Who could have possibly foreseen that the IMF would throw up all over the Greek "proposal"... aside from this post here "Why The IMF Will Reject The Latest Greek Proposal In Just Two Numbers" yesterday afternoon of course. In any event, moments ago Bloomberg reported that just as we wrote here yesterday afternoon, there is no deal and that Greek PM Alexis Tsipras told his associates that creditors not accepting equivalent fiscal measures has never happened before, according to a Greek govt official, who asked not to be named in line with policy.
Creditors “not accepting parametric measures has never happened before. Neither in Ireland, nor in Portugal, nor anywhere. This strange stance can hide two scenarios; they either don’t want an agreement or serve specific interests in Greece,” the official cited Tsipras as saying."
As a reminder, Tsipras is meeting Wednesday with European Central Bank President Mario Draghi, International Monetary Fund Managing Director Christine Lagarde and European Commission President Jean-Claude Juncker in an effort to reach a deal before Greece’s bailout expires and about 1.5 billion euros ($1.7 billion) in payments come due to the IMF on June 30.
Here is the man himself tweeting as much and confirming that the blame game continues:
The repeated rejection of equivalent measures by certain institutions never occurred before-neither in Ireland nor Portugal. #Greece (1/2)— Alexis Tsipras (@tsipras_eu) June 24, 2015
This odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed. #Greece (2/2)— Alexis Tsipras (@tsipras_eu) June 24, 2015
Some more comments:
Tsipras criticises IMF, says it didn't accept some proposals, AFP in Athens reporting. It's not the despair, it's the hope I can't stand...— Danny Kemp (@dannyctkemp) June 24, 2015
Doesn't seem we are going to have a Staff Level Agreement tonight #Eurogroup— Eleni Varvitsiotis (@Elbarbie) June 24, 2015
Greek gov't briefing Tsipras is unhappy lenders not accepting some measures, says this is unprecedented, questions if they want deal #Greece— Nick Malkoutzis (@NickMalkoutzis) June 24, 2015
The reaction across European asset classes was kneejerk lower...
... although it has since bounced back modestly as "hopes" that this final final deal, which was just scuttled, will be revised and lead to yet another favorable conclusion. They don't call it climbing the wall of Greek rumors for nothing.
As for Tsipras suggesting that Troika does not want an agreement, he is absolutely correct. Recall "Goldman's "Conspiracy Theory" Stunner: A Greek Default Is Precisely What The ECB Wants"... the same Goldman that blessed a Lehman bankruptcy and got precisely what it requested.
In any event, the ball is now in Greece's court...
- CREDITORS SAID TO HAND GREEK GOVT REVISED PROPOSAL
... also as we predicted, where either the Greek negotiators will finally enact the "dreaded" pension cuts, or else the Troika will be able to wash its hands of a Greek default and blame it all on Greek intransigence. As a further reminder, at this point it is all about who gets the blame for a "Grexident."