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 ...
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.
Makes sense.
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
Did you get your dime back ?
looks like Greek pensioners are going to be in for a shock
Grab your ankles!
No, but you can’t put a price on getting the universe back in proper order.
You have to be too big to fail. I guess Greece qualifies.
Can I pay my Visa with my MasterCard?
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. :)
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
It’s time to invest in dog food futures.
lol. Tried it once when I was drunk and too much younger. It’s awful
Were just as bad. Everytime our debt is due we scream that we don’t have it. We really can’t complain about Greece.
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.
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.
“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.
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
“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?
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