Greece Lashes Out At IMF

Tyler Durden's picture

Submitted by Mike Shedlock via MishTalk.com,

The game playing in Greece gets curiouser and curiouser.

German finance minister Wolfgang Schäuble went on TV saying the only way Greece can get a haircut is if it leaves the Eurozone.

The IMF reiterated that Greece will not be able to make its payments.

Greece insists the IMF is wrong, yet it wants credit relief.

imf-out

The Financial Times reports Greeks Escalate Bailout Divisions by Lashing out at ‘Misleading’ IMF Report.

Greece’s finance minister has lashed out at the International Monetary Fund’s “misleading” analysis of the country’s economic health and debt trajectory, intensifying a rift between Athens and the Fund over its involvement in the country’s three-year bailout programme.

 

Responding to the IMF’s 91-page healthcheck of the Greek economy, Syriza’s Euclid Tsakalotos said the analysis gave an unfair and “insufficient” account of reform efforts undertaken by the left-wing government since the summer of 2015.

 

Mr Tsakalotos said the “overly pessimistic” account led the Fund to a wrong-headed assessment of the country’s debt dynamics, which the report says could reach “explosive” proportions above 200 per cent of GDP without major debt relief or bolder spending cuts and reforms.

Greece wants the IMF out of the troika so why does it insist its debt is sustainable? It makes no sense. If its debt was sustainable, the IMF would stay in.

I discussed this previously as a blame game scenario, with each party wanting to blame the others, but things have gotten so silly now I find it difficult to twist this pretzel in a way that fits.

Meanwhile, Greek unemployment is a “mere” 23%, despite the alleged Greek recovery.

Greece vs. US Great Depression

The IMF provided this comparison of Greece vs. the Great Depression.

greece-great-depression

Greece does not want the IMF in the troika but if the IMF leaves, Germany is set to pull the plug. There is obviously some sort of game here, but it is logically impossible for Greece to hold the conflicting positions it has.

The IMF is due to deliver a major decision on whether it will contribute to the country’s €86bn bailout when finance ministers meet in Brussels later this month.

Had Greece warmed up to the IMF, it could have blamed Germany and the IMF. Logically all it can do now is blame itself.

Enough of this nonsense, I repeat Dear IMF, Please Put Greece Out of Its Misery.

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Max Damage's picture

Default and bankrupt the German twats via Deustche Bank. Have you got the guts???

Troy Ounce's picture

 

Greek debt problem is now folklore like Dutch clog dancing, the American school shootings and German beer drinking.

xythras's picture
xythras (not verified) Troy Ounce Feb 10, 2017 5:56 AM

That's what you get for voting socialist. Now pay up greek boy, or bend over. Well, in their case bending over is very normal.

We need to have the left in check overhere, or we might get the greek trreatment ourselves. Especially with leftiest infiltrated all over the education system.

University Professor Violently Assaults Student for Supporting Trump

http://dailywesterner.com/news/2017-02-10/university-professor-violently...

Tarzan's picture

ah, the old tail of Greece leaving the EU, like a broken record, over and over they spin this fantasy.

Greece will not leave the EU, because the entire western Ponzi scheme is dependent on debtors, and if one falls, we all fall!  That's the 100 year plan in a nut shell, make everyone dependent on the banks, and crush Nationalism.  Problem is, the smallest member failing will take out the entire scheme!

Here are just a few of the ZH scary headlines of the past, most of which allude to Greece being out of time, over and over, yet still, years later they hang on.....

 

 

Greece Feigned Deal Progress, Launched Rumors To Avert Bank Run

 

 

Did Greece's Time Just Run Out?

 

With Greece "Everything Must Go Right From Now On" To Avoid Market Shock

 

Greece: Out Of Cash, Out Of Time, Out Of Options

 

Eurogroup Gives Greece 10 Day Ultimatum: Apply For Bailout Or Grexit

 

ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral - Full Statement

 

Greece Faces Moment Of Truth: Troika To Present Final Offer On Wednesday

 

Greece, Troika Submit Conflicting Eleventh Hour Deal Proposals

 

Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday

 

Sunday Deal Deadline Dies As Greece Prepares Desperate "Draft" Plan

 

Greece Will Default On June 5 Without Deal, IMF Leaks

 

