Greece Defaults On Debt — Barring Last Minutes Rescue Attempts and Results of Sunday Referendum — No Vote Would Result in Greece Exiting Eurozone And Declaring Debt Odious! — Whose Next? — Videos

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Story 1: Greece Defaults On Debt — Barring Last Minutes Rescue Attempts and Results of Sunday Referendum — No Vote Would Result in Greece Exiting Eurozone And Declaring Debt Odious! — Whose Next? — Videos

flagsgreece owesgreec debtGreece-debt
eurozone_chart624x325

Debt-to-GDP-Ratio-chart
Greek-Debt-vs-TARP-BailoutGreek-Debts-Payback-Scheduele

debt gdp

kick the can

Greek PM offers new concessions to creditors

JIM ROGERS – Greece Will Collapse & People Will Be Terrified

Greece faces financial meltdown after IMF loan default

Grexit: The Greek Debt Crisis Explained

Not Much Difference Between U.S. and Greece – Peter Schiff

Why Does Greece Have So Much Debt?

Greece: What Is the Worst-Case Scenario?

Keiser Report: Greece! Start Fresh (E777)

Greece to default on IMF loan on Tuesday as banks close and panic buying begins

Greece formally defaults on its 1.6bn-euro IMF loan

Greece defaults on $1.7 billion payment

GREECE DEBT CRISIS – Obama Claims Greece Crisis Unlikely To Have Major Impact on U.S.

‘Greece should Grexit which is fantastic, they could restart their economy’ – Max Keiser

U.S. Headed Toward Greek Style Debt Default

MM115 Markets Crash on Greece

Keiser Report: We Are All Greeks Now (E764)

Greece Defaults on IMF Loan Despite New Push for Bailout Aid

European finance chiefs shut down Athens’s last-minute request for emergency financial aid

Greece became the first developed country to default on the International Monetary Fund, as the rescue program that has sustained it for five years expired and its creditors rejected a last-ditch effort to buy more time.

The Washington-based fund said the Greek government failed to transfer €1.55 billion ($1.73 billion) by close-of-business on Tuesday—the largest, single missed repayment in the IMF’s history.

The failure to pay the IMF was a dramatic, if anticipated, conclusion to a day full of unexpected twists and turns. On Tuesday morning—with the clock ticking toward the midnight expiration on the European portion of Greece’s €245 billion bailout—officials in Athens said they were working on a new solution to the four-month old impasse with creditors.

By the afternoon, Prime Minister Alexis Tsipras had asked for a new rescue program—the country’s third in five years—to help pay for some €29.15 billion ($32.52 billion) in debt coming due between 2015 and 2017.

Late Tuesday, Greek officials were also raising doubts over their plans for a referendum planned for Sunday, in which the government had asked its citizens to vote against pension cuts and sales-tax increases demanded by its creditors.

ENLARGE

Some officials suggested that Mr. Tsipras and his ministers could campaign for a “yes” if a better offer from the rest of the eurozone and the IMF was on the table, while others indicated that the vote might even be called off altogether.

Whether any of these developments would keep Greece from financial meltdown andsecure its spot in Europe’s currency union was still unclear. But the prospect of more rescue loans—however dim—might help buffer some of the effects of the nonpayment to the IMF.

But in Berlin, Chancellor Angela Merkel and other senior officials sought to lower expectations for a quick resolution to Greece’s financial crisis.

Before Greeks have voted on the measures demanded by creditors, “we will not negotiate about anything new at all,” Ms. Merkel said. Her deputy and coalition partner, Sigmar Gabriel of the Social Democrats, urged Greece to cancel the referendum altogether. “Then one could very quickly gather for talks, initial talks. If that’s not the case, then we should certainly do this after the referendum,” Mr. Gabriel said.

European stocks and bonds fell amid the uncertainty and the euro declined against the U.S. dollar.

But most of the moves were smaller than the declines a day earlier in reaction to Athens’s weekend announcement that the government would call a referendum on whether to accept the terms that creditors are offering and the government’s shutdown of its banking system to prevent a financial collapse.

In Washington, President Barack Obama played down the potential impact of Greece’s worsening crisis on the U.S. and broader global economy. “That is not something that we believe will have a major shock to the system,” he said.

Treasury Secretary Jacob Lew has been urging his European counterparts to press ahead with bailout talks to find a “pragmatic compromise” that includes both tough economic overhauls and debt relief, to prevent Europe’s economic problems from dragging on U.S. growth.

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Greek banks have been heavily dependent on support from the European Central Bank. WSJ’s Charles Forelle explains why the country’s banking sector could turn out to be its Achilles heel.

Eurozone finance ministers are scheduled to discuss Greece’s bailout request, along with new proposals for budget cuts and policy overhauls, in a teleconference Wednesday morning.

Greek Finance Minister Yanis Varoufakis told his counterparts Tuesday that these plans would be close to the creditors’ latest demands, Austrian Finance Minister Hans Jörg Schelling said in a television interview.

Mr. Varoufakis also suggested that his government might campaign for a “yes” in the referendum if its new proposals were accepted, Mr. Schelling said.

Other officials were more skeptical that, after four months of at times acrimonious negotiations, Mr. Tsipras’s left-wing government was finally giving in to creditors’ demands.

“The political stance of the Greek government doesn’t appear to have changed,” said Jeroen Dijsselbloem, the Dutch finance minister who presides over the talks with his eurozone counterparts. Mr. Dijsselbloem already said over the weekend that the government would have a hard time convincing creditors and investors that it would implement measures it has to far opposed.

The expiration of the existing bailout and a default on the IMF aren’t expected to have immediate consequences for Greece’s economy. Its banks have already been ordered closed until Monday, after the European Central Bank capped emergency loans to Greek lenders over the weekend. Cash withdrawals by Greeks have been limited to €60 a day for each account-holder since Monday.

On Wednesday, the focus will again be on the ECB, whose governing council is due to meet in Frankfurt.

