Financial Crisis in Greece

[Phoenix]

Any truth that the IMF has been called to step in...this came up in a discussion amongst friends over dinner tonight...???

[fatso]

Any truth that the IMF has been called to step in...this came up in a discussion amongst friends over dinner tonight...???

IMF is a last resort and Greece is considering it as an option.

[Phoenix]

IMF is a last resort and Greece is considering it as an option.

Fat boy, I reckon the land of the free souvlaki is quickly running out of options and the bankers at the State Department are rubbing their hands and licking their lips...

[Buktop]

Franco-German agreement today will detail a bailout plan that will most likely include IMF support. This is a huge issue as it reduces confidence in the EU's capabilities to sort it's own shit out. The IMF is used to dealing with loans to developing countries, and here we have Greece, a supposed EU power being bailed out like they are some little African Banana Republic.

Analysts expect Euro to fall to as low as $1.20 US

[Bill77]

Franco-German agreement today will detail a bailout plan that will most likely include IMF support. This is a huge issue as it reduces confidence in the EU's capabilities to sort it's own shit out. The IMF is used to dealing with loans to developing countries, and here we have Greece, a supposed EU power being bailed out like they are some little African Banana Republic.

Analysts expect Euro to fall to as low as $1.20 US

The EC are divided and dont expect a decision today. France and many other members do not want IMF involved. Germany want IMF to foot a percentage of the bill but this plan will only be as a last resort. The Germans feel why should they have to pay for Greece's wild spending. There fear is what next, are they going to have to bail out Portugal, Spain and Italy aswell.

The Germans have all the right to refuse and be angry. If people remember, In the beginning, Germans were not happy when they had to do away there curency and adopt the euro for they were promised they would be better off. And now they fear the euro will depreciate to levels below the original value of the deutschmark. If it already hasn't.

To make things worse for Europe, the Irish economy shrunk by over 7%. I bet the Poms are relieved they kept the sterlin.

[Buktop]

The EC are divided and dont expect a decision today. France and many other members do not want IMF involved. Germany want IMF to foot a percentage of the bill but this plan will only be as a last resort. The Germans feel why should they have to pay for Greece's wild spending. There fear is what next, are they going to have to bail out Portugal, Spain and Italy aswell.

The Germans have all the right to refuse and be angry. If people remember, In the beginning, Germans were not happy when they had to do away there curency and adopt the euro for they were promised they would be better off. And now they fear the euro will depreciate to levels below the original value of the deutschmark. If it already hasn't.

To make things worse for Europe, the Irish economy shrunk by over 7%. I bet the Poms are relieved they kept the sterlin.

March 25 (Bloomberg) -- European leaders showed signs of bowing to German demands for an International Monetary Fund role in any rescue of debt-stricken Greece, seeking to prevent the fiscal crisis from undermining the euro.

Asserting her clout as head of the European Union’s largest economy, German Chancellor Angela Merkel ruled out an aid decision at today’s EU summit in Brussels, pushed for the IMF to be brought in, and called for measures to stop deficit “trickery.”

Greece needs to sell about 10 billion euros ($13 billion) of bonds in coming weeks. About 8.2 billion euros of debt matures April 20 and 8.5 billion euros on May 19, with about 3.9 billion euros of bills maturing in April and May.

Goldman Sachs Group Inc. estimates that Greece may ultimately get aid from the IMF worth about 20 billion euros over 18 months, according to an e-mailed note today.

The decision is pretty much final, the IMF will almost surely be involved, the remaining details that need to be worked out concern the amount of bi-lateral loans that will be given to Greece. Of course, this all is being presented as a matter of "last resort", pending on whether or not Greece can raise the funds needed in the upcoming bonds sales.

I don't know whether anyone saw this but Portugal's credit rating was downgraded to AA- with a negative outlook 2 days ago, sending the Euro to a 10 month low.

[Bill77]

Buktop, That Bloomberg artical confirms what i was saying.
Quote: " European leaders showed signs of bowing to German demands for an International Monetary Fund"

Like i said, "France and many other members do not want IMF involved. Germany want IMF to foot a percentage of the bill"


Quote: " German Chancellor Angela Merkel ruled out an aid decision at today’s EU summit in Brussels"

I said, "dont expect a decision today"




The Germans want the IMF to cover at least 1/3 of the Funds. This is a no win situation for EU especialy the Germans. If Greece does not get bailed out, the Euro will be less value than the zimbabwean dollar (ok slight exageration lol). An involvement by the IMF would be interpreted as, the EU are not that secure or a place where life is rosie as peole percieved it to be. But the reality is there is no Guarentee the EU is safe or as indestructible as first thought, which would be embarrassing for the EU. In this senario, investers will jump of the Euro currency and again, the value will drop and take the value of the Germans investments with it.

