from the goldsmith's fraud being reproduced on a national scale through the Bank of England and the Federal Reserve, to a Global level with the IMF and the World Bank. Unless we together stop giving these exchange units their power by our collective faith in them, the future will probably see the Intergalactic Bank and the Federation of Planets Reserve set up in much the same way.
This radical transfer of power has taken place with absolutely no mandate from the people.
Nations borrow Special Drawing Right from the International Monetary Fund in order to pay interest on their mounting debts. With these SDR's produced at no cost, the IMF charges more interest. This contrary to bold claims does not alleviate poverty or further any development. It just creates a steady flow of wealth from borrowing nations to the money changers who now control the IMF and the World Bank.
in 4 weeks from now, i am guessing no one will care about greece and china. But who knows. The southern limb of europe will not see africans, because they are broke and have not enough resources or money to get there.
This guy from the US, his calls on the market have been killer and rediculously accurate ==> http://www.bit.ly/1fMcakI
He is saying the greece crisis is going to give traders HUGE profits as they rope in the bears to go short, and they tear them a new one by the end of year. He might be right.
I think we are in for a rough time on the market, and the volatility will continue for some time yet. Still listening to CNBC has not done me or anyone any good. I mean how does gartman make the horrible calls he does and still gets air time.
MDB? Is that you?
Your first mistake is not understanding that CNBC are shills for the banksters.
Your second is having the remotest belief that watching CNBC will do you any good (see first mistake above as to reason why).
End of sermon.
Greece fucket. Germany fucked and EU fucked but hey we Americans got rear ended by the world today goodbye Isreal. God save our planet now listen up go BTFD and go to bed nothing is wrong
IS=Egyptian Goddess of Fertility--RA=Egyptian Sun God--EL Ancient Hebrew word for Gawd. ISRAEL Milestones
-el
=fuckjobentity
....for the first time in 7 or 8 years, after seeing a thousand headlines on this never ending subject, I laughed tonight.
...what a bunch of comedians. Just when I thought POTUS couldn't be topped these EU Fascist clowns decide to start roasting each other.
...here's to you Mr. IMF
Since Goldman Sucks runs the FSA, and all the players are umbilically tied to them, I have to believe this multiple act opera is proceeding per script. The drama stems from allowing Greece to blow off steam and then be pacified into debt slavery with shackles and asset forfeitures (seizures-confiscations).
Eventually, the other Eurocunts will look in the mirror and ask themselves if they are next. If they answer yes, they can advance to the head of the class along with their new epiphany and accompanying psychoses.
I can't imagine this shit show not collapsing within a few years. I also do not think that we will like the resultant EuroOgre that emerges after collapse. Neither will the ones raped by Reverse Versailles.
Exciting times, keep the popcorn and NA beer coming.
SCHAUBLE has money risked on this. His own money.
Follow the trail of board memberships...schauble is a director who has diret interest in Greek debt beyond any bank.
The next time Obama taps Merkel's phone, he ought to get an earful.
i doubt if this plan for Greece will make it through the German parliament. Schäuble seems to split the eurozone befor the debts of the southern members drag everyone into the dark pit...
All in before the flop don't ya know.
There is nary a mention anywhere in the news that today is Bastille Day, marking the date in 1789 when French revolutionaries stormed the Bastille arsenal to loot it of weapons and ammunition and overthrow the King. Abroad in Greece, the Troika is turning back the clock, to a world of royalty (banksters) and peasants. Here in the USA, Obozo stages one false flag after another, complete with "actors," to push his gun confiscation agenda. The planners of the Jade Helm military coup exercises probably decided that started the exercises on July 14 would be too obvious, so Jade Helm started a few days earlier.
The first rule of parasitism is don't kill your host.
The IMF's orange peel knows this perfectly well.
I think it was the Roman Emperor Tiberius who said something along the lines of:
"A good shepherd knows how to shear his sheep rather than skin them."
The situation across Europe and the US implies our "shepherds" (otherwise known as politicians or, more commonly, simply cunts) are a bit fucking useless at their jobs.
Bastille was not a simple looting, nor a jailbreak, it was a massacre, prisoners included.
reminds me of the Eurozone
If the Texas militia has been doing a good job of training there could be some surprises in the Jade Helm games.
but, perhaps not on quatorze juilet, don't cha know
maybe, perhaps, soon?
Or not?
