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Why Did Greece Get 'Bitch-Slapped', While Ukraine Got Some 'Good-Loving' From Europe?

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Ukraine Flag

George Orwell once wrote in ‘Animal Farm’ ‘all animals are equal, but some animals are more equal than others’. This famous sentence is now valid more than ever before as surprisingly, the IMF will continue to cut Greece out of potential funding, whilst it’s embracing Ukraine by offering that country billions of dollars in hard cash as support.

In a surprising statement, the IMF confirmed it has currently no intention to continue to back Greece by making more cash available for the country. Citing the high debt levels and the poor level of implementing the much needed changes and reforms, the IMF says Greece currently does not meet the criteria required by the IMF to step in and provide more financial assistance. As you might remember, the IMF has pulled the plug on providing Greece more cash to help the country out until it will be able to re-finance its existing debt on the private markets.

As the IMF has now conveniently ‘leaked’ a ‘strictly confidential’ document stating it doesn’t even want to consider to extend a new debt package to Greece, two conclusions can be drawn. First of all, it’s now unlikely the IMF will be part of the next financing round for the country, and this results in the second conclusion; the European Union will now be on its own. All future help will have to come from either the member states or the European Central Bank (which would need to see its mission statement updated before being able to do so).

Ukraine IMF GDP

Source: tradingeconomics.com

But then the IMF made another eyebrow-raising decision. Whilst it was slapping Greece on the wrist, it was praising the Ukrainian government for its reforms despite the fact the GDP dropped by 28% in just one year time, pushing the debt to GDP ratio to an all-time high of almost 72%.

Okay, that’s still lower than Greece, but you can’t possibly believe that Ukraine is doing so much better than Greece! Even the credit scores are indicating the opposite; whereas Greece has a CCC+ credit score from S&P, Ukraine’s score is just CC, three steps lower than Greece indicating a default is imminent.

The sentiment and used language by Lagarde, the head of the IMF, is also completely different from the language used to describe Greece. According to the IMF, Ukraine’s situation is ‘incredibly encouraging’ which is quite a surprise considering the oil and gas prices are trading at multi-year lows and the iron ore price is also trading at just $50/dmt.

As in excess of 50% of Ukraine’s economy consists of both mining-related activities and the production and transportation of oil and gas, it’s very difficult to share Lagarde’s optimism about the country’s potential to rectify the current situation.

Or to update George Orwell’s phrase. All countries are equal, but some countries seem to be more equal than others.

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Mon, 08/03/2015 - 12:45 | 6385404 PrimalScream
PrimalScream's picture

AGREE with other comments.

Greece has ASSETS that the banks wanted to buy ... for pennies on the Euro.  That is the reality.  And it's happening right now. 

The Ukraine has got what?  Putin took the part of the country that was useful for his energy empire, so he has a direct conduit from Russia to Iran and the Middle East.  Putin has got what he wants!  The rest of the Ukraine has become a basket case.  Putin doesn't want it, and the Europeans are left holding the bag.  There is no "good loving" ... the policy response from Europe has been a shambles.

Mon, 08/03/2015 - 08:04 | 6384264 GreatUncle
GreatUncle's picture

Amusing really ... go look at all that fabulous maturing of short term Ukranian debt.

That it is being kept quiet?

look at this ...

http://www.ft.com/cms/s/0/2b00232e-95b7-11e4-b3a6-00144feabdc0.html#axzz...

or this ...

http://www.reuters.com/article/2015/03/13/ukraine-crisis-debt-idUSL5N0WF...

Same game really just different nations positioned differently on the bust timeline.

So has Ukraine solved its problem too? Nope!

Mon, 08/03/2015 - 05:33 | 6384063 firestarter_916
firestarter_916's picture

It goes a little like this:

The Ukrainians are skilled and hard workers. They have seen hell and lived to tell about it and whether they are paid a pittance, which I presume, they still get out of bed and put in 8+ hours a day.

 

The Greeks are polar opposite. Some careers which are classified as dangerous allow a worker to retire at 50-55 for around 100% of current salary. A ton of Greeks are in this category.  Their culture is one that decides paying taxes is not something they like, so they just don't pay them  I'm not sure how that can happen. My family hates paying taxes, but in this free country, I don't have the luxury or freedom to not feel like paying taxes. They also get generous amounts of time off. I'd suspect the Ukrainians get no more than a week off per year.

So yea, if I'm in the EU parliament, Ukraine gets my support 100/100 times.

Mon, 08/03/2015 - 04:47 | 6384027 Joe A
Joe A's picture

The IMF is part of the Washington consensus. Greece is contained, Ukraine not yet. That is why the praise.

Mon, 08/03/2015 - 03:16 | 6383946 Global Observer
Global Observer's picture

I can't comment on the IMF's loans to Ukraine since I don't know much about Ukraine's external debt, but the IMF should never have got involved in lending money to Greece unless the Greek debt had been given a much steeper haitcut than it had been in 2010 and 2012. Current Greek debt is not viable is an assessment that is not unique to the IMF; even the current Greek government takes the same stand. If the EZ creditors had been serious about addressing Greece's debt servicing/repayment problems, they would have agreed to convert all of Greece's ECB and IMF debt to ESM debt, part of which also would go into investing in Greece to spur economic growth, require Greek government to run budget surpluses, but invest the surplus in Greek economy rather than to service/repay debts for a period of 4-5 years. Instead they chose to insist on the IMF being part of the "bail out". The IMF requires immediate and periodic servicing/ repayment of its debts and cannot allow for any recovery period after which the debt servicng/repayment would start. So the Greek government would be forced to use the budget surpluses for debt servicing/repayment. No matter what "reforms" Greece undertakes, no external invetsments will be flowing into Greece in a hurry. So the economy will shrink further, government revenues will fall and it will again be in a situation where it can meet its debt servicing/repayment obligations only by reneging on its obligations to the citizens. The IMF staying out of loans to Greece is common sense.

Sun, 08/02/2015 - 20:52 | 6383181 shovelhead
shovelhead's picture

Dumb Greece for not sharing a border with Russia.

No soup for you.

Sun, 08/02/2015 - 19:36 | 6382968 GoldenDonuts
GoldenDonuts's picture

Oh don't worry.  Ukraine's bitch slapping is coming.  It will be just after they have outlived their usefulness to TPTB.  Then look out full on fucking.

Sun, 08/02/2015 - 17:49 | 6382677 GRDguy
GRDguy's picture

They wanted control of Greek shipping, and they got it.

Sun, 08/02/2015 - 17:18 | 6382579 The Delicate Genius
The Delicate Genius's picture

The Politics Of Punishment: Greece Is Being Destroyed By Europe And Austerity Orthodoxy

http://www.mintpressnews.com/the-politics-of-punishment-greece-is-being-...

Sun, 08/02/2015 - 17:00 | 6382502 cwsuisse
cwsuisse's picture

The IMF is a political and not a commercial institution. To keep the fingers of Greece is prudent although I doubt this is Lagarde's final word. To stick the fingers into the Ukraine is not prudent. The Ukraine is torn apart not only by the ambition to integrate this old Russian heartland into the west, but also by the local oligarchy represented for instance by Porochenko and the right-wing extremists. It is extremely difficult to develop any positive scenarios for the Ukraine under the prevailing circumstances. The IMF will most certainly loose all present and future loans extended to the Ukraine and the combination with the great Greek disaster is good enough to kill the IMF for good. 

Sun, 08/02/2015 - 16:24 | 6382340 HardlyZero
HardlyZero's picture

In the last 5 years the EU has setup many institutions similar to the IMF to handle issues.  

ESM, EFSF, EFSM, EFC, EPP, EFU, etc.

 

The Europeans have all their own legislated tools now to do whatever is possible within a Monetary Union.

(So IMF is probably just going to walk away from EU for now...it's EU business and not for IMF anymore).

 

Problem is with lackluster support for Greece it will become a backwater country issue and not a high periority.

 

Ireland, Portugal, Spain were all able to exit the IMF bailout because of EU support..but Greece never got that much support and may be too far out.

 

Detroit, PR, Venezuela, Chicago...all have debt issues, is any bailing them out ?

Grexit is the only quick way to end the drama, and move on to the other side of bankrupt.

Sun, 08/02/2015 - 14:24 | 6382018 The Delicate Genius
The Delicate Genius's picture

Jewish Lobby Calls for “Human Rights” in EU, but Denies Palestinians Houses in West Bank

http://newobserveronline.com/jewish-lobby-calls-human-rights-eu-denies-p...

Mon, 08/03/2015 - 03:40 | 6383971 dreadnaught
dreadnaught's picture

mutherfuckers

Sun, 08/02/2015 - 19:57 | 6383043 The Delicate Genius
The Delicate Genius's picture

The Logic of Illlogic: Narrow Self-Interest Keeps Israel’s “Existential Threats” Alive

Iran has long been Israel’s most serviceable existential threat. To hear the Israelis tell it, Iranians live to kill Jews, and want nothing more than to cast “the nation state of the Jewish people” into the sea. They want “the bomb” – to help them finish off the job.

The Israeli propaganda machine is emphatic: only dupes or anti-Semites would doubt for a moment that the international community’s first order of business should be to keep nuclear weapons out of Iranian hands.

They should also inflict so much pain upon that country that the Iranian people will send their Ayatollahs packing, replacing them with a biddable, Israel-friendly government.

“International community” is, of course, a euphemism for the United States and countries that tow its line. The Shah was the international community’s man in Tehran. If the Israelis could, they would raise him from the dead.

Ever since the Iranian Revolution ended his rule, Iranian governments have been railing against Israel, “the little Satan” — not because they hate Jews or love Palestinians, but because they want to be the region’s hegemon.

....

http://www.counterpunch.org/2015/07/31/the-logic-of-illlogic-narrow-self...

\
Suspicions Persist about Iranian “Laptop of Death”
http://www.lobelog.com/suspicions-persist-about-iranian-laptop-of-death/

Iran, Nukes,
and the ‘Laptop of Death’
http://original.antiwar.com/justin/2007/12/10/iran-nukes-and-the-laptop-...

A Mysterious Iran-Nuke Document
October 18, 2014

A mysterious document has been used for a half dozen years to derail nuclear talks with Iran, but its origins remain dubious and one expert says it’s been used to take international inspectors “for a ride,” as Gareth Porter reports for Inter Press Service.
https://consortiumnews.com/2014/10/18/a-mysterious-iran-nuke-document/

MEANWHILE - no inspections for Israel's nuke or bioweapon sites, no repercussions for its deliberate war crimes and violation of UN resolutions, and the Genva conventions - just more meddling by the Jewish Lobby and their useful idiot Scoffield Bible-thumpers.

how long before Israel has an agent launch a bottle rocket at an empty field and use it as an excuse to bomb schools, bridges, UN facilities, and hospitals - as it claims to be "defending itself" by claiming rockets were stored at every site where jetfighters used white phosphorus, flechette shells, and other manifestly **anti-personnel** munitions on fleeing crowds?

That people buy their abject, shameless lies speaks to the Zionist/Jewish control of the narrative.

Mon, 08/03/2015 - 03:42 | 6383972 dreadnaught
dreadnaught's picture

Israel SHOULD be turned into a glass parking lot

Sun, 08/02/2015 - 14:01 | 6381928 hooligan2009
hooligan2009's picture

exactyl the hypocrisy that goes for making political appointees at the IMF with a track record of corruption, stupidity and bigotry. the IMF uses tax payer dollars without being accountable to any democratic process, merely an assumption that anyone elected in the contributing countries is automatically qualified to appoint an "expert" from its ranks as a back handed bribe for corrupt services rendered.

votes here (thanks wiki):

https://en.wikipedia.org/wiki/International_Monetary_Fund#CITEREFBlomber...

the IMF is running out of SDR's (another fabrication of money akin to bitcoin) here:

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. As of March 17, 2015, 204 billion SDRs were created and allocated to members (equivalent to about $280 billion).

the above extracted from here: http://www.imf.org/external/np/exr/facts/sdr.htm

enquiring minds might want to know how the value of the SDR equates to the control of the GDP of the targeted country. The SDR is a leverage device with around 1:200 of SDR to local GDP, except GDP is people not employed in the financial sector and who actually have lives not based on solely money, but on the need to generate a standard of living; a real living goal  that is not part of any solution ever delivered by the IMF.

Sun, 08/02/2015 - 13:28 | 6381804 Maestro Maestro
Maestro Maestro's picture

INDICTMENT

Americans are criminals because Americans violate the Constitution of the United States of America.

The U.S. President Obama, the entire U.S. Congress, the CIA, the FBI, the U.S. Military, and the entire Police Force of these United States SWORE to protect, serve and uphold the U.S. Constitution.

The U.S. Constitution forbids usage of debt as money (referred to as 'notes') and stipulates that only gold and silver can be used as money.

Yet,

Americans commit or support and condone the murder and torture of human beings throughout planet earth in the name of democracy and freedom, all for the sake of acquiring Constitutionally fraudulent and illegal Federal Reserve Notes a.k.a (counterfeit) U.S. Dollars.

Since the United States is a democracy and Americans only elect Democrats and Republicans who perpetuate this unlawfulness,

Americans are indicted criminals according to the United States Constitution.

Spread the word.

Sun, 08/02/2015 - 13:06 | 6381695 bthunder
bthunder's picture

You decide what is easier:  for 7 million Greeks to repay $300 billion in debt, or for 44 million Ukrainians to repay $20 billion?

Ukraine's GDP during an armed conflict agaisnt a "super power" (as they'd like to be known) has dropped LESS than Greek's GDP, and that's during the regime of all-time low interest rates, ,deflating currency (means good for tourism, their main industry)

Who would YOU rather loan YOUR OWN money:  Greece or Ukraine?

 

 

Mon, 08/03/2015 - 03:43 | 6383973 dreadnaught
dreadnaught's picture

NEITHER. Ukraine is teetering on the edge of bankruptcy

Sun, 08/02/2015 - 22:59 | 6383532 All Risk No Reward
All Risk No Reward's picture

Neither one can pay down the debt-money based debts - that's the whole purpose behind defining money as debt.  The lenders accrue the interest and, in a zero sum monetary balance sheet, everyone else is under inextinguishable debt.

Ukraine gets money because arming them is a Debt-Money Monopoly agenda.

Greece isn't getting debt-money because bankrupting them and asset stripping them is the agenda of the Debt-Money Monopoly.

It really is no more complicated than that!

Sun, 08/02/2015 - 20:41 | 6383155 Jorgen
Jorgen's picture

"Who would YOU rather loan YOUR OWN money:  Greece or Ukraine?"

Neither one.

Sun, 08/02/2015 - 17:21 | 6382586 sagitarius
sagitarius's picture

Your numbers are not consistent.

UA GDP is 170bln, 70% is app. 120bln.this is the amount to be delivered by Ua.

The GDP per capita is 2500 usd/year in Ua and 18k in Greece, 7x more. 

population of Ua is not 44mln, it is -2mln Krim-8mln DOnbas-2mln who fled the country since feb.2014. in the best case it could be close to 34mln.

Greece has 10mln, not 7mln inhabitants.

your numbers are bogus and your argument falls into the water.

Sun, 08/02/2015 - 12:31 | 6381564 The Delicate Genius
The Delicate Genius's picture

because the neocons have targetted Russia.

consider that there has been no solid proof offered of official Russian involvement in the east, also consider that thos eregins are ethnic russian, on russias border, and much of it was formerly russia proper [like ukraine was until the early 1950s].

That is, if they *were* helping them defend themselves against Banderites, Jewish Oligarch militias, and foreign mercs - who could blame them - and why does Russia have no right but America has a right to engender a coup and provide arms to a country nowhere near its shores?

Consider that Israel gets no sanctions, and gets billions, despite massive war crimes and UN violations.

The double standard is not only open and obvious - it shows the extent to which Zionists have hijacked the US govt.

Sun, 08/02/2015 - 23:04 | 6383544 All Risk No Reward
All Risk No Reward's picture

Because the Debt-Money Monpoly financed governments and, therefore controls them.  This is THEIR AGENDA AND THEY GET THEIR WAY.

People use the word Zionists to represent these people, but it is a blunt instrument in that it includes lots of people who should not be included.

For example, one might consider Dr. Laura Schlessenger to be a Zionist as she supports Israel's right to exist and all that.  Her son joined the military.

She's clueless, though.  Yet, she gets included in the minds of many when the term "Zionist" is used.

The razor sharp scalpel term is "Debt-Money Monopoly."  The people who CONTROL the monetary system ARE THE PRECISE PEOPLE TO BLAME!

Note that Hitler was duped because of his ignorance in "blaming Jews."  He did business with Rockefellers and other non Jewish Americans BECAUSE HE DIDN'T KNOW THEY WERE ALIGNED WITH THE DEBT-MONEY MONOPOLY!

Sun, 08/02/2015 - 14:08 | 6381960 kchrisc
kchrisc's picture

"and why does Russia have no right but America has a right to engender a coup and provide arms to a country nowhere near its shores?"

Zion uber alles.

Liberty is a demand. Tyranny is submission.

Mon, 08/03/2015 - 09:12 | 6384438 yellowsub
yellowsub's picture

Haven't you heard of "Freedom" and "Democracy"?  Everything America does ist justified under that guise!