Greece Effectively Defaults To IMF Using SDR Reserves To "Repay" Fund; 1 Month Countdown Begins

 

Tomorrow Greece Decides: Europe... Or Russia

 

ECB Threatens Athens With Bank Funding Cutoff If No Deal In One Month: February 28 Is Now D-Day For Greece

 

"Completely Absurd" To Think Greece Won't Default In May: Official

 

"We Have Come To The End Of The Road" - Greece Prepares For Default, FT Reports

 

After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6Month Extension

 

Greece Faces D-Day On April 9, Will Default Within 30 Days Of Missed Payment, BofAML Says

 

Germany Gives Greece One Final Ultimatum After Friday's "Optimistic" Talks Devolve Into Disagreement And Confusion

 

Greek Deal Falls Apart After EU Says "No Way Forward", No Eurogroup Statement; Greece "Questions Merit" Of Bailout Extension

 

Greece Faces Cash Crunch This Friday Without "Plan A Or Plan B": What Happens Next

 

Greece Warns It May Default On IMF Loan As Soon As Next Week

 

Greece Requests Six Month Loan Agreement Extension, Denies It Requests "Memorandum" Extension

 

Greece Misses 1st Commitment: Delays Reform List Delivery Until Tuesday

 

Greece To Run Out Of Cash In Under One Week

 

Stocks Go Green, Euro Spikes On Report Greece To Ask Request Program Extension Tomorrow

 

"The Greek Endgame Is Here": Probability Of IMF Default Now 70%, Says Deutsche Bank

 

Greece Gambles On "Catastrophic Armageddon" For Europe, Warns It "Only Has Weeks Of Cash Left"

 

Greek Deal In Limbo After "Serious Disagreement" Between EU, IMF

 

Dijsselbloem Crushes Greek Deal Optimism, Says Deal "Not Theoretically Possible" This Week

 

Here We Go Again: Greece Will Be In Default Within 15 Months, S&P Warns

 

Greek Deal On Monday "Not Possible" MNI Reports Despite Troika Attempt To Reconcile Differences

 

What Ordinary Greeks Think Of Friday's Deal: "We Went Through Two Months Of Agony To Realize We Are Still A Debt Colony"

 

Greek Government "Not Holding Out Much Hope" For Monday Even As Market Signals Deal Imminent

 

IMF Payment Sends Greek Yields Lower; Athens Warns "Next Month Is A Different Matter"

 

Eurogroup Meeting Delayed, Reportedly Due To Greeks "Sending Wrong Letter"

 

EU Official "Denies" Report Of "Greek Deal Pending" Rumor Which Sparked Stocks, Euro Surge

new game's picture

LOL! all it's worth..out of keystrokes on this one, lol again...

Escrava Isaura's picture

The game playing in Greece gets curiouser and curiouser.

Because the European elites (the highly educated class) after stealing all the Greeks savings, acquiring the best land, and trapping the future Greek labor force in endless servitude is about to move to another location —northeast of Greece.

 

 

max-kisser's picture

The trouble with Thatcherism is that eventually the poor run out of money for the rich to take!!

BarkingCat's picture

No one who is informed is discussing Greece leaving the EU.

The discussion is about Greece leaving the Euro monetary union.

These are 2 separate arrangement. 

These are other countries that are part of the EU that never replaced their national currencies with the Euro.

UK is the biggest. Others inckude Czech Republic,  Poland and Bulgaria.

Mimir's picture

But seven EU Member States, are planning to join the Euro monetary union – Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania, and now also, Sweden, but will only be accepted if the respect the economic performance threshold. The same criteria, which also Greece respected - after having manipulated its budget with the help of Goldman Sachs expensive advice and financial packages.

Only Denmak and the UK have opted out.

wildbad's picture

to be fair to the Greek Debt Slaves, they voted in Tsipras who promised to leave the whole system.

He, predictably, lied to them.

Nothing has changed there except that many of their former state assets belong to other states and public private partnership efforts (read: Thieving vultures) here.

If they had done an Iceland, they could have scrubbed billion off of their fake and illegal debt and would now be three years closer to solvency.

Bankruptcy is an essential and healthy capitalist mechanism which, when artificially delayed, allows the manipulators to skim whatever is left of the victim.

kommissar's picture

you're really overlooking some important facts: iceland JAILED their corrupt bankers.  the greek economy is far from virtuous.  