The council, which includes central bankers from the eurozone’s 19 member states, is reluctant to take any additional steps for now that would inflict more pain on Greek banks—for instance, by forcing them to pay back the outstanding loans just days ahead of the referendum, people familiar with the matter said, despite a growing level of impatience over the central bank’s exposure to Greece.

One largely symbolic option would be for the ECB to raise the amount of collateral that banks have to post in return for the emergency loans, but calibrate the reductions on the face value of assets used for collateral so that Greek lenders would still have enough to cover the existing €89 billion loan pile.

http://www.wsj.com/articles/some-greek-banks-to-open-for-pensioners-1435653433

Greek crisis deepens as loan repayment deadline passes

Kim Hjelmgaard and Marco della Cava,

reece’s midnight deadline passed Tuesday for repaying $1.8 billion to the International Monetary Fund and other international creditors, deepening a financial crisis that threatens the Mediterranean nation’s membership in the European Union.

Despite an eleventh-hour effort by Greek lawmakers Tuesday to secure a new two-year debt deal before the deadline, European finance ministers reviewing Greece’s proposal concluded their conference call without offering a bailout extension.

The ministers agreed to convene again Wednesday to further discuss the details of a new series of loans from the eurozone’s European Stability Mechanism, its $560 billion rescue fund.

After the deadline passed (at 6 pm ET), Greece joined Zimbabwe, Sudan and Somaliain being in arrears to the IMF. Fitch Ratings has downgraded Greece’s government debt further into junk territory.

Standing in the way of any new deal from the IMF and other creditors is Sunday’s Greek referendum on whether to accept the terms that would come with a new aid package, which includes tax increases and spending cutbacks after years of recession. There is some dispute over whether such a referendum could be canceled, with some Greek lawmakers arguing that the vote is now set in stone.

Late Tuesday, thousands of Greeks took to the streets of Athens, many of them in support of accepting new bailout terms. A “no” vote would lead to Greece leaving the European Union and abandoning the euro currency.

The $1.8 billion Greece owes is part of a $270 billion aid plan it received from the IMF, the European Central Bank (ECB) and the European Commission — 19 eurozone governments — during its financial crisis.

German Chancellor Angela Merkel made her position clear Tuesday, telling reporters in Berlin, “We’ll negotiate about absolutely nothing before the planned referendum is held.”

Prime Minister Alexis Tsipras has said that his government would step down if “yes” votes prevailed, telling a Greek public broadcasting outlet Monday, “We’ll choose in a sovereign way what our future will be like, we will insist on negotiating.”

President Obama cautioned that a failed Greek economy could have significant ripple effects on markets around the world, adding Tuesday that “what you have here is a country that has gone through some very difficult economic times, and needs to find a path toward growth and a path toward staying in the eurozone.”

But should there be a so-called Grexit — or Greek exit from the European financial community — Obama added that “it is important for us that we plan for any contingency, that we work with the ECB and other international institutions to ensure that some of the bumps that occur in the financial markets are smoothed out.”

Greece had previously indicated it would not be able to make the payment. The IMF said it would not give Greece its customary 30-day grace period before issuing a notice of technical default.

But Athens is not expected to immediately go bankrupt. That would only happen if its non-payment triggers further defaults in its financial system, which is not expected.

Next month, on July 20, Greece is also due to pay the ECB $3.9 billion.

Talks between Greece and its creditors have broken down as Athens has tried to negotiate less onerous repayment terms, mainly centered around austerity measures. Global markets on Monday tumbled over fears that the country’s attempts to strike a better deal could see it forced out of the eurozone. Its membership in the European Union is also at stake.

But markets bounced back Tuesday in Asia, and European indexes moved away from earlier losses after steep sell-offs in those regions helped push the Dow down 350 points in the prior session — its biggest one-day point loss since June 20, 2013.

On Tuesday, U.S. markets edged higher, buoyed by Greece’s new proposal that came against the dominant crisis narrative of the last 48 hours.

Earlier, citing unnamed government sources, Greece’s Ekathimerini newspaper reported Athens was reconsidering a previous proposal by European Commission President Jean-Claude Juncker. No details were provided.

A Greek eurozone exit, it is feared, would reignite the financial contagion experienced during the sovereign debt crisis of 2009 and beyond when billions of dollars were wiped off the value of European government debt and other assets.

Still, while many analysts and officials have warned that Greece leaving the eurozone could have far-reaching consequences for economies and markets across the world, the specific impact of that possible development remains mostly unclear.

“If Greece leaves the eurozone, there is unlikely to be a big bang moment when the country adopts the drachma (the currency it used prior to adopting the euro in 2001),” said Mark Zandi, chief economist at Moody’s Analytics, a unit of the ratings firm.

“It will happen over time, as the Greek government issues IOUs that effectively become the new currency,” he said.

Greek Prime Minister Tsipras hinted Monday that he may resign if his nation votes “yes” in the referendum Sunday. Tsipras’ leftist Syriza party insists the vote is being called to strengthen its negotiating mandate with its creditors.

“If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head, we will respect it, but we will not be the ones to carry it out,” he said on Greek television late Monday.

European leaders including Italian Prime Minister Matteo Renzi and French PresidentFrancois Hollande dispute that. They say that Sunday’s vote will effectively be a referendum on whether Greece wants to remain part of the eurozone.

The government has limited cash withdrawals from banks to about $68 per day in a bid to stave off bank runs and keep its financial system from collapsing, triggering protests from groups on both sides of Sunday’s yes or no vote.

http://www.usatoday.com/story/news/2015/06/30/greek-crisis-deepens-as-loan-repayment-deadline-nears/29518847/

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Will A Greece Default On Debt Trigger A World Recession? — Bubbles Bursting? — Greek Odious Debt Default On The Brink — Jump! — Greece Defaults! — Videos

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Story 1: Will A Greece Default On Debt Trigger A World Recession? — Bubbles Bursting? — Greek Odious Debt Default On The Brink — Jump! — Greece Defaults! — Videos

burst-bubble-animated-gif

euro zone EU-Unemployment-Comparison  Greekbanks  greek_debt_infographicpull out

Greece misses 1.5 billion euro IMF payment 01:12

Greece officially defaults 02:28

Greece defaults on $1.7 billion payment

Laura Branigan – Self Control

last chance

Donna Summer Last Dance

The History of Odious Debt

Not Much Difference Between U.S. and Greece

How Will Greece’s Default to the IMF Impact Europe?

