Archivi tag: Politics

Rule, Germania

A Very interesting point of view about the German position about debt cutting.

 

Rule, Germania.

 

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The modern Greek tragedy | VOX, CEPR’s Policy Portal

The modern Greek tragedy | VOX, CEPR’s Policy Portal.


IMF suggests haircuts, but from Europe only – Il FMI suggerisce il taglio del debito, ma solo dall’Europa

The IMF published an update to it’s report about the Greece debt sustainability today.

They basicly say: our ideas would have worked, but after the referendum you messed everything up. The new situations gives you three choices: maturity extension of 30 years, annual transfers to the Greek budget or deep upfront haircuts (choices up to Europe, of course).

What if the IMF started to cut some of the 78 rates that are due from here to 2024 (see list below)?

By the way, please note that the rate that Greece could not pay was due to the IMF, not to Eurozone creditors.

***

E’ stato pubblicato oggi un aggiornamento del Fondo Monetario Internazionale relativo alla stima dello stesso FMI sulla sostenibilità del debito pubblico greco.

In pratica il succo di questo documento è il seguente: le idee che avevamo espresso nel nostro rapporto sulla sostenibilità del debito greco pubblicato prima del referendum avrebbero funzionato, ma ora avete incasinato tutto e per colpa vostra non funziona più. La nuova situazione vi offre tre scelte: estendere il periodo dei rimborsi per altri 30 anni, versare annualmente denaro nelle casse greche o tagliare il debito (quello dovuto all’Europa, beninteso).

E se iniziasse il FMI a tagliare qualcuna delle 78 rate che deve incassare da qui al 2024 (vedere l’elenco in basso)?

A proposito, si noti che la rata che la Grecia non ha potuto ripagare era dovuta al FMI, non a ceditori dell’Eurozona.

IMF        June 30, 2015 OVERDUE               €1,563,917,156

IMF        July 13, 2015      €457,731,851     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Sept. 4, 2015      €305,154,567     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Sept. 14, 2015   €343,298,888     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Sept. 16, 2015   €572,164,813     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Sept. 21, 2015   €343,298,888     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Oct. 13, 2015      €457,731,851     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Dec. 7, 2015       €305,154,567     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Dec. 16, 2015     €572,164,813     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Dec. 21, 2015     €343,298,888     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Jan. 13, 2016      €457,731,851     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        March 7, 2016   €305,154,567     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        March 16, 2016 €572,164,813     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        April 13, 2016     €457,731,851     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        June 7, 2016       €305,154,567     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        July 13, 2016      €457,731,851     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Sept. 7, 2016      €305,154,567     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        Sept. 19, 2016   €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 7, 2016       €305,154,567     Loan under the IMF’s first bailout program for Greece, in 2010.*

IMF        March 17, 2017 €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 18, 2017      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Sept. 19, 2017   €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 4, 2017       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 18, 2018      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 31, 2018      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        March 19, 2018 €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 4, 2018       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 18, 2018      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 31, 2018      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Sept. 19, 2018   €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 3, 2018       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 4, 2018       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 18, 2019      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 31, 2019      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        March 19, 2019 €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 3, 2019       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 4, 2019       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 18, 2019      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 31, 2019      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Sept. 19, 2019   €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 3, 2019       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 4, 2019       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 17, 2020      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 31, 2020      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        March 19, 2020 €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 3, 2020       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 4, 2020       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 17, 2020      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 31, 2020      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Sept. 18, 2020   €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 3, 2020       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 4, 2020       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 18, 2021      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 29, 2021      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        March 19, 2021 €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 3, 2021       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 4, 2021       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 16, 2021      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 30, 2021      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Sept. 17, 2021   €148,058,591     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 3, 2021       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 3, 2021       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 18, 2022      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 31, 2022      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        March 18, 2022 €148,058,601     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 3, 2022       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 3, 2022       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 18, 2022      €296,117,183     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 29, 2022      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 2, 2022       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 2, 2022       €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 18, 2023      €296,117,188     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Jan. 31, 2023      €159,455,853     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 2, 2023       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 2, 2023       €159,455,864     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        July 31, 2023      €159,455,864     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        Dec. 1, 2023       €318,911,708     Loan under the IMF’s second bailout for Greece, in 2012.†

IMF        June 3, 2024       €318,911,713     Loan under the IMF’s second bailout for Greece, in 2012.†


Greece said no. So what?

On July 5th, 2015 Greece chose to be an insolvent debtor and the italian morons sing the praises of the victory of Democracy. They exalt Tsipras, democratically elected, but they seem not be able to realize that also the creditor States are ruled by democratically elected persons.

They talk about Greece as the cradle of Democracy, but they have no idea of what the original greek Democracy was (it was the Democracy of the Rich).

However…

Varoufakis earlier, and later Tsipras clearly explained how they intend to go on now: no exit from Euro, no paying the debt as it is and new requests for money to put the greek bank system in order. It goes without saying that the two of them live in Duckburg. I don’t think they will be further allowed to live the life of Riley with other people’s money.

Tsipras, with extreme arrogance, refused every proposal received by the EU (18 countries agreed on the offer made to Greece) and even if he cowardly dumped the responsibility of his fool decision on the shoulders of all the Greeks, now he is in the unsuitable position to make an offer to the EU that is ok for the other 18 countries (as Schulz said).

In the most probable circumstance (which I support) that Greece will be kicked from EU, the worst thing that can happen is that the loaned billions will be lost. Which is in Tsipras’ plan anyway.

Let’s say that Tsipras is in a win-win situation. “No” won the referendum, therefore he must not resign and keeps his position, and instigating the expulsion of Greece from EU he can lawfully raise his hands and say: “You threw me out, now say goodbye to your money”.

Meanwhile the rubles roll.