• BullionStar
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Greek Deal Done? Not So Fast Says IMF

Tyler Durden's picture




 

Update - It gets even better: Greek Deal Lacks Detailed Paperwork For Decision - DJ. What, 50 pages of promises is not enough.

The Greeks "pledge" that they will grow their economy in 2013? May as well pledge unicorn cab cabs for all Germans to their southern province in perpetuity. Yet somehow this is sufficient to squeeze the EURUSD higher as a "deal is done." Perhaps, but not so fast. As we speculated, the Troika not only does not want to fall for the same Greek BS any more, but frankly wants it out (and Germany votes on the bailout package tomorrow) - but has to do it diplomatically. So here it comes:

  • IMF SAYS IT'S NOT FORCING AUSTERITY ON GREECE AS TALKS CONTINUE - BBG
  • RICE SAYS IMF "WELL AWARE HOW DIFFICULT' IT IS FOR GREECE - BBG
  • IMF'S RICE SAYS IMF MINDFUL OF `HARDSHIPS' IN GREEK PROGRAM - BBG
  • RICE DECLINES TO SAY WHAT IMF SHARE OF NEXT GREEK LOAN WILL BE - BBG

But the most ominous of all:

  • IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED BEFORE FUND OK OF NEW GREEK LOAN PROGRAM - DOW JONES

By the way, dear US taxpayer, the IMF - that's you.

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Thu, 02/09/2012 - 11:39 | 2141781 redpill
redpill's picture

END THE IMF, END THE FED, END THIS CHARADE

Thu, 02/09/2012 - 11:47 | 2141823 Silver Bug
Silver Bug's picture

Flee why you still have some assets Greece! Get out of the EU, for the sake of your children.

 

http://silverliberationarmy.blogspot.com/

Thu, 02/09/2012 - 11:57 | 2141886 The Big Ching-aso
The Big Ching-aso's picture

 

 

"Dear Loan Officer Reynolds,

As requested by your office that I submit this in writing, I pledge to make $5 million dollars more next year.   This should assuage your expressed concerns about how I'll be able to pay for my application to purchase respective vacation house in the Hamptons on our agreed upon terms of 6% interest on a 40-year mortgage amortization schedule.  

Sincerely,      

Bob Sakamano,  McDonald's French Fry Night Shift Supervisor, East Hampton"

 

 

 

 

Thu, 02/09/2012 - 11:59 | 2141896 pods
pods's picture

Seems that Confessions of and Economic Hitman was not a work of fiction.

Morpheus, if you are listening, please come and get me!

pods

Thu, 02/09/2012 - 12:07 | 2141934 stewie
stewie's picture

Knock Knock, pods...

Thu, 02/09/2012 - 13:09 | 2142325 pods
pods's picture

Trinity?

:)

Thu, 02/09/2012 - 12:24 | 2141911 TruthInSunshine
TruthInSunshine's picture

Official prediction:

They'll formally wrap up a bailout of Greece by Monday or Tuesday.

They'll formally wrap up a bailout of Portugal, Ireland, Span & Italy within  6 months, and probably sooner.

Every country on the list will default under the terms of the amendments to the Eurozone Treaty that allow for the bailouts within 2 years, at most, and many will default well under a year.

Every PIIGS nation is already now in recession if one were to use an honest GDP metric, and these recessions will deepen post bailouts, which will make it even less likely they can significantly make good on the core requirements of their bailout provisions.

Germany will see the largest number of incumbents voted out of office in its post WW-II election history, with anti-EU legislators being elected in massive numbers.

The ECB will have to print a minimum €2.5 trillion to €3 trillion over the next 18 months just to recapitalize the Eurozone Member banks for a long enough period of time to prevent governments from running out of funding. On top of this, an additional €3 trillion will have to be printed during the subsequent 12 months in order to float social programs among PIIGS members during what will be a period of highly contractionary economic activity to avoid having another public Eurozone Debt crisis forcing the types of negotiations and the process we're seeing right now, prior to mid 2014.

Inflation will run so high that it will bring about constant 'no confidence' parliamentary votes throughout the Eurozone Member states for the foreseeable future.

The Eurozone will either be dissolved or dramatically shrunk by 2015.

The U.S. will see a credit contraction at least as large as it saw during 2008, and US and UK investment banks will suffer huge losses as a result of the European crisis even given that the ECB is going to print, at minimum, an aggregrate 5.5 trillion euros, (but probably closer to 20% more than that) because these euros won't be used to recapitalize non- EU based banks, but rather flow nearly exclusively to try to and recapitalize EU banks and support PIIGS social program spending over the next 2 1/2 years, and US and UK investment bank unhedged losses will run deep.