Analysis: Who is to blame for Greece’s debt crisis?

Nightly Business Report — June 29, 2015

Greece’s Economic Disaster May Spread To Other Countries – Episode 704

SR381 – Why Greece Will Default

Keiser Report: Greece! Start Fresh (E777)

Keiser Report: IMF failed Greece long before bailout (E776)

Why Does Greece Have So Much Debt?

Greece Makes The First Move, Debt Is Illegal And Odious – Episode 694

Should Greece Answer The Debt Crisis By Pulling A Trump?

Greece and the Euro Breakup; Why the US Dollar Is Facing an Even Bigger Crisis

Ep. 89: Greece is a sideshow. U.S. is the Main Event.

Greek Economic Crisis: Three Things to Know

Parsons: Greece default will be ‘big time’ problem for U.S. banks

Greece on the Brink – Documentary [HD]

DONNA SUMMER – I feel love (1977) HD and HQ

Laura Branigan – Gloria [1982]

Forever Young Laura Branigan

Greece’s bailout expires, country defaults on IMF payment

By ELENA BECATOROS and DEREK GATOPOULOS

y to fall into arrears on payments to the fund. The last country to do so was Zimbabwe in 2001.

After Greece made a last-ditch effort to extend its bailout, eurozone finance ministers decided in a teleconference late Tuesday that there was no way they could reach a deal before the deadline.

“It would be crazy to extend the program,” said Dutch Finance Minister Jeroen Dijsselbleom, who heads the eurozone finance ministers’ body known as the eurogroup. “So that cannot happen and will not happen.”

(AP) An elderly man passes a graffiti outside an old bank in Athens, Tuesday, June 30,…
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“The program expires tonight,” Dijsselbleom said.The brinkmanship that has characterized Greece’s bailout negotiations with its European creditors and the IMF rose several notches over the weekend, when Prime Minister Alexis Tsipras announced he would put a deal proposal by creditors to a referendum on Sunday and urged a “No” vote.

The move increased fears the country could soon fall out of the euro currency bloc and Greeks rushed to pull money out of ATMs, leading the government to shutter its banks and impose restrictions on banking transactions on Monday for at least a week.

But in a surprise move Tuesday night, Deputy Prime Minister Yannis Dragasakis hinted that the government might be open to calling off the popular vote, saying it was a political decision.

The government decided on the referendum, he said on state television, “and it can make a decision on something else.”

(AP) A demonstrator waves a Greek flag during a rally organized by supporters of the YES…
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It was unclear, however, how that would be possible legally as Parliament has already voted for it to go ahead.Greece’s international bailout expires at midnight central European time, after which the country loses access to billions of euros in funds. At the same time, Greece has said it will not be able to make a payment of 1.6 billion euros ($1.8 billion) to the IMF.

With its economy teetering on the brink, Greece suffered its second sovereign downgrade in as many days when the Fitch ratings agency lowered it further into junk status, to just one notch above the level where it considers default inevitable.

The agency said the breakdown of negotiations “has significantly increased the risk that Greece will not be able to honor its debt obligations in the coming months, including bonds held by the private sector.”

Fitch said it now considered a default on privately-held debt “probable.”

(AP) People stand in a queue to use an ATM outside a closed bank, next to a sign on the…
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Hopes for an 11th-hour deal were raised when the Greek side announced it had submitted a new proposal Tuesday afternoon, and the eurozone’s 19 finance ministers held a teleconference to discuss it.But those hopes were quickly dashed.

German Chancellor Angela Merkel said she ruled out further negotiations with Greece before Sunday’s popular vote on whether to accept creditors’ demands for budget reforms.

“Before the planned referendum is carried out, we will not negotiate over anything new,” the dpa news agency quoted Merkel as saying.

Greece’s latest offer involves a proposal to tap Europe’s bailout fund — the so-called European Stability Mechanism, a pot of money set up after Greece’s rescue programs to help countries in need.

(AP) The word “NO”, referring to the upcoming referendum, is written in red paint outside…
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Tsipras’ office said the proposal was “for the full coverage of (Greece’s) financing needs with the simultaneous restructuring of the debt.”Dijsselbloem said the finance ministers would “study that request as we should” and that they would hold another conference call Wednesday, as they had also received a second letter from Athens that they had not had time to read.

Dragasakis said the new letter “narrows the differences further.”

“We are making an additional effort. There are six points where this effort can be made. I don’t want to get into specifics. But it includes pensions and labor issues,” he said.

European officials and Greek opposition parties have been adamant that a “No” vote on Sunday will mean Greece will leave the euro and possibly even the EU.

(AP) Demonstrators shout slogans during a rally organized by supporters of the YES vote…
Full Image

The government says this is scaremongering, and that a rejection of creditor demands will mean the country is in a better negotiating position.In Athens, more than 10,000 “Yes” vote supporters gathered outside parliament despite a thunderstorm, chanting “Europe! Europe!”

Most huddled under umbrellas, including Athens resident Sofia Matthaiou.

“I don’t know if we’ll get a deal. But we have to press them to see reason,” she said, referring to the government. “The creditors need to water down their positions, too.”

The protest came a day after thousands of government supporters advocating a “No” vote held a similar demonstration.

(AP) Demonstrators gather under the rain during a rally organized by supporters of the…
Full Image

On Monday, European Commission President Jean-Claude Juncker made a new offer to Greece. Under that proposal, Tsipras would need to accept the creditors’ proposal that was on the table last weekend. He would also have to change his position on Sunday’s referendum.Commission spokesman Margaritis Schinas said the offer would also involve unspecified discussions on Athens’s massive debt load of over 300 billion euros, or around 180 percent of GDP. The Greek side has long called for debt relief, saying its mountainous debt is unsustainable.

A Greek government official said Tsipras had spoken earlier in the day with Juncker, European Central Bank chief Mario Draghi and European Parliament president Martin Schulz.

Meanwhile, missing the IMF payment will cut Greece off from new loans from the organization.

And with its bailout program expiring, Greece will lose access to more than 16 billion euros ($18 billion) in financial support it has not yet tapped, officials said. They spoke on condition of anonymity because talks about the program were still ongoing.

On the streets of Athens, long lines formed again at ATM machines as Greeks struggled with the new restrictions on banking transactions. Under credit controls imposed Monday, Greeks are now limited to ATM withdrawals of 60 euros ($67) a day and cannot send money abroad or make international payments without special permission.

The elderly have been hit particularly hard, with tens of thousands of pensions unpaid as of Tuesday afternoon. Many also found themselves completely cut off from any cash as they do not have bank cards.

The finance ministry said it would open about 1,000 bank branches across the country for three days beginning Wednesday to allow pensioners without bank cards to make withdrawals. But the limit would be set at 120 euros for the whole week.

 http://apnews.myway.com/article/20150630/eu–greece-bailout-26fc170deb.html

What happens if Greece defaults on its International Monetary Fund loans?

Cash-starved Athens has resorted to extraordinary measures to avoid defaulting to the IMF. But what would be the fall-out of a disorderly default?

No county has ever defaulted to the Fund in its 70-year history

The Greek government faces the prospect of becoming the first developed nation to ever default on its international obligations.

After a harrowing five months, and in a drama of soft deadlines, the cash-strapped government now faces a €1.55bn payment to the International Monetary Fund due at 11pm tonight.

With negotiations have broken off in dramatic fashion last week, a cacophony of voices on Syriza’s Left have vowed to prioritise domestic obligations unless creditors finally unlock the remainder of its €240bn bail-out programme. Greece only avoided going bust earlier this month after the government has asked for a Zambia-style debt bundling which will now be due on June 30.

The rhetoric is a far cry from February, when Greece’s finance minister pledged his government would “squeeze blood out of a stone” to meet its obligations to the Fund.

Greece owes €9.7bn to the IMF this year. Missing any instalment to the IMF would see the country fall into an arrears process, unprecedented for a developed world debtor.

Although no nation has ever officially defaulted on its obligations in the post-Bretton Woods era, Greece would join an ignominious list of war-torn nations and international pariahs who have failed to pay back the Fund on time.

What happens after a default?

In choosing to bundle up four separate June repayments, Greece avoided triggering an immediate default.

But in the event of a delayed repayment, according to IMF protocol, Greece could be afforded a 30-day grace period, during which it would be urged to pay back the money as soon as possible, and before Ms Lagarde notifies her executive board of the late payment.

However, with talks have broken down in acrimonious fashion between the country and its creditors, Ms Lagarde has said she will renege on this and notify her board “immediately”.

Having spooked creditors and the markets of the possibility of a fatal breach of the sanctity of monetary union, Greece may well stump up the cash if an agreement to release the country more emergency aid is reached (that’s looking increasingly unlikely however).

But should no money be forthcoming however, the arrears process may well extend indefinitely.

Greece’s other creditor burden would also start piling up, with the government due to pay another €6.6bn to the European Central Bank in July and August.

Stopping the cash

Although the exact process is uncertain, falling into a protracted arrears procedure could have major consequences for continued financial assistance from Greece’s other creditors – the European Central Bank and European Commission.

“If Greece defaults to the IMF, then they are considered to be in default to the rest of the eurozone,” says Raoul Ruparel, head of economic research at Open Europe.

The terms of Greece’s existing bail-out programme stipulate that a default to the IMF would automatically constitute a default on the country’s European rescue loans.

“Such a scenario would risk the European Financial Stability Facility (EFSF) cancelling all or part of its facility or even declaring the principal amount of the loan to be due immediately,” say analysts at Bank of America Merrill Lynch.

Should the EFSF take such a decisive move, it could activate a range of cross default clauses on Greek government bonds held by private investors and the ECB. These clauses state a default to one creditor institution applies to all.

The political and market damage that may ensue would be substantial. Popular sentiment in creditor nations would turn against the errant Greeks, while the position of the ECB in particular could quickly come under the spotlight.

The central bank has kept Greek banks on a tight leash, maintaining that it would only restore normal lending operations to the country once “conditions for a successful completion of the programme are in place”.

A wave of defaults may force the ECB into finally pulling the plug on the emergency assistance it has been providing in ever larger doses since February.

What would happen if Greece left the euro? In 60 seconds

Scrambling for funds

Whatever the outcome, Greece on many measures, is all but bankrupt.

In addition to the half a billion euros plus it owes the Fund this month, the Leftist government will still be paying back the IMF until 2030. In total, its repayment schedule stretches out over the next 42 years to 2057.

Greece makes new aid proposal, seeks debt restructuring

ATHENS (Reuters) – Greece has submitted to creditors a new two-year aid proposal calling for parallel debt restructuring, the office of Prime Minister Alexis Tsipras said on Tuesday, in what seemed like a last-ditch effort by Athens to resolve an impasse with lenders.

The statement came hours before Athens was set to default on a loan to the International Monetary Fund. It was unclear how creditors would respond.

“The Greek government proposed today a two-year deal with the ESM (European Stability Mechanism) to fully cover its financial needs and with parallel debt restructuring,” the government said in a statement.

“Greece remains at the negotiating table,” the statement said, adding that Athens would always seek a “viable solution to stay in the euro.”

http://news.yahoo.com/greece-makes-aid-proposal-seeks-debt-restructuring-134508038–business.html

If Greece defaults on its debt, it will be the biggest default by a country in history.
Greece is expected to miss a €1.5 billion ($1.7 billion) debt payment on Tuesday. That won’t be enough to put it in the record books yet, but it could eventually make Greece default on its entire debt load: €323 billion ($360 billion).

This isn’t the first time Greece has been on the brink. Greece already holds the record for the biggest default ever by a country from 2012 when it went into technical default and had to restructure about $138 billion of its debt. Back then, Greece was quickly bailed out by its European peers. That’s unlikely to happen now.
The Greek government pulled its negotiators from talks with European officials Friday after little progress was made on a debt payment plan and economic reforms. Greece has called for a referendum vote on July 5 on the latest proposal from Europe and the International Monetary Fund.

Greece already holds the record: Greece’s 2012 technical default shattered the previous record set by Argentina in 2001, when the South American nation defaulted on $95 billion in debt. While there are parallels between the two countries, experts say this potential Greek default could be much worse.
“Things are incredibly dire,” says Anna Gelpern, a Georgetown University professor. “For political reasons and market-confidence reasons, they need to deal with the debt…It’s not clear to me how they deal with it without defaulting on anyone.”

Greece won’t officially be in default right away. The International Monetary Fund generally gives countries a month after missing a debt payment before it declares a country in defaulted. However, the markets will most likely judge Greece to be in default by July 1.
Greece’s debt is spread out across the board. Greece owes money to the International Monetary Fund, Germany, France, Greek banks and several others.
But consider this: Whatever happens to Greece, it’s likely to be a long process. Argentina is still in default. But a key difference is that Greece has four times the debt load of Argentina — the next worst default — but Greece’s economy is only half the size of Argentina’s.
While Greece would be the biggest sovereign default, Lehman Brothers had over $600 billion in assets when it filed for bankruptcy in 2008. A Greek default would be smaller and unlikely to rattle the global financial system like Lehman, but it would have a long-lasting impact on the Greek people.
Here are some of the worst sovereign defaults since 2000.

1. Greece — $138 billion, March 2012. Despite going into a technical default, the Greek government is propped up by bailout funds from its European peers. Those bailout funds eventually lead to the current dilemma.
2. Argentina — $95 billion, November 2001. Argentina’s currency was “pegged” or equal to one U.S. dollar for years — a currency exchange that eventually proved to be completely inaccurate. Like Greece is doing this week, Argentina also clamped down on Argentines trying to take money out of the banks. It didn’t help. The country’s economy was nearly three times smaller just one year later, according to IMF data. In July 2014, Argentina went into a technical default after it missed a debt payment to its hold out creditors.
3. Jamaica — $7.9 billion, February 2010. Massive government overspending for years and rapid inflation pushed Jamaica into default five years ago. At the time, over 40% of the government’s budget went to paying debts. Its economy, which depends on tourism, suffered when the U.S. recession began in late 2008.
4. Ecuador — $3.2 billion, December 2008. Ecuador pulled a fast one on its creditors. With a debt payment looming, the Ecuardor’s government, led by President Rafael Correa, just said no to its creditors. He claimed the debt, some which was owned by American hedge funds, was “immoral.” Rich in resources, Ecuardor could have made debt payments, but intentionally chose not to.

http://money.cnn.com/2015/06/29/investing/greece-default-bigger-than-argentina/

Despite Lagarde’s initial reluctance, IMF on the hook for Greece

By Anna Yukhananov

WASHINGTON (Reuters) – As French Finance Minister in 2010, Christine Lagarde opposed the involvement of the International Monetary Fund in Greece.

Now as the country stands on the edge of defaulting on a 1.6 billion euro ($1.8 billion) payment to the Fund, Lagarde’s tenure at the head of the IMF since 2011 will be shaped by Greece, which holds a referendum on Sunday that could pave the way to its exit from the euro.

By its own admission the Washington-based institution broke many of its rules in lending to Greece. It ended up endorsing austerity measures proposed by the European Commission and European Central Bank, its partners in the troika of Greece’s lenders, instead of leading talks as it had done with other countries such as Russia and in the Asian financial crisis.

“I think the IMF has missed the opportunity (on Greece), because it has not fully leveraged the lessons it learned from the previous crises it was involved in, due to this asymmetric relationship within the troika,” said Domenico Lombardi, a former IMF board member.

That the IMF lent to Greece at the behest of Europe, which has nominated every IMF Managing Director since the inception of the Fund in 1946, may expose the institution to greater scrutiny, especially as it has $24 billion in loans outstanding to Greece in its largest-ever program.

“When it was clear that the Greek program was underperforming, they did not push back sufficiently against the euro zone, which had at the time a misguided policy emphasis on only austerity,” said Jacob Funk Kirkegaard, a fellow at the Peterson Institute in Washington.

The involvement of the Fund in Greece and its continued support for decisions driven by eurozone governments caused a deep split in the institution.

Some IMF economists had misgivings about lending to Greece in 2010 within the constraints of the so-called “troika” of lenders, where the Fund would be the junior partner to the European Central Bank and the European Commission.

IMF board members also protested the “exceptional” size of the program, as Athens did not meet the Fund’s criteria for debt sustainability, meaning it would have trouble repaying.

Yet swayed by the fear that contagion in Athens could spread to French and German banks, the IMF agreed to participate in a joint 110-billion-euro bailout of Greece with the Europeans.

“The Europeans have a third of the voting rights (at the IMF), and they have appointed the managing director since the beginning, so essentially it is the governance that has driven the Greek program,” said Lombardi who is now with the Canada-based Center for International Governance Innovation.

Later, the Fund admitted that its projections for the Greek economy had been overly optimistic. Instead of growing after a year of austerity, Greece’s economy plunged into one of the worst recessions to ever hit a country in peacetime, with output falling 22 percent from 2008 to 2012.

While the euro zone’s insistence on drawing a direct link between euro membership and Greece’s debt sustainability and the negotiating tactics of the Greek government have exposed both to questions of credibility, the Fund stands charged as well.

“The IMF’s reputation, too, has been shaken from widespread criticism of the Greek program, including its own admission of its failures,” said Lombard Street Research economist Konstantinos Venetis.

TEMPTATION TO GO BIG

If Greece does default on all $24 billion it owes to the Fund, that will dwarf previous delinquencies from countries like Sudan, Zimbabwe and Somalia.

While the IMF was worried about contagion when it made the loans, it also had institutional incentives for wanting to bail out troubled countries, said Andrea Montanino, a former IMF board member who left the Fund in 2014 after participating in reviews of Greece’s second bailout in 2012.

“The IMF is in a preferred creditor status; the more you lend, the more you earn,” said Montanino, now with the Atlantic Council.

The IMF’s heavy involvement in large bailouts for euro zone countries, which included Ireland and Portugal, have enabled it to build up its reserve buffers in recent years. It is now aiming to store away some $28 billion by 2018.

From interest and charges on the Greek program alone, the IMF has earned some $3.9 billion since 2010, according to figures on the IMF’s website.

“I think the Greek lesson is in the future, the IMF will be much more careful,” said Montanino.

https://ca.news.yahoo.com/despite-lagardes-initial-reluctance-imf-hook-greece-223005193–business.html

Greece lifelines run out as IMF payment looms

Greece is widely expected to miss a crucial payment to the International Monetary Fund (IMF) on Tuesday—hours before its bailout officially ends at midnight and the country is left with few, if any, financial lifelines.

Greek officials have already warned the country is unable to pay the 1.6 billion euros ($1.8 billion) due to the IMF by 6 p.m. ET, after reforms-for-aid talks with creditors broke down at the weekend.

Jeroen Dijsselbloem, the president of the Eurogroup, subsequently tweeted on Tuesday that there would be a teleconference to discuss an “official request” from the Greek government “received this afternoon” at 1 p.m. ET.
The Greek government on Tuesday proposed a new, two-year bailout deal with the European Stability Mechanism. This would be to “fully cover its financing needs and the simultaneous restructuring of debt,” according to a translated press release from the office of the Greek Prime Minister.

A protester waves a Greek flag in front of the parliament building during a rally in Athens, Greece, June 22, 2015.

Yannis Behrakis | Reuters
A protester waves a Greek flag in front of the parliament building during a rally in Athens, Greece, June 22, 2015.

This comes at a time when Greece’s financial future is in jeopardy. The country will potentially have no access to external sources of cash, once its funding from the European Financial Stability Facility (EFSF) expires at midnight.

Read MoreEFSF: CNBC Explains

Meanwhile, Greece’s banking system is being kept afloat by emergency liquidity assistance (ELA) from the European Central Bank, which is up for review on Wednesday.

Against a backdrop of uncertainty, Tsipras has called a referendum on July 5 of the Greek people on whether to accept the bailout proposals—and accompanying austerity measures—proposed by creditors.

Tsipras has urged the public to vote “no” to more austerity.

“The Greek government will claim a sustainable agreement within the euro. This is the message of NO to a bad deal at the referendum on Sunday,” the translated statement from the prime minister’s office said on Tuesday.

‘Running out of notches’

Meanwhile, credit ratings agencies are increasingly nervous about the country’s solvency.

Fitch Ratings downgraded Greek banks on Monday to “Restricted Default,” after Athens imposed capital controls to prevent an exodus of deposits from Greece.

In addition, Standard & Poor’s (S&P) lowered Greece’s credit rating to CCC- from CCC, saying the probability of the country exiting the euro zone was now 50 percent.

Moritz Kraemer, chief rating officer of sovereign ratings at S&P, told CNBC on Tuesday that the group was “actually running out of notches” for Greece.

“We have the rating at CCC- and that’s pretty much the lowest rung that we have on our scale,” he told CNBC Europe’s “Squawk Box.”

Default?

If Greece misses its payment on Tuesday, then the IMF will consider it in “arrears” – a technical term used by the IMF, which is similar to default.

If a country is in arrears to the IMF, it means it won’t get any future aid until the bill is repaid.

Read MoreIMF’s Lagarde on Greece: Next few days are crucial

Although the IMF payment is dominating headlines, S&P’s Kraemer said that Greece’s bailout program ending at midnight was just as significant.

“Basically after that we’re back to square one,” he said. “So even if there was to be a change of heart in Athens and they did decide to take the creditors’ offer, that’s legally no longer possible as the program would have elapsed.”

Greece’s debt crisis: It all started in 2001…

Yannis Behrakis | Reuters

Odious debt

From Wikipedia, the free encyclopedia

In international law, odious debt, also known as illegitimate debt, is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.[1]

History

The doctrine of odious debt was formalized in a 1927 treatise by Alexander Nahum Sack, a Russian émigré legal theorist. It was based on two 19th century precedents—Mexico‘s repudiation of debts incurred by Emperor Maximilian, and the denial by the United States of Cuban liability for debts incurred by the Spanish colonial regime.[2]

Sack wrote:

When a despotic regime contracts a debt, not for the needs or in the interests of the state, but rather to strengthen itself, to suppress a popular insurrection, etc, this debt is odious for the people of the entire state. This debt does not bind the nation; it is a debt of the regime, a personal debt contracted by the ruler, and consequently it falls with the demise of the regime. The reason why these odious debts cannot attach to the territory of the state is that they do not fulfil one of the conditions determining the lawfulness of State debts, namely that State debts must be incurred, and the proceeds used, for the needs and in the interests of the State. Odious debts, contracted and utilised for purposes which, to the lenders’ knowledge, are contrary to the needs and the interests of the nation, are not binding on the nation – when it succeeds in overthrowing the government that contracted them – unless the debt is within the limits of real advantages that these debts might have afforded. The lenders have committed a hostile act against the people, they cannot expect a nation which has freed itself of a despotic regime to assume these odious debts, which are the personal debts of the ruler.[3]

There are many examples of similar debt repudiation.[4]