- Ned
The French revolution (and all the western revolutions from mid-XVIIIth century to mid-XIX) has been a coup d'etat from the bourgeois/financial power to establish themselves as the new ruling class, nothing less and certainly nothing more.
Indeed, but you can go back a little further than that, to the mid-seventeenth century, when Cromwell allowed the Jews back to England. Within a decade or so the king had been executed and before the century was out the Bank of England had been set up, with a loan to the government that probably still hasn't been fully repaid.
My guillotine was celebrating.
It was a bit tipsy this evening, and is now sleeping it off.
Liberty is a demand. Tyranny is submission..
While I have some empathy for the Greeks, it was they who came with hands out for loans, extensions, restructures and other bullshit. Whatever you want to say about "banksters" and other boilerplate terms, they do not go to countries and force them to borrow money if they are running surplusses.
The Greeks and probably most of the West have unsustainable, centrally planned, collectivist, elitist societies. We elect sociopathic, megalomaniacal, unaccomplished actual idiots and give them power. None of us outside of a few small wealthy countriesl like Switzerland take in enough revenue to pay out all the bullshit social promises, subsidies, union graft and still fill potholes in the street. None.
When you spend more than you take in for all but 5% of your best fiscal years you at least make yourselves vulnerable to all the banker conspiracies you want to gin up. It HAS to be incestous to work. Governments need money like alcoholics need a drink. Bankers are the bartenders. To make it work for any amount of time governments set themselves up. They give favors and bankers do spreadsheet magic, even if it is all BS.
Greece is guilty of fiscal and social and governmental abject stupidity and they are not alone.
you make sure to mention all the social programs and how countries dont have money to pay them but somehow you failed to mention all the money spent on military. so may I make a suggestion: STOP wasting money on the military and somehow you will see, you WILL magically have enough money to sepdn on all the social programs. Do you know for example USA spends 4 millions dollars per hour in Afganistan? Mindboggling, isnt it?
No, even with zero dollars in military budgets the books do not balance and they will not balance for but a short time.
One of the most basic purposes of government is to protect person and property, throw in protection of civil rights if you are not a statist. With no military your country will not last very long.
You could make a similar claim, zero out the budget for local police and you will have money for potholes and soup kitchens. Zero out the fire department, the streets and sewers and so on. Most of you do not advocate these things.
You can debate what wars should be fought or not fought but Adolf did not go to war because he thought he was going to lose.
Even other idiotic countries like Venezuela and Argentina have virtually no military and they go bankrupt. It is the inevitable result of collectivist govern,nets and idiotic Keynesian economic theory.
Costa Rica says hello, no military but they are breeders of petty thieves in the hotels and streets.
You may as well blame small children for the holes in their teeth after adults ply them with buckets of candy. Kids are not known for their ability to resist enticements of candy, and governments and sheeple are not known for their ability to resist enticements of "free" money.
It's the motherfucker offering it is the problem.
The French Revolution was not French. It was engineered from start to end at every level by the warmongering Rothschilds and Freemasons. The violent psychopath Robespierre figured out that he was a completely controlled puppet and that the Revolution was a cover for outside control. He alluded to this in his last speech, and later that night he was attacked, imprisoned, and shortly thereafter guillotined.
How does one become "Highly Unsustainable"? Is that like half pregnant? This boat is unseaworthy but you can take it out to the sea until is becomes really unseaworhty.
"We were going to lend you money when you were just plain-old-unsustainable but now that you've become HIGHLY-unsustainable...we will have to reconsider." -The Cunning Carrot
That's very hilarious.
"That's very hilarious."
I saw what you did here...
There's 'slightly' hilarious (makes you smile and laugh), and then 'hilarious' (the one where you laugh so hard that you cry). The next stage is 'VERY' hilarious (that's the one where you wet yourself because it's so fracking FUNNY). I'd HATE to see 'HIGHLY' hilarious, though!
perhaps ludicrous hilarious comes with a plaid yawn
I saw the movie "Top Secret" and I was just rolling on the floor. That was hilarious to me, though your mileage may differ. Chris Tucker and Dave Chapelle are witty, clever, or highly amusing but not hilarious. I don't think there are gradations to hilarious, though. It's binary.
Political rhetoric these days is highly entertaining. "Our broken immigration system," "homosexual marriage," and "white privilege" just flat make me laugh out loud. That stuff is inspired.
