Posted on 06/30/2015 7:24:07 PM PDT by SeekAndFind
Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund.
As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund.
At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances.
In Washington, the IMF acknowledged that Greece had failed to meet its financial obligations on time and that no further financing would be sent until the arrears were cleared.
Gerry Rice, the IMF’s director of communications, confirmed the IMF received a request on Tuesday from Greece for an extension on their “repayment obligation that fell due today” and that it would go to the IMF’s board in due course. No other details were given.
Greece could enter this new phase of its history by turning back the clocks — a national referendum on Sunday could result in the eventual return of the drachma.
(Excerpt) Read more at thestar.com ...
Any Freepers want to bunk with me at the Parthenon? I was thinking of buying it.
Disastrous borrowing and spending leads to these sort of outcomes.
Make sure you measure it properly. It’s made to look bigger at the top.
I hate to say it but I agree with Soros, Greece should never been part of the Euro. I am not sure if he also meant the EU.
The USA has a position in the IMF at 18% of the total.
RE: Greece should never been part of the Euro.
For that Goldman Sachs shares part of the blame.
In 1999, They helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country’s already bloated deficit.
Eventually, you cannot escape what’s coming to you.
Just as the USA will not escape what’s coming to her. It’s only a matter of time.
I hear they are having a 2 for one sale on mail order Greek brides.
You are correct. And when we find out how much debt including unfunded liabilities, especially public and private pensions; the American people will be stunned.
That’s like the USA having to make a $144B payment.
Which, of course, we can’t.
Solid move to freedom and prosperity.
Alaska will probably need to be sold off to pay off the huge debt owed to the Fed Reserve.
Hey, we could only take advantage of that if the Supreme Court suddenly decided that anything goes, and ...
... Maybe I should book a flight to Athens.
But all my economics professors said debt did not matter-we owed to ourselves!
Well, there go the fabulous Greek gifts we’ve always heard about!
Sell Hawaii first. Too many republicans in AK and almost NONE in HI. Heck....not many Americans left there.
Central Banking kills
“The problem with socialism is that you eventually run out of other people’s money.”- Margaret Thatcher
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