The ECB balance sheet will dwarf the Fed's balance sheet within 12 months, but contrary to popular investor opinion, there will many forces acting to seriously restrain Bernanke's ability to do what he and the other doves on the FOMC want to do in the form of using the ECB's newfound status as bad central bank as an excuse to significantly expand the Fed's balance sheet (one of which will be an even more contentious U.S. Executive Branch-Legislative Branch relationship, and another being cost-push inflation in the U.S. running very hot despite economic malaise).

Thu, 02/09/2012 - 12:25 | 2142032 Nobody For President
Nobody For President's picture

And the bad news is?

Thu, 02/09/2012 - 12:22 | 2142014 LawsofPhysics
LawsofPhysics's picture

Relax, the re-routing of real goods and services is going to end a number of things shortly.  hedge accordingly.

Thu, 02/09/2012 - 13:13 | 2142357 carguym14
carguym14's picture

Hmmmm,which candidate would be the best hope for doing that????

Thu, 02/09/2012 - 11:39 | 2141783 GeneMarchbanks
GeneMarchbanks's picture

Great twist, too bad I stopped paying attention in 2010.

Thu, 02/09/2012 - 11:40 | 2141786 Irish66
Irish66's picture

I could just throw up this morning

Thu, 02/09/2012 - 11:45 | 2141813 EyeQ
EyeQ's picture

i've had stock morning sickness for the past 4-1/2 months!!!!!

Thu, 02/09/2012 - 11:55 | 2141873 CrimsonAvenger
CrimsonAvenger's picture

So based on precedent in the market, in another 4.5 months you'll give birth to a fully developed fraud?

Thu, 02/09/2012 - 11:40 | 2141787 ElvisDog
ElvisDog's picture

Republican congress will not vote any more bailout money for the IMF.

Thu, 02/09/2012 - 11:45 | 2141816 SeverinSlade
SeverinSlade's picture

At least not until Europe pulls a Hank Paulson and says refusal to bail out Europe will result in Martial Law in America (which is inevitable anyway).

Thu, 02/09/2012 - 12:16 | 2141979 Coast Watcher
Coast Watcher's picture

You mean we don't have it already?

Thu, 02/09/2012 - 11:45 | 2141818 Vincent Vega
Vincent Vega's picture

HA! Who says any money to the IMF has to be voted on by Congress???

Thu, 02/09/2012 - 11:56 | 2141880 Red Raspberry
Red Raspberry's picture

Not until Romney is elected that is.

Thu, 02/09/2012 - 11:56 | 2141881 Red Raspberry
Red Raspberry's picture

Not until Romney is elected that is.

Thu, 02/09/2012 - 12:00 | 2141898 john39
john39's picture

don't think that is going to happen.  the point of the republican puppet show/primary is to make sure that bwak obomber is re-elected.   why would the fascists change horses when they don't have to?  so far obomber is getting the cabal's dirty deeds done, so he is the man, until they need to throw him under the bus.

Thu, 02/09/2012 - 12:24 | 2142026 LawsofPhysics
LawsofPhysics's picture

Right, at least not until the appropriate pork is attached.  Still believe in that old two-party lie?  Same as it ever was.

Thu, 02/09/2012 - 11:40 | 2141792 Squid Vicious
Squid Vicious's picture

who cares what the IMF says... BTF 3 handle dip!!!!

Thu, 02/09/2012 - 11:44 | 2141807 hedgeless_horseman
hedgeless_horseman's picture

 

 

+100,000

We will keep running the Packer sweep until they stop it.

Thu, 02/09/2012 - 12:15 | 2141974 Squid Vicious
Squid Vicious's picture

Exactly! Naz green, Dow green, Spooz will be green in 3..2..1... TOUCHDOWN team Ben Shalom!!

Thu, 02/09/2012 - 11:41 | 2141795 a growing concern
a growing concern's picture

and back down...

Thu, 02/09/2012 - 11:43 | 2141802 Roland99
Roland99's picture

oh, so the IMF is just saying they'll give Greece a reach-around?

Thu, 02/09/2012 - 11:48 | 2141832 Gene Parmesan
Gene Parmesan's picture

Or is this the IMF just looking to soften the perceived impact as viewed by the "citizens" on the ground in Greece and Germany? Dithering tends to lead to disinterest, or at least to confusion.

Thu, 02/09/2012 - 11:44 | 2141805 CreativeDestructor
CreativeDestructor's picture

Sing LTRO just like YMCA, sounds fun!

Thu, 02/09/2012 - 11:44 | 2141806 taniquetil
taniquetil's picture

Eurozone Resolution, Coming to a Theater near you in 2012

 

Directed by M. Night Shyamalan

Thu, 02/09/2012 - 11:46 | 2141820 Cunning Lingers
Cunning Lingers's picture

What else is valuable in Greece?

They will likely demand the mortgage of all valuable state assets as collateral if actions not met.