"Unsustainable" is an automobile, in neutral, with the parking brake off, on a slight forward incline (perhaps 2 or 3 degrees).
"Highly unsustainable" is right after the same automobile crashes through the fence (doing 25 MPH or so) that warns of the 1,000 foot drop to the chasm below.
DEBT is like a cancer. A little is bad, and more to cover the shortfall is worse. Pretty soon, all the money in the WORLD can't pay back the 'accrued interest'. (SHIT! This sounds like the FEDRES-run CONUS!)
Tick, tock...
Highly unsustainable debt is much like; "He's a moderate Muslim". Ever stuck your head in a moderate oven?
We want your first born!!!!
Schauble has already made clear he plans to EAT their first born.
Germans ... they have some fucked up tastes, eh?
Kinder-Wurst
Have a German couple owning a home on my back yard border. Sits there sunning his fat belly; never mows his lawn....comes to Canada to catch and export wild fish. NO conception of how to be a good neighbour. Allows his weeds to climb up and "wick" my fence, that affords his privacy. Never seems to think about what he could do to fulfill his day to day obligations to his neighbours. Then asks me if I have any "extra" cherries or potatoes from what I grow.
just suns his big belly and takes .
They are good at calling people deadbeats and freeloaders though right?
Pull out those weeds and feed them to him. That'll do the trick!
That describes several million Americans.
Funny. Here in Germany, the neighbors manicure their lawns and gardens religiously, sweep the streets in front of their homes on Saturdays, and give me the evil eye when I don't do likewise.
Maybe it's just the neighborhood where I live. Sorry about the low-class Kraut neighbors you were "blessed" with.
I"m feeling a bit fatigued. My 32 yr. old married house-cleaner insists on giving me the most mind altering orgasms she can manage. She likes the bonus payments. As the Beatles said, "Whatever money can't buy; I don't need it anyway". this must be relevant to Greece, somehow ?
really? How can any of you pussy-junkstaz down-vote this true expression of free-market - ism?
BEAR IN MIND that if she's going out on her husband and doing YOU, she might also be (IS!) doing others, as well. One day, she'll do you (just like she ALWAYS does), and bring a gift from one of her 'others' along as YOUR bonus payment.
Funny, though; you'll be actually PAYING for your infection!
Venereal disease is the 'gift that keeps on giving'.
SO are the Rothschild international bankers!
AHA!
WHAT has the situation in GREECE got to do with your story, you old fart?
'Gee, I dunno...' (this statement dedicated to the 2-dimensional-thinking micro-economist armchair warriors who downarrowed your comment)
Where do you want him delivered ? Do you promise he'll never show up around here again ?
What has suddenly led these IMF liars to repeatedly have close brushes with the truth? What new agenda is being brewed to justify what intervention on what grounds? Whose plans are coming to fruition in some way, or need a change of terms and scope to run to completion?
Whatever the answers are, likely neither the Greek people, the other Europeans nor the rest of the world will like them. And when the Chinese meltdown completes, there's gonna be a whole lot of disappointed, starving people with nothing left to lose out there losing it (per G. Celente). I hope your preparations are complete, and may the odds be ever in your favor, because I doubt they are for most folks....
They are setting the stage for Oct 20
Please elaborate.
Hobble, I'll help, I believe he/she's referring to the shift in SDRs to included Chinese Yuan. As of now 65+% of the weighted Special Drawing Right (think global credit currency for all IMF borrowing nations) is USD. Many believe there could be a fast an ard shift away from USD into Yuan generally as a result. IMF meets around Oct 20 to discuss inclusion to the SDR mix. Remember MOST oil is priced in USD(think all OPEC oil, except Iran). Everyone uses oil. Some oil between Russia and China sold in Yuan already. China now the BIGGEST consumer of oil, and biggest economy globally... see where we're going here?
I confess being the source of this meme, and it's incorrect... US dollar XDR percentage is a shade under 42%, not 66% as I originally stated. I'm correcting myself but nonetheless stand corrected... information is here:
https://en.wikipedia.org/wiki/Special_drawing_rights#Value_definition
so nations have to compete with each other for the banksters permission to monetarily fuck over other nations...but do they understand they're fucking their own nation by playing....banksters cornerd the market on fraud too long ago.
Until CHN unpegs the Yuan from the USD, that move is insignificant...
About that October 20th meeting, I'd wager that at least 50.1% of the IMF's voting power is wielded by the US and its bitches.