[Pelister]

Before handing money out, the Europeans should first of all find out why and just how Greece got into so much debt. The question needs to be asked, where did all the money go?

[Soldier of Macedon]

I think the deal has already been done, yet AGAIN, Germany and the EU will bail out Greece, absolutely disgraceful, Greek racists and politicians have again evaded the logical inevitable, and again avoided taking accountability for their own actions.

Meanwhile, Macedonia meets all requirements made by the fools in the EU and NATO are we are still left with empty rhetoric and promises.

[osiris]

it doesnt make that much difference its only delaying the inevitable this aid will also most likely be squandered and eventually just become a bigger debt that greece will one day have to contend with.

the greek mentality is very strange while they beat their chest in patriotic fervor ultimately its a corrupt and selfish dog eat dog culture. the blood of the arvaniti bandits still flows through the modern greek populace and its every dog for himself.

[Risto the Great]

I think the deal has already been done, yet AGAIN, Germany and the EU will bail out Greece, absolutely disgraceful, Greek racists and politicians have again evaded the logical inevitable, and again avoided taking accountability for their own actions.

Meanwhile, Macedonia meets all requirements made by the fools in the EU and NATO are we are still left with empty rhetoric and promises.

Why do you think Macedonia has been avoiding the IMF?
In this case, Greece is now going to be hocked up royally to Germany. This is fine. The Germans are actually quite sympathetic to the Macedonians in many circles.

[osiris]

of all the major western European powers germany is the one i think we must work on britain and france are too far gone at this point.

[Buktop]

Buktop, That Bloomberg artical confirms what i was saying.
Quote: " European leaders showed signs of bowing to German demands for an International Monetary Fund"

Like i said, "France and many other members do not want IMF involved. Germany want IMF to foot a percentage of the bill"


Quote: " German Chancellor Angela Merkel ruled out an aid decision at today’s EU summit in Brussels"

I said, "dont expect a decision today"




The Germans want the IMF to cover at least 1/3 of the Funds. This is a no win situation for EU especialy the Germans. If Greece does not get bailed out, the Euro will be less value than the zimbabwean dollar (ok slight exageration lol). An involvement by the IMF would be interpreted as, the EU are not that secure or a place where life is rosie as peole percieved it to be. But the reality is there is no Guarentee the EU is safe or as indestructible as first thought, which would be embarrassing for the EU. In this senario, investers will jump of the Euro currency and again, the value will drop and take the value of the Germans investments with it.

I know but it also confirms what I said. The decision to involve IMF is almost 100% assured, that was a major decision at today's meeting, they just need to work out the numbers now. If you reread my initial post you will see that we are both right.

This whole situation is a test for the Euro-Zone's stability, resilience, and longevity. So far they are failing the test, and investors are picking up on that. Goldman projects long euro's at US$1.10, other analysts are a little more optimistic and put it at US$1.20. Earlier today the Euro rallied on news that a deal was near fruition and that Greece would not be allowed to default, this is merely hot air meant to stir investors, but this could easily be reversed by tomorrows meeting.

[Prolet]

Why do you think Macedonia has been avoiding the IMF?
In this case, Greece is now going to be hocked up royally to Germany. This is fine. The Germans are actually quite sympathetic to the Macedonians in many circles.

Well Said Risto,

We had the 3rd lowest fall in Europe, we are now on a growth rate to 1.2% which is amazing. Our policy has always been Kolku Pari Tolku Muzika, while the Greeks seem to be doing the opposite. If we can get a 2% growth by the end of the year i'll be very happy, especially after what we've been through.

[fatso]

it doesnt make that much difference its only delaying the inevitable this aid will also most likely be squandered and eventually just become a bigger debt that greece will one day have to contend with.

the greek mentality is very strange while they beat their chest in patriotic fervor ultimately its a corrupt and selfish dog eat dog culture. the blood of the arvaniti bandits still flows through the modern greek populace and its every dog for himself.

Osiris, you are partially correct.Paying back the loan will be a challenge. Greece's economy grew too quick and money was stolen and squanderd from crooked politicians their friends and lawyers.
Papandreaou's economic plan is very sound, we shall see if it works.