Wednesday, April 1, 2015

1/4/15: Greek Crisis: Gaining Rhetorical Speed

So Greece is on- off- today in relation to the upcoming repayment of the IMF EUR450 million tranche due April 9. And no, it ain't April Fools Day joke.

Reuters reported as much here: and a more detailed report is here: Subsequently, the claim (made on the record) was denied:

What happens if Greece does go into the arrears via-a-vis the IMF? Here is the IMF position paper on what happens in these cases:
And here are the Measures for Prevention/Deterrence of Overdue Financial Obligations to the Fund—Strengthened Timetable of Procedures as tabulated in the above report:

Which means that, in the nutshell, little beyond bureaucratic notifying and meetings takes place within the first 3 months of the breach. Nothing in terms of IMF penalties, that is. The markets, of course, will be a different matter altogether.

Meanwhile, Greece is rolling back on some past 'reforms':

And is planning on asking for more money soon:

This is some sort of a Chicken Game head-on road competition, while dumping petrol on the way... for speed...

No comments: