IMF Set To Kick Out Greece

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No More Mr. Nice Guy As IMF Set To Kick Out Greece (ZeroHedge, July 22, 2012):

It appears that following the resignation letter fiasco from Friday, the venerable IMF is trying to regain some level of credibility in the world. In a note obtained by SPIEGEL, senior IMF officials patience has clearly come to an end and has decided that, with Greece likely to go bust by September, it is no longer willing to provide additional Greek aid (we assume in light of the push-backs on the promised cuts that the aid was based upon). Pointing to this now being a euro-zone problem, their cessation of Greek aid is even more critical since both Holland and Finland pledged support because the IMF was involved. August 20th marks an important short-term hurdle as Greece is required to pay back EUR3.8bn to the ECB – and with collateral being withdrawn, we wonder how long before the ECB pulls the plug entirely – even on Greek T-Bills. Whether this is sabre-rattling before the delayed TROIKA visit or the IMF (and the rest of the TROIKA) indeed deciding enough is enough and realizing finally that more debt (or even maturity extensions) does not solve the problem of too much debt – only default will do that!

1 thought on “IMF Set To Kick Out Greece

  1. An economist was talking to Tom Keene on Bloomberg this morning…….described Spain’s situation as a depression, too. The bank runs are in week ten all over Europe, the UK Guardian has been covering them only during market hours under Euro Crisis. The runs to safety are to Germany at the moment (not the US as the talking heads say), and the returns on the bonds are historically low.
    No investor can keep his shirt investing in US bonds at less than 2% return…..the only chance for anyone is the stock market, and that, as we know, is totally rigged. All the money boys are pushing the stock market because investment from abroad and here in America continues to plummet. Every Ponzi scheme needs fresh cash, and it is drying up faster than the corn fields in the heart of our middlewest.
    The collapse is happening now. The Eurozone is the world’s largest economic bloc……it’s collapse will be felt by the entire world.

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