US Government Shutdown Threatens Disruptions To Global Credit – 14 October 2013

This week, the US may be forced to default on its $16.8 trillion debt if a deal to raise the ceiling is not struck. And some US legislators are acting “irrationally” enough to indeed allow it to happen, Professor Jeffrey Sommers told RT.

If the US defaults on its debt, the entire global economy could be hit, IMF chief Christine Lagarde warned over the weekend. “We would be at risk of tipping, yet again, into recession.”

Read the whole article at: www.rt.com / link to original article

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Mish / Mike Shedlock – IMF Ready To Plunder Spain; IMF’s Latest Trojan Horse Offer; English-To-English Translations – 4 October 2012

IMF chief Christine Lagarde says IMF ready to help Spain.

The International Monetary Fund stands ready to help Spain in multiple ways if Madrid seeks its aid, IMF chief Christine Lagarde said in a newspaper interview published on Wednesday.

“If Spain wants it, we could help in diverse ways, for example by simply auditing and monitoring reforms negotiated with its European partners without the IMF participating in financing,” Lagarde told French daily Le Figaro.

John Ward – Eclusive : ‘Bankfurt And The Us Out To Stop Draghi’ – German Bankers, IMF ‘Blocking ECB Plans For Bank Union And Greek Rescue’ – 14 September 2012

 

I’ve been saying for months now that Greece ‘will not be allowed’ to leave the single currency, because Merkel and Draghi accept that the chaos would be fatal for the eurozone. I also recently noted that the ‘done-deal after a suitable period of fisticuffs’ I’d predicted was surfacing. It still is: reduced interest rates on extended periods of Greek debt repayment (plus both ECB and sovereign EU member haircuts) are now being openly discussed by officials in Berlin, Brussels, and Paris.

John Ward – Spanish Crisis : Former IMF And Bankia Boss Charged With Massive Fraud – 6 July 2012

Spain’s Bob Diamond is Rodrigo Rato. The difference is, Rato is heading for jail

Spain’s anti-bank majority is celebrating a major victory after the country’s high court opened a criminal investigation into Rodrigo Rato, the former head of Spain’s biggest mortgage lender, Bankia. Rato, once a big wheel within the IMF, has been given a court date to face criminal fraud accusations relating to the downfall of Bankia, the banking giant at the epicentre of Spain’s economic disaster.

Mish/ Mike Shedlock – IMF Pressures Spain To Lower Salaries, Raise The VAT, Eliminate Housing Deduction – 16 June 2012

My friend Bran reports from Spain that IMF urging Spain to raise VAT, reduce public pay and positions, and eliminate housing deduction is the headline of every main news broadcast and newspaper.

Golem XIV – The Eurofiscal Corruption Contest – The Spanish Entry – 14 June 2012

Let me make it clear straight away – the lies, corruption, cowardice and greed of Spanish bankers and government officials is nothing special. What is happening in Spain now, reminds me of Northern Rock in the UK, Hypo in Germany and  CountryWide in the US. So please do not think that I dislike Spain or of the ordinary people of Spain. The people I detest in Spain are the same people I detest in Britain and every country: The Cabal of corrupt Bankers and Political parasites.

The Telegraph UK Headlines, 13th June 2012 – 14 June 2012

Debt crisis: Germany signals shift on €2.3 trillion redemption fund

 

The German government has begun opening the door to shared debts for the first time in a profound change of policy, agreeing to explore proposals for a €2.3 trillion (£1.9 trillion) stabilization fund in order to stop the eurozone’s crisis escalating out of control.

Debt crisis: as it happened, June 13, 2012

Debt crisis: Greeks pulling €800m a day from banks

US retail sales drop for second month

IMF approves €1.4bn Irish bail-out loan

Spain could be cut to junk within three months

 

Spain could be downgraded to ‘junk’ within three months, rating agency Moody’s warned on Wednesday night, as it slashed the country’s credit rating by three notches.

Tyler Durden – Zero Hedge – Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain – 11 June 2012

Well that didn’t take long. The ink on the #Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won’t be because when it comes to answering where the money comes from there simply is no answer) and we already have an answer to one of our questions.

Mish/ Mike Shedlock – Spain Blinks: Accepts €100 Billion Baillout Vi EFSF/ESM; Frob To Receive The Money – 10 June 2012

After months of denials, a short Eurogroup Statement shows Spain will submit a formal request to Brussels for a bailout.  Here is the statement in full.

The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.

John Ward – Euroblown : Merkel The Merciful Offers Athens A Clear Choice… – 9 June 2012

The Angela of Death

…stay in the eurozone and die, or leave the eurozone and be poor.

I wonder if ‘choice’ is perhaps the most twisted reinvention of a word in the history of language. Jeremy *unt is a great choice driveller: choice of 56 Murdoch Channels all showing braindead soft-porn sh*te. Lansley is another one: choice in the health services available to all. Bollocks: the choice is between having money and getting some service, or the opposite of that.