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 ...
Exactly.
Where did all of that money go? Did it go up someone’s nose? Mistresses? I mean, really, where did all of that money go?
You can extinguish that pipe dream. You want to offer them U.S. monopoly money for it? HA! My BTC and LTC are taking back off again. I got the crypto they want that they can trade to dang near any currency they please (and in true Greek fashion not pay any taxes on it)..Watch, my bid gets accepted first. Of course, I'll have ya as a guest; it's all good.
“That’s like the USA having to make a $144B payment.”
What has destroyed Greece is the fact that they can’t devalue the Euro or “Quantitatively Ease” more of them into existence when needed.
The USA has been able to use all sorts of financial trickery to kick the can down the road farther than our friends in Athens, but ultimately we’re in the same boat.
RE: Where did all of that money go?
Pensions, welfare, healthcare, all of the above are OUTFLOWS with little or no revenues coming in. Plus, roughly 40% of Greeks work for the government ( that’s another place where the money went ).
The official unemployment rate in Greece is above 25% ( of course, that means the REAL unemployment rate is much higher ). Where’s the government going to get the money to pay?
Greece F’s the EU. Unicorns and rainbows follow.
All that olive oil.
What’s going to happen to the olive oil?
I'd go with Hawaii before Alaska. Hawaii is a socialist blackhole as it is...Let's keep Alaska and drill it like a drunken prom queen.
There must be a joke somewhere about the inevitability of the Greeks ending up in arrears, but I’m too busy to come up with it at the moment.
So, how much is Soros going to make off of that country’s misery?
Who cares for now, CA’s is better. Now, when CA gets ready to go, we will probably have a problem.
And that my friends is Liberalism..whenever someone tells you how awesome Socialism is tell them to go to Greece, check it out and suck on it. I feel bad for those who didnt vote for Socialist rule but for the Socialists that wanted this they got what they wanted
“I was thinking of buying it.”
yeah, keep your eyes open on ebay and at The Gold and Silver Pawnshop.
This stuff is news already here in NJ; those liabilities are driving businesses and American taxpayers out, and the replacements (illegals) aren’t contributing anything to help deal with it. NJ is becoming very Third World, as there is no money left to fix anything - it is being directed to the people who used to fix things (who retired twenty years ago).
The EU should simply expel Greece. Greece has only itself to blame and the EU should be able to recover from any harm it suffers from the expulsion. Besides, Greece entered the EU via fraud.
Coming soon to a United States of America near you ...
I thought the Chinese had already bought it?
Greece is better off being in the Euro than creating their own currency if they don’t reduce their spending.
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