Reception

Patricia Adams, executive director of Probe International, a Canadian environmental and public policy advocacy organisation and author of Odious Debts: Loose Lending, Corruption, and the Third World’s Environmental Legacy, stated: “by giving creditors an incentive to lend only for purposes that are transparent and of public benefit, future tyrants will lose their ability to finance their armies, and thus the war on terror and the cause of world peace will be better served.”[5] In a Cato Institute policy analysis, Adams suggested that debts incurred by Iraq during Saddam Hussein‘s reign were odious because the money was spent on weapons, instruments of repression, and palaces.[6]

A 2002 article by economists Seema Jayachandran and Michael Kremer renewed interest in this topic.[7] They propose that the idea can be used to create a new type of economic sanction to block further borrowing by dictators.[8] Jayachandran proposed new recommendations in November 2010 at the 10th anniversary of the Jubilee movement at the Center for Global Development in Washington, D.C.[9]

Application

In December 2008, Ecuadorian President Rafael Correa attempted to default on Ecuador’s national debt, calling it illegitimate odious debt, because it was contracted by corrupt and despotic prior regimes.[10] He succeeded in reducing the price of the debt letters before continuing paying the debt.[11]

After the overthrow of Haiti‘s Jean-Claude Duvalier in 1986, there were calls to cancel Haiti’s debt owed to multilateral institutions, calling it unjust odious debt, and Haiti could better use the funds for education, health care, and basic infrastructure.[12] As of February 2008, the Haiti Debt Cancellation Resolution had 66 co-sponsors in the U.S. House of Representatives.[13] Several organizations in the United States issued action alerts around the Haiti Debt Cancellation Resolution, and a Congressional letter to the U.S. Treasury,[14] including Jubilee USA, the Institute for Justice & Democracy in Haiti and Pax Christi USA.

See also

https://en.wikipedia.org/wiki/Odious_debt

The Pronk Pops Show Podcasts Portfolio

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Eurozone In Recession–Videos

Posted on May 11, 2012. Filed under: Banking, Blogroll, Communications, Economics, Education, Employment, European History, Fiscal Policy, government, government spending, history, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy | Tags: , , , |

European Commissioner for Economic and Monetary Affairs Olli Rehn

EU predicts 0.3 per cent eurozone economic contraction in 2012, says bloc in ‘mild recession’

By Pan Pylas,Raf Casert,

“…The European Union estimates that the economy of the 17 countries that use the euro is in recession in the wake of a debt crisis that has prompted savage spending cuts and a jump in unemployment to record highs.

The European Commission, the executive arm of the EU, forecasts that the eurozone economy will contract by 0.3 per cent in 2012 and grow by 1 per cent next year. Its prediction for 2012 is far weaker than the one it gave last November, when it predicted growth of 0.5 per cent. A year ago it was predicting growth of 1.8 per cent.

Friday’s forecasts provide clear evidence of the impact of Europe’s debt crisis on the eurozone economy over the past year as governments have struggled to introduce deficit-reduction measures and business and consumer confidence has taken a dive.

Olli Rehn, the EU’s monetary affairs chief, said the recession is likely to be “mild” and “short-lived”.

A recession is commonly defined as two consecutive quarters of negative growth and figures next week are expected to show that the eurozone contracted by a quarterly rate of 0.2 per cent for the second quarter running.

Rehn insisted a “recovery is in sight” but urged member countries not to give up on their efforts to get their public finances back into shape. However, he did indicate that more could be done to give growth a boost.

“Sound public finances are the condition for lasting growth, and building on the new strong framework for economic governance, we must support the adjustment by accelerating stability and growth-enhancing policies,” said Rehn.

How to get the faltering eurozone economy growing again has become the hot topic in European policymaking circles over the past few weeks. Sunday’s presidential election victory by Francois Hollande was due in large part to his promotion of the need for a greater focus on growth in Europe. So far, austerity measures, such as cuts to wages and pensions as well as tax rises, have been the main policy response to too much government debt in a number of eurozone countries. …”

http://ca.news.yahoo.com/eu-predicts-0-3-per-cent-eurozone-economic-094121123–finance.html

Jim Rogers on the need for orderly defaults in Europe, starting with Greece

Austerity, the Euro Crisis and the US

What Americans can Learn from Eurocrisis 

Europe foresees recession in first half of 2012

It’s official: Eurozone faces double-dip recession

Deep Structural Change Won’t Come from Hollande

Europe, The Art of Chopping

This May Be The Most Devastating Weapon In The Entire US Arsenal

Real News – Stagnation Nation [5-06-2012] 

Roubini Global Economics on the UK & BoE

Gary Shilling Sees ‘Severe’ Recession for Europe 

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Slaughtering The PIGS (Portugal, Ireland, Italy, Greece and Spain)–The Coming Defaults in Sovereign Debt–Euro Collapse–Videos

Posted on April 24, 2012. Filed under: American History, Blogroll, Communications, Demographics, Diasters, Economics, Federal Government, Federal Government Budget, Fiscal Policy, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , |

Axel Merk – Euro Contagion

The Eurozone Sovereign Debt Crisis: Investment Risks and Opportunities

Inside the Issues 2.20 – Sovereign Debtors in Distress

Following the recent CIGI-INET (Institute for New Economic Thinking) conference Sovereign Debtors in Distress, Pierre Siklos explains how European countries have become indebted in an unsustainable manner, and what financial mechanisms and policy options exist for states on the verge of default. A conference participant at Sovereign Debtors, Siklos is also a CIGI Senior Fellow and director of the Viessmann European Research Centre at Wilfrid Laurier University.

CIGI-INET Sovereign Debtors: Conference Overview

The CIGI-INET partnership brings together two world-class organizations that are tackling common problems together. “Sovereign Debtors in Distress” was the first CIGI-INET conference held in Waterloo, Ontario, Canada, and focused on unraveling the complex global threat of unsustainable sovereign debt. This video, featuring comments by CIGI Executive Director Thomas Bernes, INET Executive Director Robert Johnson, and the world-leading experts who participated in this conference, provides an overview of the discussions held from February 24-26, 2012.

