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Greece says it will default in June without aid from lenders
Ekathimerini ^ | 05/24/2015 | Renee Maltezou & Angeliki Koutantou

Posted on 05/24/2015 3:55:41 PM PDT by SeekAndFind

Greece cannot make an upcoming payment to the International Monetary Fund on June 5 unless foreign lenders disburse more aid, a senior ruling party lawmaker said on Wednesday, the latest warning from Athens it is on the verge of default.

Prime Minister Alexis Tsipras's leftist government says it hopes to reach a cash-for-reforms deal in days, although European Union and IMF lenders are more pessimistic and say talks are moving too slowly for that.

Greek officials now point to a race against the clock to clinch a deal before payments totaling about 1.5 billion euros ($1.7 billion) to the IMF come due next month, starting with a 300 million euro payment on June 5.

"Now is the moment that negotiations are coming to a head. Now is the moment of truth, on June 5," Nikos Filis, spokesman for the ruling Syriza party's lawmakers, told ANT1 television.

"If there is no deal by then that will address the current funding problem, they won't get any money," he said.

Talks between Greece and its lenders have foundered on Athens' demand to roll back labour and pension reform as well as lower fiscal targets set under its bailout programme.

Among concessions Athens is mulling is a special tax on banking transactions to help raise revenue to meet fiscal targets, though discussion of the levy is at an early stage, two sources close to the talks said.

If the talks collapse, Tsipras's government has made clear it will pay pensioners and public workers before servicing debt.

(Excerpt) Read more at ekathimerini.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: alexistsipras; default; eu; europeanunion; greece; greececrisis; greecedebt; syriza
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To: SeekAndFind

You know, I could swear I read some version of this exact thing every month for the last couple years now. Why is this considered news? Dogs eat every day. We mow lawns every day. Birds fly every day. These things are no more newsworthy, surprising or unexpected than the same rehashed groundhog day proclamation about the Greece economy.


21 posted on 05/24/2015 4:24:36 PM PDT by Norm Lenhart
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To: Leep; mjp

Makes sense.


22 posted on 05/24/2015 4:26:07 PM PDT by chris37 (Heartless)
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To: SeekAndFind
Several decades ago, a kid named William Terry borrowed a dime from me so he could get an ice cream sandwich. The next day he asked for another loan. I reminded him he owed me from the prior day. He said he wouldn't pay me unless I lent him a second time. Gobsmacked, I told the teacher what he was up to. She laid it back on me for lending him money in the first place.

That afternoon, I again asked him for the dime. He replied I would never get it from him. I punched him square in the solar plexus and he crumpled like a dollar bill in a pole dancer's G-string (Laz alert). The school people asked me about it and I told them I'd reported the situation to an adult and was made to understand I had to take care of it myself, which I did. I never heard another word about it.
23 posted on 05/24/2015 4:26:59 PM PDT by davius (You can roll manure in powdered sugar but that don't make it a jelly doughnut.)
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To: SeekAndFind

Greece will be fine. The ECB will QE infinity. That way they can be in debt forever!

The masters of the universe have spoken! /sarc


24 posted on 05/24/2015 4:27:59 PM PDT by Shadow44
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To: davius

Did you get your dime back ?


25 posted on 05/24/2015 4:30:01 PM PDT by fieldmarshaldj (Resist We Much)
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To: Fungi

looks like Greek pensioners are going to be in for a shock


26 posted on 05/24/2015 4:31:29 PM PDT by dp0622
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Grab your ankles!


27 posted on 05/24/2015 4:42:22 PM PDT by loungitude (The truth hurts.)
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To: fieldmarshaldj

No, but you can’t put a price on getting the universe back in proper order.


28 posted on 05/24/2015 4:45:22 PM PDT by davius (You can roll manure in powdered sugar but that don't make it a jelly doughnut.)
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To: The_Republic_Of_Maine

You have to be too big to fail. I guess Greece qualifies.


29 posted on 05/24/2015 4:50:06 PM PDT by fhayek
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To: dp0622

Can I pay my Visa with my MasterCard?


30 posted on 05/24/2015 4:54:02 PM PDT by VTenigma (The Democratic party is the party of the mathematically challenged)
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To: The_Republic_Of_Maine

RE: Wish I could do that with my mortgage holder.

Well, it depends on how much money you owe the mortgage broker.

If it’s a few hundreds of thousands, you are under their mercy.

If it’s a few billion, THEY are under your mercy. :)


31 posted on 05/24/2015 4:57:22 PM PDT by SeekAndFind
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To: VTenigma

Lol. well people do buy gift cards with the credit cards lol. I’ve known people who get Visa gift cards off that Walmart cards


32 posted on 05/24/2015 5:05:47 PM PDT by dp0622
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To: dp0622

It’s time to invest in dog food futures.


33 posted on 05/24/2015 5:07:24 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Farmer Dean

lol. Tried it once when I was drunk and too much younger. It’s awful


34 posted on 05/24/2015 5:11:45 PM PDT by dp0622
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To: Norm Lenhart

Were just as bad. Everytime our debt is due we scream that we don’t have it. We really can’t complain about Greece.


35 posted on 05/24/2015 5:23:50 PM PDT by napscoordinator (Walker for President 2016. The only candidate with actual real RESULTS!!!!! The rest...talkers!)
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To: truth_seeker

If you are going to take it back to the EEC in 1957, you might as well take it back to the ECSC in 1951.

It all goes back to Otto von Habsburg’s master plan.


36 posted on 05/24/2015 5:25:18 PM PDT by PAR35
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To: mjp
The banking cartel will arrange the bailout in a way that banking losses will be shifted to the taxpayers.

The bank and private holders already took huge losses. Most of the remaining debt is now held by the ECB, IMF and Euro zone governments.

37 posted on 05/24/2015 5:42:34 PM PDT by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: Fungi

“Bingo! They want to pay a debt through more borrowing? Nonsense. Why don’t they just print the money, that is what the “federal” “reserve” does.”

Well, that’s the rub. Greece, as a member of the EU and user of the Euro, has no control over monetary policy. Greece can’t print money. Only the EU can print money. It’s like asking “why doesn’t Illinois just print money to cover its debt and deficit spending? Answer; only the U.S. government can print money.


38 posted on 05/24/2015 5:46:59 PM PDT by snoringbear (E.oGovernment is the Pimp,)
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To: SeekAndFind

The IMF can write off the debt, extend more credit to Greece of let the Greeks default.

If the IMF chooses to let Greece default, the euro will crash.

The Greeks are in control of the situation


39 posted on 05/24/2015 6:27:16 PM PDT by Oliviaforever
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To: Morpheus2009

“Heavy unemployment” is a symptom of socialism, which in a full communist system becomes slave labor instead. With no need to work, who’s going to unless forced?


40 posted on 05/24/2015 6:56:37 PM PDT by Telepathic Intruder (The only thing the Left has learned from the failures of socialism is not to call it that)
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