Mimir's picture

Greece has for the moment an income per capita, that is higher than that of Argentina, Turkey or Costa Rica and it is estimated that 30% of the economy is black economy.

It is serious, it is hard for many, but the "collapse" is managed by most according the what the French call "system D" (débrouille", démerde) - think fast, adapt, and improvise.

Batman11's picture

How could it end up in a debt crisis?

The IMF and World Bank have been doing this for 50 years left a trail of disaster through South America, Africa, Asia, Russia, Eastern Europe and now Western Europe with Greece.

It's what always happens.

HedgeJunkie's picture

'Going Greek' meant something else back in the day.  But I'm pretty sure the Euro is about to go Greek.

If I liked popcorn, now would be the time to stock up.

I'm kinda looking forward to europe getting fucked in the ass, even though it means we're all going to have to eat a shit sandwich.

GreatUncle's picture

We're all going to have to eat a shit sandwich anyway, nice if those dishing out the shit sanwiches have to eat it also.

Dr. Spin's picture

Had a plaque above the nav station on my boat. Read thus:

Where we go one, we go all...

;-D

GreatUncle's picture

"country’s €86bn bailout"

The old saying throwing more money after bad comes to mind.

Trying to preserve the EU through French and German elections and along comes a Greek tradedgy.

Vageling's picture

You mean they bailed out the banks. Not Greece itself. They received very little. These guys simply don't fit in the EUR. Greeks can only be Greek with the drachma. 

wildbad's picture

yes. just the banks. From every "tranche" that dribbles from the Draghi monster, over 70% goes straight back to the banksters.

Thieves and liars the lot.

Know shit's picture

If one would understand that they have no fuc... clue what they are doing, interpreting their actions would be a lot more simple...

Take care.

JailBanksters's picture

When everybody on the Internet says:

Never let the IMF into your country, I think that means

Never let the IMF into your country !!!

 

You will never get out of debt, it's that simple.

Troy Ounce's picture

 

 

It is actually not a problem. Everything will go well. Until it doesn't.  

JailBanksters's picture

Christine Lizzard calls it Debt Relief, but it's actually Banker Relief, relief for the Lender, not for the Borrower.

And it falls apart when somebody doesn't want to play Planet Ponzi anymore.

 

wildbad's picture

yes. this is how the system was designed to work. it is not a bug.

Dilluminati's picture

Is there any, just one success of the IMF?

Can anyone point to one example of a success?

The IMF only stands to pay the elite 1% who own 99% who should take the haircut.

Instead of an IMF we need a department of guilotines for the 1% who export their misery and corruption onto nations.

These were failed banks in Greece and the 1% should have taken the haircut.

JailBanksters's picture

And the IMF was created by the Rothschilds

Sheople's picture

So, when can we expect the flood of Greeks Seeking Refuge/Asylum/InstantImmigration/Etc???

What? Not enough Greeks are Muslims?

Barry's not at the Helm?

BLM, Hollywood, Sierra Club, EPA, San Francisco, etc, etc, , (fill in the Blank, as this list is Veryyyyyy Longggg) Protest ... as it's not fair, anti-Muslim, Racist, laden with Misogyny, not in the Bill of Rights, No Free 'OPM' at their disposal, and on and on and on ...

It would be sad to see ... but, would also be entertaining (C/O the Leftist '_______') ... another Fill in the blank.

????

bundas kenyer receptek's picture
bundas kenyer receptek (not verified) Sheople Feb 10, 2017 6:42 AM

u need to carpet bomb them into stone age first ... then u invite them to loot ur country... dumbass

BritBob's picture

Time for Greece to leave the Eurozone and deal with its financial problems.

The UK has opted for a hard Brexit especially when one country (or part of a country in Belgium) can stall negotiations for so long. Spain could act in a similar fashion over Gibraltar and has the cheek to maintain its Gibraltar sovereignty claim. Claim?

Gibraltar - Some Relevant International Law: https://www.academia.edu/10575180/Gibraltar_-_Some_Relevant_Internationa...

So it looks like a quick hasta luego !

 

 

Vageling's picture

Why are you crying? You should be happy. With the Brexit and all Spain is actually on Gibraltar. 

BarkingCat's picture

fuck you and your inbred monarch.