CIGI-INET Sovereign Debtors: Roadmap for dealing with sovereign debt crises

Sovereign Debtors in Distress conference chair Susan Schadler joins panellists Michael Bordo (Rutgers University), Lewis Alexander (Nomura) and Martin Gilman (Centre for Advanced Studies) to discuss the roadmap for dealing with sovereign debt crises in the future.

CIGI-INET Sovereign Debtors: Institutional reform for sovereign debt crises

CIGI-INET Sovereign Debtors: Lessons from the Past

European Debt Crisis Explained

Europe’s Sovereign Debt Crisis: Causes, Consequences for the United States, and Lessons Learned

Northern EUSSR countries bail out more PIGS (07Apr11)

“SORRY – NO ONE BELIEVES YOU ANY MORE” – Nigel Farage

Debating the collapsing Euro and European economies, part1/2 (21Apr12)

Debating the collapsing Euro and European economies, part2/2 (21Apr12)

Moore Says Europe Debt Default Biggest Risk for Markets

Are Central Bankers just Economic Make-up Artists, Sexing-up Prices? 

Debt-ridden Countries IMF’d as “Euro Collapse” threat lures Bailout Bucks w/Michael Hudson

Marc Faber, “The Ego of Mr. Bernanke has been Badly Inflated”

Jim Rogers on Ben Bernanke, the Dollar and “Saving the Saver”

Marc Faber the Great Depression all over again

Marc Faber – When the Government Will Take Your Gold

Stimulus High Fading, Dollar, Gold, History According to Obama

Peter Schiff on Max Keiser Report April 2012

Eurozone’s debt troubles continue

Dutch Government Resigns as Austerity Talks Fail

Euro bounces back on solid Dutch debt sale

Point Break: ‘Spain last nail in Euro-coffin’

Spain sells bonds but pays higher yields

Willem Buiter: Spain And Italy Could Default In Months Or Less

After Second Bailout, Is Greece Still Likely to Default?

Marc Faber – Is Greece Irrelevant for global Markets – 10 feb 2012

Big contrast in Iberian debt 

Spain and Italy borrowing rates soar in latest auctions

Borrowing costs for both Spain and Italy rose today in their latest auction of government bonds.

“…Spain’s borrowing rate nearly doubled in a short-term debt auction as investors fretted over the euro zone’s determination to deal with its debts.

And Italy raised nearly €3.5 billion in a short-term bond sale today but at sharply higher interest rates amid fresh concerns over the euro zone outlook, the Bank of Italy said.

The Spanish treasury said it raised €1.933 billion but the timing could hardly have been worse, with financial markets slumping on concern that Europeans are wavering in their commitment to austerity.

The sale of three-month and six-month bills came a day after Spain’s central bank declared the country had plunged back into recession in the first quarter of 2012.

Markets were shaken after a first round of French presidential elections on Sunday put Socialist Francois Hollande, who wants the euro zone to focus on growth rather than austerity, ahead of incumbent Nicolas Sarkozy. The two contenders face off in a final vote May 6.

Further undermining stability, the Netherlands’ government collapsed yesterday after failing to reach agreement over austerity measures, placing its AAA credit rating at risk. But Spain still managed to lure strong interest in the auction with overall demand outstripping supply by more than four-to-one.

The money raised was towards the top of its targeted range of €1-2 billion. But it had to pay a steep price. The borrowing rate leapt to 0.634% from 0.381% for three-month bills and to 1.58% from 0.836% for six month bills, when compared with the last similar auction on March 27.

Spain has promised to cut its public deficit – the annual shortfall of income compared to spending – to 5.3% of gross domestic product in 2012 and just 3% of GDP in 2013. Last year it had allowed the deficit to hit 8.5% of GDP – 2.5 percentage points over target.

Desperate to meet its targets, the government approved €27 billion in fiscal tightening in its 2012 budget, in addition to an earlier round of tax increases and spending cuts amounting to €15.2 billion. …”

http://www.rte.ie/news/2012/0424/spain-borrowing-rate-soars-for-short-term-debt.html

UPDATE 1-More grief for Greece as recession seen deeper

By George Georgiopoulos

“…Greece’s economy will contract a deeper than expected 5 percent this year, the country’s central bank chief said on Tuesday, piling more pressure on to a citizenry already battered by crippling austerity and record joblessness.

The projection topped a previous forecast the central bank made in March, when it projected the 215 billion euro economy would contract 4.5 percent after a 6.9 percent slump in 2011.

Twice bailed-out Greece is in its fifth consecutive year of recession.

Speaking to shareholders at the central bank’s annual assembly, George Provopoulos, also a European Central Bank Governing Council member, urged strict adherence to reform and fiscal adjustment commitments Greece has agreed with its euro zone partners, saying they were needed to return the economy to sustainable growth.

Athens is under pressure to apply more fiscal austerity to shore up its finances as part of a new rescue package agreed this year with its euro zone partners and the International Monetary Fund (IMF) to avert a chaotic default.

Its continued funding under the 130 billion euro package will hinge on meeting targets.

Provopoulos warned that Greece’s euro zone membership was at stake if it failed to follow through on its pledges, especially after national elections next month.

“If following the election doubts emerge about the new government and society’s will to implement the programme, the current favourable prospects will reverse,” he said.

Greece is set to pick a new government on May 6, with the two main parties in the current coalition seen barely securing a majority in parliament, according to the latest opinion polls.

Whoever wins will have to agree additional spending cuts of 5.5 percent of GDP, or worth about 11 billion euros for 2013-2014, and gather about another 3 billion from better tax collection to keep getting aid, the IMF has said. …”

http://www.reuters.com/article/2012/04/24/greece-cenbanker-idUSL5E8FO4VU20120424

Background Articles and Videos

 

Euro is Dead – Long Live Germany? Anger over PIGS states’ bailout

Future of the US and Europe with Nigel Farage and Lew Rockwell on

Michael Pento, Eurozone Crisis, US Housing Bailouts? – Capital Account (11/11/11)

Gerald Celente talks Trade Wars, Eurozone Breakup, and MF Global

Greek crisis & Euro collapse-On the Edge with Max Keiser-12-02-2011

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