as world markets tank on news that Europe as we know it is crumbling.
Earlier today, the energy minister Panagiotis Lafazanis who heads Syriza’s hardline faction, the Left Platform, told parliament that the governing party could not endorse anything that ran counter to its pre-election program. Releasing a copy of the speech he will give before the central committee, the increasingly vociferous Syriza MP, Yannis Micheloyiannakis, let it be known that he, too, will not condone concessions that go against the spirit of the leftwing party. “This is what we were elected on and with this we will struggle and we will win,” he will tell his comrades. “Any going back on the above will be a distortion of the party’s physiognomy.”
In other words metal to the pedal and full fledged Greek Default very, very soon.
this week by Germany and IMF. Never wise to irritate to hell the powers that are keeping you on life support.
In the interview Varoufakis did not waver from the confrontational stance for which he has become known in the debts talks. "I am not going to pay the IMF ( International Monetary Fund) and not pay pensions in the next few weeks. So I said to them: 'Decide. Do you want this to be a proper bargaining round, or do you want this to be a post-mortem?'", the New York Times reported.
"With Greek government liquidity particularly tight and reports suggesting the IMF payment on June 5th is will not be completed, then we expect further turmoil ahead before any questionable deal is ultimately reached," Royal Bank of Scotland rates strategists said in a note on Wednesday.
European negotiators have just days to conclude an agreement with Greece or a critical payment to the IMF on 5 June is likely to be missed, according to a leaked document seen by Channel 4 News.
In an memo dated 14 May, the IMF’s staff state: “There will be no possibility for the Greek authorities to repay the whole amount unless an agreement is reached with international partners.” They point to the #$%$1.5bn due to the IMF in June as the first vulnerable payment. Channel 4 News understands Greek negotiators made clear last week that the #$%$1.56bn owed to the IMF in June, beginning with a payment on 5 June, cannot be paid without a deal.
Oh where will Greece find the Euro's to pay back 1.56 billion when they already used 800 Euros of IMF money to pay off May debt??? Game over for Greece and markets correct next week.
They really didn't make any payment dude. They borrowed money in their IMF holding to pay back the IMF. So no Greek money was used - it was IMF money. Do some research then realize Greece is in meltdown mode and on last breath.
Monday - IMF has already come out and said they won't give the "Greeks a dime" and ECB now says "No more money for broken Greek banks". Its all coming to a head this month as Greek bank runs empty back by end of May if not sooner.
Market has peaked for all intents and purposes but what's on line next week to create a big sell off? Please do tell.
since China economy is crumbling and Yang could be over $10 a share by mid-summer. Buy low and sell high boys and girls and right now Yang is dirt cheap and ready to DOUBLE.
You can't bail out a country for a third, fourth, fifth time when that country is in a deep recession and has no intention of paying back a dime, much less 3 Billion Euros it owes the IMF in four weeks. Game over for Greece but market has yet to accept that.
So now world markets roil day in day out as we get closer to a major crisis and massive volatility as Greece faces the end of its existence.
So just let them default, let world markets correct 15% and move on. Why keep beating a dead dog when the dog keeps coming back to life asking for more free dog biscuits?
Watch markets go deep, deep red this week as Greece shows its middle finger to Europe and says "Bye Bye".
The International Monetary Fund is working with national authorities in southeastern Europe on contingency plans for a Greek default, a senior fund official said—a rare public admission that regulators are preparing for the failure to agree on continued aid for Athens.
Euro zone finance ministers are expected to reject any progress made in talks between Athens and its lenders on Monday. Greece default now in 5 to 10 days. BOOM