 

 

Thu, 02/09/2012 - 11:48 | 2141827 Flying Dutchman
Flying Dutchman's picture

Ha, Ha, Ha,

The Euro; It’s our currency, It’s your problem.

I like your former president.

Thu, 02/09/2012 - 11:48 | 2141831 hangemhigh77
hangemhigh77's picture

Offer the German's a gyro

Thu, 02/09/2012 - 11:48 | 2141833 Dre4dwolf
Dre4dwolf's picture

lol so all we have to do to grow is "pledge" to grow.

 

In that case I pledge to grow as well.

Thu, 02/09/2012 - 11:48 | 2141834 RobotTrader
RobotTrader's picture

Gary Busey files for Chapter 7 BK....

 

LOL....

Thu, 02/09/2012 - 11:52 | 2141851 Vincent Vega
Vincent Vega's picture

He must have been following your investment advice.

Thu, 02/09/2012 - 12:24 | 2142027 Hulk
Hulk's picture

He should have purchased PM's and a helmet, instead of Blo and hookers...

 

LOL...

Thu, 02/09/2012 - 11:49 | 2141837 flyonmywall
flyonmywall's picture

The only thing that they are concerned about is to not violate the first rule of investing "Thou shalt not lose principal". The only problem is, this rule is being enforced on the backs of the Greek people, their elderly, their sick and their children. Sooner or later, something is going to have to give. You can't have a financial circle jerk forever, without somebody blowing a load at some point.

The question is, whose face is it going to hit?

 

Thu, 02/09/2012 - 12:10 | 2141949 pods
pods's picture

Even worse, this will result in the wholesale looting of anything in Greece.  

I do hope that this shows the world exactly how the banksters, who whip money out of thin air and charge everyone interest to borrow it, really do need a good dose of humility.

Preferebly @3000 fps.

pods

Thu, 02/09/2012 - 11:49 | 2141841 hangemhigh77
hangemhigh77's picture

Put George Bush in as prez of Greece, the current guy isn't dumb enuf

Thu, 02/09/2012 - 11:49 | 2141842 alien-IQ
alien-IQ's picture

According to the Dutch and German finance ministers: "there will be NO deal today".

So it looks like this should push the EUR/USD and /Es higher since it means that the next deal will surely be the perfect deal.

This has gotten so very tiresome.

Thu, 02/09/2012 - 11:51 | 2141848 Gubbmint Cheese
Gubbmint Cheese's picture

Whatevs.... Tired of all of this bullshit. I get it I get it Robo is right: Buy stocks! Lever up, the trend is your friend blah blah blah. Okay done - Now how do I get me one of them million dollar bonuses?

Thu, 02/09/2012 - 12:04 | 2141916 Schmuck Raker
Schmuck Raker's picture

"...how do I get me one of them million dollar bonuses?"

I'll give you a hint:

It rhymes with 'Glee Fads'.

Thu, 02/09/2012 - 11:52 | 2141853 Schmuck Raker
Schmuck Raker's picture

WTF?

""An important initial step was to get the agreement among the coalition leaders in Athens and the next step is to continue the discussions on that basis," IMF spokesman Gerry Rice told a regular press briefing." - RTRS

So...it's not only NOT OVER...it's JUST GETTING STARTED???!!

Thu, 02/09/2012 - 11:54 | 2141863 vegas
vegas's picture

They should put this shit in a reality TV show. Entertainment at its finest. Maybe then sheeple would wake up to the fact that all the emperors of europe have no clothes.

 

http://vegasxau.blogspot.com

Thu, 02/09/2012 - 11:56 | 2141882 Money 4 Nothing
Money 4 Nothing's picture

Soo.. When is the next meeting for the new plan? /sarc.

 

The only noteworthy news I have heard out of the Blurr -O- Zone was that Greece, Italy and Portugal may go broke.  

Thu, 02/09/2012 - 11:58 | 2141894 yogibear
yogibear's picture

Go long on boiled rope when this all ends. The government leaders are just puppets for the bankers.

Greece is defaulting one way or the other.  Just pick your time frame.

At least the US is better. Our citizens have guns and ammo. All those drones will be useless.

Thu, 02/09/2012 - 11:59 | 2141897 Calmyourself
Calmyourself's picture

"IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED BEFORE FUND OK OF NEW GREEK LOAN PROGRAM "

A little slow today, what is this supposed to mean exactly as it is phrased awkwardly? 

Thu, 02/09/2012 - 12:04 | 2141919 Money 4 Nothing
Money 4 Nothing's picture

Calmyourself, I will break down the cryptography of the "message".

 

"IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED"

Do nothing as usual..

 "BEFORE FUND OK OF NEW GREEK LOAN PROGRAM "

Schedule another meeting.

 

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