October 20th is too late.
This is going to happen within the next week. Whatever "this" is.
Taking over Greece by the Euro puppetmasters so that the Greek people no longer have direct democracy? Could be but 10/20/15 is too late for anything. Whatever is moving the IMF to speak now is Legarde doing conference calls w/someone PRIVATE and I'm betting not a state actor.
"What has suddenly led these IMF liars to repeatedly have close brushes with the truth?"
Data - they get a shit ton of it in advance of it becoming public knowledge. The game is going to change SOON - and like all cockroaches, they don't want to be the ones stuck in the middle when the light snaps on.
The IMF are only playing the game a few moves ahead. Right now, they are about keeping Putin out of Greek ports.
WHERES MY MONEY BITCH!
The new Antichrist.
"The new Antichrist."
NO.
Simply a specific 'King Of The East' mentioned in the book. The 'king' with 'hooks in his jaws', being drawn into the fray.
Nothing says the "Camel's nose is under your tent" like the IMF.
That ain't Brussels either but WASHINGTON DC. (Oh, Shit!)
So, yeah...well all you "Eurolanders"' we're doing the nasty over there..
you seemed to have forgotten who been paying for that Party.
"Hello, Brenda...
Time for the Party Pooper.
Hear me now and believe me later...
Anytime a bank tells the truth
It means they're up to no good.
If the IMF has found Jesus then Greece should just default on everything and go to the lender of last resort...
The IMF.
That's what they were chartered to do (on the information handout sheets anyway).
Since this whole Greece shit show makes no sense at all, it makes me wonder if this is all just a staged act with all actors involved to divert our attention from all of the hot spots around the world leading to a rapid global financial meltdown...look over here...
I'm pretty sure Germany doesn't want this deal either. They want Greece to leave the EU, so they can go back to normal lives for a while.
Not sure what the IMF is up to. Why would a third round of "debt relief" improve things..., or twenty some rounds if you go back a couple of centuries.
Greece leaving the EU is an invitation to Putin. The IMF (US State Department) will solve that problem by throwing money at it.
There are all kinds of cans being kicked here. You can only ever see maybe 2 of the dozen or more.
Jack Lew, you magnificent bastard! His greasy mitts are all over this.
Which U.S. states are givers and which are takers?
http://www.theatlantic.com/business/archive/2014/05/which-states-are-giv...
The US is a regulated currency union for that very reason, and nobody cares. Europe stopped short of doing the correct thing. Not sure why. Old enmities, I suppose. Well now they get to suffer for it.
not sure why? couldn't pull that trigger
Close (good idea, at least), but the 'source' is a well-known commiesymplant/socialist rag. States in the FAR EAST are FULL of FED EMPLOYEES (who get paid by the taxation from the rest of the nation, and produce NOTHING but 'government'; and therefore have NO NEED for OTHER 'bailout/dependency programs').
I'm afraid I'll have to give you a reddie on this one.
What a stupid article. People in the US move around a lot. Take my sister and brother-in-law for instance. They spent their working years in New Jersey, although they weren't 'giving' so much as being mugged by rapacious government. He retired, she lost her job, and they moved to Florida. Now they're 'takers'? BS. Someone needs to find a better metric.
This will end up teaching the Germans about the perils of high quality industrial design and manufacturing that the rest of the world wants to purchase. It will teach them the errors of efficiency in their private and public sectors of the economy. What Dumbkoffs for paying taxes and not retiring earlier or of creating ecomiically sound and sustainable social service and medical institutions. So sucks being German they need to pay the Greeks another trillion over the next decade or two.If you do not agree then "cuz WWII"
Bullshit, if the Germans are half as smart as they are given credit for the lesson would be don't loan money to countries that can't pay. Germany provided the sovereign equivlent of NINJA loans, and now they are surprised that the borrowers can't pay.
#41
Double Bullshit, they are not surprised they can't pay. They are just not going to pay for the fat sloppy lazy Greek free loaders anymore.
Fuck the Socialist Keynesian Clowns.
The Big Fat Greek Gravy Train: A special investigation into the EU-funded culture of greed, tax evasion and scandalous waste
Yup, Greece has been that way for the better part of a century. Everybody in Germany, and at the ECB knew it before Greece was let into the EU, they knew it when they were writting the loans, and they knew it when they doubled, and then tripled down om those loans.