 

Sun, 08/02/2015 - 17:20 | 6382588 The Delicate Genius
The Delicate Genius's picture

“Let’s call it from now on the United States of Israel. Because many times when someone looks at the relations between Israel and the United States, one might ask, who is really the superpower between the two? And those questions become much more valid in the recent days when you see what is going on in Iran. … We are dealing now really with almost questions of sovereignty. We are dealing, needless to say –that no state in the world would have dared to do it, and no statesman in the world. And I will tell you frankly, it’s not Israel’s fault. Israel is doing whatever it can– it’s the one who enables it”.

Gideon Levy, Ha’aretz, speaking in Washington DC, April 10.

http://www.counterpunch.org/2015/07/31/leading-bibis-army-in-the-war-for...

Sun, 08/02/2015 - 12:17 | 6381499 geno-econ
geno-econ's picture

Ukraine situation incredibly encouraging only if unified as a country. Otherwise very discouraging without industrial base in East.  Therefore outlook for civil war imminent . IMF analysts spending too much time vacationing in Greece

Sun, 08/02/2015 - 12:15 | 6381489 ebworthen
ebworthen's picture

Why?  Because Greece is a part of the EU, the European lie. 

The Ukranian fantasy that the E.U. is better than independence the U.S. and the E.U. are happy to support because they need more victims, more vassal states; and they can hurt Russia while doing it.

Nevermind that Greece and Russia fought Germany in WWII, this is the new blitzkerig, with the U.S. a willing ally to the Brussels Bandits.

Sun, 08/02/2015 - 12:02 | 6381438 Consuelo
Consuelo's picture

 

Let's see:

 

- What are the key geo-political/banking/security/NATO-expansionist interests of the IMF with regard to Greece vs. Ukraine...?

- Who runs the IMF...?

 

Sun, 08/02/2015 - 11:37 | 6381356 gmak
gmak's picture

You didn't answer the question in the article heading.

Sun, 08/02/2015 - 10:49 | 6381192 KnuckleDragger-X
KnuckleDragger-X's picture

Picking a winner means something different than I always assumed.....

Sun, 08/02/2015 - 09:46 | 6381006 swass
swass's picture

Hmm.  Better looking women?

Mon, 08/03/2015 - 04:03 | 6383992 OldPhart
OldPhart's picture

They're white, They're thinned, They're desperate.  I think I need a housekeeper about thirty or so, estremely hungery, with a child or two.  $500 a month, food, abamacare, a dick in the ass once a week or so (probably less, since I can't muster a salute let alone an attack....fucking getting old is a pain in the ass)....but the kids would be well taken care of n[I'm not a governeent employee so I'm not an automatiic child molester). I know, I'm weird, I want kids to grow up without sex and violence in their every day lives.  If you're under 20, guess what, your one of my grandchildren, and I'm going to treat you as such.

I don't give a fuck what your actual grandparents think/do/say,  I'll correct your ass right n the street.  I don't care who the fuck you think you are.

 

Sun, 08/02/2015 - 10:08 | 6381072 Cast Iron Skillet
Cast Iron Skillet's picture

"Better looking women?" ... probably appeal to Legarde

Sun, 08/02/2015 - 11:09 | 6381255 indygo55
indygo55's picture

"Better looking women? probably appeal to Legarde"

 

I thought Legarde was a man?

Who can keep track of what these people are? So much diversity.

 

/s

 

 

Sun, 08/02/2015 - 11:13 | 6381273 Richard Chesler
Richard Chesler's picture

It is a lizard.

 

Sun, 08/02/2015 - 14:35 | 6382049 knukles
knukles's picture

It's a pipeline thing, you silly boys!

Sun, 08/02/2015 - 17:42 | 6382649 mickeyman
mickeyman's picture

Or they could declare war on Russia. 

Like in "The Mouse that Roared"

Sun, 08/02/2015 - 22:19 | 6383423 philipat
philipat's picture

Washington obviously was not involved in any way in these impartial IMF decisions regarding Ukraine?

/S

Mon, 08/03/2015 - 10:37 | 6384779 SWRichmond
SWRichmond's picture

Explanation is simple:  Greece has moved on to the "Asset Stripping" part of the plan, so no more loans for you.  Loss of assets to the rentiers forever is Greece's future.  Ukraine is desperate, due to a war started by Washington DC, and now will gratefuilly accept loans from IMF (Washington DC) in order to start on the road to 150% debt to GDP.  Once they are totally upside down, then they will also move on to the "Asset Stripping" phase.

Mon, 08/03/2015 - 15:07 | 6386082 Manthong
Manthong's picture

..well, they often said in the past “follow the money’

.... but in today’s perverted society… “follow the weapons”

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