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Greece says it will default in June without aid from lenders
Ekathimerini ^ | 05/24/2015 | Renee Maltezou & Angeliki Koutantou

Posted on 05/24/2015 3:55:41 PM PDT by SeekAndFind

Greece cannot make an upcoming payment to the International Monetary Fund on June 5 unless foreign lenders disburse more aid, a senior ruling party lawmaker said on Wednesday, the latest warning from Athens it is on the verge of default.

Prime Minister Alexis Tsipras's leftist government says it hopes to reach a cash-for-reforms deal in days, although European Union and IMF lenders are more pessimistic and say talks are moving too slowly for that.

Greek officials now point to a race against the clock to clinch a deal before payments totaling about 1.5 billion euros ($1.7 billion) to the IMF come due next month, starting with a 300 million euro payment on June 5.

"Now is the moment that negotiations are coming to a head. Now is the moment of truth, on June 5," Nikos Filis, spokesman for the ruling Syriza party's lawmakers, told ANT1 television.

"If there is no deal by then that will address the current funding problem, they won't get any money," he said.

Talks between Greece and its lenders have foundered on Athens' demand to roll back labour and pension reform as well as lower fiscal targets set under its bailout programme.

Among concessions Athens is mulling is a special tax on banking transactions to help raise revenue to meet fiscal targets, though discussion of the levy is at an early stage, two sources close to the talks said.

If the talks collapse, Tsipras's government has made clear it will pay pensioners and public workers before servicing debt.

(Excerpt) Read more at ekathimerini.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: alexistsipras; default; eu; europeanunion; greece; greececrisis; greecedebt; syriza
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To: napscoordinator

Unfortunately, that’s the complete truth. We just own our own printing presses. It will eventually catch up to us too.


41 posted on 05/24/2015 6:58:16 PM PDT by Norm Lenhart
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To: SeekAndFind
If it’s a few billion, THEY are under your mercy. :)

Not much chance of that here in the north woods of Maine.

42 posted on 05/24/2015 6:58:54 PM PDT by The_Republic_Of_Maine (In an Oligarchy, the serfs don't count.)
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To: snoringbear

True, they have relinquished their sovereignty by joining the EU. when they get thrown out, they can repay with worthless Greek paper. Ever notice that only a few countries are allowed to do this? The rest of my response for another time.


43 posted on 05/24/2015 7:02:35 PM PDT by Fungi
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To: Oliviaforever
If the IMF chooses to let Greece default, the euro will crash.

Hardly.

The Greeks are in control of the situation

Without more loans from the ECB, IMF or the Euro governments, Greek checks to their employees and retirees will soon bounce. Without more loans, Greek banks will soon run out of cash.

The Greeks control their own fate, not the situation. The Greeks cannot expect more free money while telling their creditors to f-off.

44 posted on 05/24/2015 7:21:49 PM PDT by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: SeekAndFind

“Loan me more money or I’m going to see a bankruptcy lawyer.”

I usually heard this when a lawsuit was threatened.
Pouring more money into a money pit is just silly.


45 posted on 05/24/2015 8:42:21 PM PDT by tumblindice (America's founding fathers: all armed conservatives.)
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To: chris37

*****”Why would anyone lend a broke and irresponsible entity or person money?” *****

China lends to us... I wonder what is actually in it for them.

We are being LIED to on such a Grand Scale.

TT


46 posted on 05/24/2015 8:43:11 PM PDT by TexasTransplant (Idiocracy used to just be a Movie... Live every day as your last...one day you will be right)
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To: TexasTransplant

I do as well.

They aren’t going to be paid back by our government.

No one is.

Full faith and credit means not one thing.


47 posted on 05/24/2015 10:28:36 PM PDT by chris37 (Heartless)
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To: SeekAndFind
Unless you give us more money we can't continue to pay back our earlier loans.

I believe the time to cut their losses has arrived for both sides.

48 posted on 05/24/2015 10:34:11 PM PDT by Harmless Teddy Bear (Proud Infidel, Gun Nut, Religious Fanatic and Freedom Fiend)
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To: Fungi


True, they have relinquished their sovereignty by joining the EU. when they get thrown out, they can repay with worthless Greek paper.”

Well, they have and they haven’t - relinquished their sovereignty. That’s the problem. The EU is in about the same spot that the U.S. was when the Articles of Confedercy was in effect. We had to fight a civil war to resolve the question of Federalism. It’s my guess that eventually Greece will drop out and revert to the Drachma and print, print, print till it’s worthless. Then, “perhaps” Greeks will see the light - but, I wouldn’t bet on it.


49 posted on 05/25/2015 2:25:03 AM PDT by snoringbear (E.oGovernment is the Pimp,)
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To: jocon307

“My understanding is they never should have been permitted to join the Euro-zone, that they got in via deception (and possibly winking at that deception by others) and they should get out ASAP.”

There was more than just Greece that got in on a wink. I have an Italian friend who is a banker. He told me back when the whole common currency thing was being put together that Italy wasn’t in any shape to get in either. the PIIGS are going to sink the Euro. It isn’t whether, it’s when.


50 posted on 05/25/2015 2:30:52 AM PDT by vette6387
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To: SeekAndFind

Greece has been blustering about default for years.


51 posted on 05/25/2015 4:52:50 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: SeekAndFind

I hereby offer $100 for a title to a nice 100 acre greek island (all taxes and fees paid in perpetuity, no development restrictions).

Doing my part to support the euro!

:-)


52 posted on 05/27/2015 5:59:40 PM PDT by SteveH
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