Feduciary responsability lies with the lender. If a lender makes a loan they KNOW can't be repaid, (Gerrmany, the ECB and the banks knew) it is the lenders problem when the default happens, unless of course your name is Tsipras.
#41
Actually the bad loans ended up not being the lenders (banksters) problem, they made their profits and offloaded the risk to the european/german taxpayer. Fair enough, the point is the Germans have had enough, they are now doing their feduciary responsibility, they know future loans will not be repaid, so they are not going to lend anymore to their deadbeat southern european cousin.The German taxpayer is demanding it politically. Who can blame them unless your name is Paul Krugman. BTW my initial comment was a sarcastic analogy and attempt at saying the problem with socialism is you eventually run out of other peoples money.. The Greeks have done run out, they should look at and own up to their own selfish greedy culture as the major part in this tragedy and quit blaming the Germans. The Germans will live with the default, but are finished throwing hundereds of billions more into that black hole in Athens.
So many "from each according to his ability, to each according to his needs" socialists around here, judging from the down arrows. Sounds nice but human behavior being what it is you end up with clusterfucks like Greece as a result.
Let Bill / Hill, UNcle Warren, and the rest of the progressives empty their accounts to pay for it.
And let's see how many low-income housing units HUD decides to build across the street from Barbra Steisand. (At her expense would make it even better.)
Take note Africa... and other developing nations.
Beware of the Goldman Horse.
https://en.m.wikipedia.org/wiki/List_of_former_employees_of_Goldman_Sachs
http://www.globalresearch.ca/greece-the-imf-and-goldman-sachs/5460757
The IMF will get a call from the Fed telling it to fund the bailout.
The US moves to squeeze the IMF and Germany so that Putin won't get Greece. Anything that keeps Greece in the Euro now is Pres. O and Yellen doing the handpuppet shadow dance.
The US is in arrears to the IMF as it is.
One of the things pissing of the RoW, no reforms and no money.
Interesting statement.
The IMF IS the FEDRES (and the 'member banks' thereof). Does the FEDRES owe the FEDRES?
That's like saying that the CONUS is in arrears to the fucking U.N., or something. I'll try to keep in mind WHAT ENTITY donated the land and built that building in the heart of NYC, as I re-read your post.
Shuffling worthless fiat currencies around on a 'balance sheet' is simply a DIVERSION to take your attention away from the BIGGER ISSUE.
"The US is in arrears to the IMF as it is."
Yeah. 18 TRILLION and counting, actually, I suppose. I'd like to see an audit of the IMF's ACTUAL gold and silver holdings (whereby they back all this 'loaned money' instruments of indebtidness). It'll look JUST LIKE the latest FEDRES/Ft. Knox audit. (OOPS, I haven't seen one of THOSE, EITHER.)
NO SHIT, SHERLOCK.
The EU has no interest in helping Greece, it is more interested in destroying it.
A trick they learned from the Romans. Failed states are a source of cheap (free) labor.
You thought slavery was dead? That's just silly. In the run-down of fossil fuels slavery is roaring back.
The US southern states will have their vindication, 200 years late.
BMW Chairman: We have decreased our labor costs by 78% with these new Greek workers.
Board Members: Excellent. Here is your bonus check.
The German Reich appreciates your work! How do you keep up the quality?
Israeli cattle prods. Most effective.
Speaking of BMW- see the link:
http://www.algemeiner.com/2013/01/29/report-nazi-goebbels-descendants-ow...
Frau Merkel: "Make sure the patio is fixed for the soiree tonight, Varos."
I'll need my chains lengthened, ma'am.
Very well, I'll speak to Security. Now, lick this boot! I'm running late!
If Obama was smart, which he is not, he'd let Greece default first, THEN offer to bail them out. Pin the bill on the Germans with Greece on the new Drachma.
Ouch!
I have no illusions about the IMF, but this, in my view, is a good illustration of why this sordid game cannot continue much longer.
When the power brokers begin to squabble amongst themselves publicly, something has to give.
Astute observation, Tinky.
Eventually, when European economies get bad enough, political power brokers will start blaming banking power brokers for the mess in order to save their own hides. Then the fun really starts.
Save their hides from who? Mobs can be controlled- ----an Iceland type mob led by good people would do the trick but most in West are too dumbed down and lazy to get off their aa and drag the bastaeds out kicking and screaming. THE police state in US seems in charge until people have nothing to lose they will do nothing. US founders were an aberration not the norm--------sad to say.
