Der Spiegel releases a story saying the IMF and Germany would not throw anymore money down the Spartan Hole.
In order to clarify it’s position, the IMF has said:
The IMF is supporting Greece in overcoming its economic difficulties. An IMF mission will start discussions with the country’s authorities on July 24 on how to bring Greece’s economic program, which is supported by IMF financial assistance, back on track.
Clear?
h/t: maz2
Braking news if you spend more then what you bring in bad things happen.
What the world is finding out is all boats sink with an out going tide.
The fear index.
the IMF has stopped payments before based on recipients not meeting agreed to targets.
Russia in 1998 is the one that comes to mind.
August 20th is the key date.
For years we’ve been hearing from a boatload of financial analysts that Greece was tiny compared to the EU, that bailing it out would be a rounding error in overall EU finances.
And it was too much for Germany to stomach. Spain’s difficulties are between one and two orders of magnitude greater. So this says that the EU will ultimately fail to deal with its problems either.
For the past two to three years the debate had been over whether or not there would be an orderly or a disorderly bankruptcy of these nations in terms of paying off their debts. That question would now appear to have been settled decisively.
I think it’s time that Kevin O’Leary was presented with a large dish of crow, knife and fork.
Posted by: cgh at July 23, 2012 3:03 PM
At least when Kevin O’Leary says all the world economic problems can be traced back to government actions, seems to me he’s making a valid point.
Europe is failing because the EU is a utopian fantasy.
Having a hard time trying to figure out, much less follow the logic of your point.
Mostly true, syf, but only mostly. When they bailed out Greece by discounting 80% of Greece’s debt and partially bailed out the banks from their bad sovereign Greek debt, what did the silly idiots do? Went and bought more, figuring that if they bailed them out this far, they would bail them out all the way.
And remember, the failure of Lehman Brothers and the near failure of the rest in 2008 had little to do directly with government and much to do with the wholly unregulated credit default swap market.
There’s lots of blame to go around appropriately for both government and the banksters.
Yes your right cgh .