Dodgy Geezer's picture

This is simply a political game.

Greece has lost control of its finances - they have been run by the Troika since the last bailout. The Greeks can say what they like for internal consumption - any decision about what actually happens is now out of their hands...

Vageling's picture

Greece needs to stop bullshiting. We all know they can't make the payments under current conditions. Either they leave the EUR or get their shit seized. Germany already obtained their airports if I remember correctly. This is some fucking EU game... Look at the rainbow guys. Otherwise the leaders will look stupid as they said it would all work out and no extra money to Greece. Stupid political game that leads to nowhere. 

back to basics's picture

Failure of leadership in Greece and the EU until one day soon the inevitable happens; Greece collapses with riots and blood in the streets.

EU politicians need to tell their electorate the truth. Greece was sacrificed to save French and German banks from collapsing which would have lead to the collapse of the euro and the EU itself. As such, everyone knew from day one that the debt was illegal, odious and not sustainable. It's time this debt is written off.

Greek politicians need to tell Greeks the truth. Their elite kleptocracy looted the country with the people's full consent and in exchange of absurdly high paying (not needed) public sector jobs, ridiculously early retirement plans and looking the other way to blatant tax avoidance. The party is over.

And in the end, someone needs to tell the IMF to go fuck themselves.

bundas kenyer receptek's picture
bundas kenyer receptek (not verified) back to basics Feb 10, 2017 6:36 AM

oh, fuck ..  and all that time i thought it was soros' fault..

caesium's picture

Being outside the EZ or the EU does not solve your problems. Where will Greece find a generation of politicians who are neither corrupt nor incompetent?

My hunch is if Greece leaves that far from the drachma becoming a weak currency, it would (after initial weakness) quickly become overvalued. This is country with a budget surplus, booming tourist trade, healthy gold reserves, good agriculture, massive gas reserves in the Aegean and the most powerful merchant navy fleet in the World.

charlie303's picture
charlie303 (not verified) caesium Feb 10, 2017 7:49 AM

Being outside is a step in the right direction.
Staying inside is to surrender to fascism.
The EU has failed, a new model of European co-operation is needed.
Cometh the time, cometh the wo/man.

restelle's picture

Using:

"curiouser"

Is just plain WEIRD.

 


MS7's picture

Greece, meaning the Greek government, doesn't really want the IMF out. They are just following Germany's orders-- make the IMF look like the bad guy for saying the debt is unsustainable, pretend you don't like the IMF to maintain domestic credibility, and behind the scenes beg the IMF to stay in. If they said the debt was unsustainable they would have to seek debt cancellation, which Germany does not want.

detached.amusement's picture

How everyone doesnt see this as one giant bankster game by this point, I have no idea.

The world needs to terminate every entity associated with the BIS & IMF, with extreme prejudice.

PrivetHedge's picture

Has the IMF ever helped a country?

Just askin.

charlie303's picture
charlie303 (not verified) Feb 10, 2017 7:59 AM

Time to wake the fuck up Greece!
You never paid your way and knew it was wrong to recklessly borrow but now you have sunk so low your women prostitute themselves for a meal.
Your beaches are overrun with endless wave after wave of created refugees.
You still though, through false pride, cling desperately to 'their' noble ideal of a free democratic Europe which you believe you invented!
Fuck that!
It ain't working.
Time to quit!

Mimir's picture

"your women prostitute themselves for a meal"

 

Women in general, you mean !!!! ? Or is this just a perfect example of false alternative facts ?

Must be Daily Mail type of garbage news or is it just Breitbart again ?

PrivetHedge's picture

"it was wrong to recklessly borrow"

Then surely it was wrong for the experienced bankers in the ECB to recklessly lend?

It's easy to blame a poor nation - but the ECB should and did know better.
Greece is not an accident, I suspect it's payback for Hanukkah.
Before you blame the Greeks, remember not one of them voted for the Euro. 

Portugal, Italy, Spain were ruined just because they could.

Mimir's picture

The Haver Analytics graph in the article looks strange ! It cannot be the GDP which it refers to.


US GREAT DEPRESSION (GDP $trillions)

1929   $1.057

1936   $1.061

1938   $1.078


The US needed a World War to get out of the Great Depression almost 10 years after the low-point in 1929. Surely, not an option for getting out of the 2008 crisis.