I give it plenty of popcorn :)
The IMF just wants to further humiliate Tsipras by forcing him to publicly beg the IMF to go along with the deal he just signed.
Screw it , they should strip Tsipras naked and parade him through the streets like Cersai did on Game of Thrones
Francoise Holland's pool boy!
ole Francois may have a Pool Boy job in his future.......
Sounds like there isn't going to be a "Greece" soon.
Maybe by tomorrow actually...
Check out these pension numbers, and see how much sympathy eastern European's will feel for the hard pressed Greeks.
Avg old age pension, 2014 or latest, €:
Lithuania: 237 Latvia: 266 Estonia: 345 Slovakia: 391 Greece: 833
Eastern Euro people need to get on the ball!
9000 EU
Chief Lagarde behaves like a Virgin Marry, oh, uh, thay can't pay, we should help them.
IMF - it's not your game, not your land and not your isles.
Germans left Greece in 1944 and now they are coming back.
Let the ol' good jerrys do their Gods work.
"You think you tougher than Black Jaques Chellack eh there Ranbit?...
We can be certain the IMF has nothing but the best interests of the Greek people taken to heart can't we Mr Peabody?
Greek hearts they may be interested in.Stuffed and baked.
Roosters News:
The Wehrmacht today began setting up a series of field hospitals to harvest one kidney from each Greek who passes the health test. The organs may bring Greece some much-needed debt relief.
Uhmm ... Insurance fraud?
Life Insurance Policies on everyone!
"According to a 2013 review of FDIC data, 53.4% of U.S. banks held some type of BOLI assets, with an average premium of about $2 million per case on newly issued policies." "...equivalent to a taxable investment gain of 5% or more."
BOLI: http://www.fool.com/investing/general/2015/05/18/bank-owned-life-insuran...
"... headlines reported instances of companies insuring large swaths of employees—at times without their knowledge, and covering employees who clearly weren’t key to the business."
https://www.gfmag.com/magazine/november-2013/corporate-life-and-pensions...
" the beneficiary of each policy would not be the survivors or estate of the insured employee, but the Freedom Communications pension plan.."
" JPMorgan Chase and Wells Fargo hold billions of dollars of life insurance on their books, and count it as a measure of their ability to withstand financial shocks."
http://dealbook.nytimes.com/2014/06/22/an-employee-dies-and-the-company-...
Yes, Sherman. There are always new ways to skin a cat.
I'm really starting to lose a grip on this story.
Come on people. The IMF did the same thing with their first report - they want the EU/Germans to give debt relief on the ECB/ELA loans, but still give even more loans to the greeks so they can continue to dish out payments to the IMF:
"Yes, debt relief... just the others' debt: not the IMF's, please."
Debt sustainability is all about debt servitude. Lagarde is protecting the status quo to prevent Greece turning East (for NATO) and to continue collecting for her masters at the IMF/Goldman Sachs (US). I just don't get the "Good guy IMF" smell at all from this document.
Pretty clear the Germans want the Greeks to fuck off out of the euro from the rude noises that emanated from Schauble's arse the last few days. That was clear enough. Right now, imo, Tsipras is working for the banksters by taking the shittiest deal in history back to Athens, to everyone's disgust. The thing that I really find curious is the complete silence on the possible collapse of Deutsche Bank on Grexit - have the Germans figured out a hedge against the derivatives on its books or are they willing to let it fall?
The IMF is scared of Contagion; DB could fall, tripping a lot of dominoes.
Now it's getting serious. Next: Blood in the streets.
Very true. DB (Securities Inc) is a player in the Fed's Permanent Open Market Committee.
PS: Since my post, I've noticed several astute observers with new comments said much the same thing about this IMF doc. Shouldn't have started the post with an exasperated, "Come on people!". Sorry about that :). Still very curious about how the Germans think they will deal with DB on Grexit.
Contagion you say 55? Too late got a bad rash all over the toy-dolls.
It needs to fall ----it will fall ---the problem is the set up by PTB waitng in the wings like the vampire squid on steroids
"have the Germans figured out a hedge against the derivatives on its books"
DB going thermonuclear probably blows up the US economy well before it blows up Germany's. And do note, we're the country with 200 million EBT card holders and 300 million guns. Check and mate to you, Janet.