Tag Archives: International Monetary Fund

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. Continue reading

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. Continue reading

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. Continue reading

John Ward – Crash 2 : Berlin Reverses Its Millimetre Of Movement On Eurobonds – 6 June 2012

The Earth may be turning, but the economy is at Dead Stop

‘Germany has not moved one inch towards fiscal union of any kind’ writes Ambrose Evans-Pritchard in today’s Telegraph.

And I’m afraid he’s right. Merkel is a crafty minx, and no mistake: she appeared to have buckled yesterday, but now she’s upped and said “Oooo nein, you misunderstood me”. This isn’t playing well in either Washington (where Geithner is tearing his hair out by the roots) and back in Bankfurt, where – I’m told – even Draghi looked exasperated after taking a phone-call from the Ostikanzler yesterday late afternoon. Continue reading

John Ward – Official : The Eurozone Meltdown Has Hardly Got Going, But Already It Has Wiped Out 80% Of Osborne’s Savings –

British taxpayers have pumped £11.7bn into Greece, Ireland and Portugal through the IMF, an early European rescue fund, and a bilateral loan to Ireland.

That’s £4 out of every £5 of George Osborne’s half-hearted, misguided and much delayed (not really his fault) austerity plan blown away by the hubris of a euro we warned would fail, never joined, and yet somehow now have to help bail out.

Can anyone in Britain anywhere imagine a scenario in which Merkel, Van Rompuy, Barroso and Draghi would bail out the Pound? Continue reading

Mish/ Mike Shedlock – Ponzi Financing In Greece Continues; Greek Banks Receive €18bn Transfer – 29 May 2012

Greek banks have been shut off from regular ECB liquidity operations due to lack of sufficient collateral. Today the Banks have that collateral thanks to a disbursement of funds from the EFSF which in turn will be used as collateral for more loans from the ECB.

If this makes little sense to you it is because it should not make any sense to anyone. It is another act of desperation in a long line of desperate acts. Continue reading

John Ward – Euroblown : Greece : How We All Paid €220bn To Get Deeper In Debt – How To Spend €220bn And Wind Up €20bn Worse Off – 24 May 2012

Another little dose of Greek reality. In Crete as of yesterday afternoon, prescriptions have been refused at all pharmacies unless customers pay the full price. It’s obvious really: if you raid the hospital bank accounts to pay off the bondholders, the hospitals don’t pay the pharmacies, and so the chemist charges full wack. I think under Friedmanite economics that would be called the market deciding. Continue reading