IMF bails out Greece - with EU's permission.

[acidhead]

http://news.bbc.co.uk/2/hi/europe/8587847.stm

Thursday, 25 March 2010

France and Germany have reached a deal on a financing plan to help debt-laden Greece, which will include IMF help.

Officials in Brussels say the package - yet to be agreed by other eurozone states - will total 23bn euros (£21bn).

News of the deal broke as leaders of the 27 EU member states gathered for a two-day summit in Brussels.

So far the eurozone has avoided seeking an IMF loan for Greece, preferring a European solution and anxious to maintain global confidence in the euro.

Revision of rules?

Earlier on Thursday Germany's Chancellor Angela Merkel said the German government "will press for emergency aid combining IMF and joint bilateral aid from the eurozone but... only as a last resort".

She has signalled reluctance to offer Greece anything resembling a bail-out, which is not allowed under the single currency rules.

She said Greece was not insolvent, was acting to curb its deficit and was still able to raise money on international markets.

She also said she would press for the EU to amend its treaties to strengthen its ability to prevent future budget crises.

Stressing the need to learn lessons from the crisis, she wants a treaty change to allow sanctions to come into force should a eurozone country ever default on its debts.

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[Voyager10]

This message will self-destruct ...

[questionmark]

As usual you are either half informed or sensationalizing: Greece may ask the IMF or other European countries for money is what was decided in Brussels.

The IMF part won't happen because first Greece seez it does not need money now and several European countries have already announced that they don't want the IMF meddling in Euro affairs.

There is only one reason foe this maneuver: Keep the speculators from speculating against Greece getting credits.

[stevewinn]

excellent news, Europe in trouble as always the Europeans couldn't manage a p*** up in a brewery,

[Professor Buzzkill]

Come on we all know greece is going down the drain. Thats what happens when 30% of the population work for government department or govt. owned enterprises.

Oh, and i heard a good joke the other day.Q. Why do greek men wear gold chains around their necks?

A. So they know where to stop shaving.

Sorry if i offended any hairy people reading this

[questionmark]

Come on we all know greece is going down the drain. Thats what happens when 30% of the population work for government department or govt. owned enterprises.

Oh, and i heard a good joke the other day.Q. Why do greek men wear gold chains around their necks?

A. So they know where to stop shaving.

Sorry if i offended any hairy people reading this

Very funny...but you are not telling us anything new...

Most Greek civil servants are up in arms because they are going to loose their government jobs.. unless of course the rest of the Greeks start paying their taxes in full and without cheating.

[Caesar]

Come on we all know greece is going down the drain. Thats what happens when 30% of the population work for government department or govt. owned enterprises.

Oh, and i heard a good joke the other day.Q. Why do greek men wear gold chains around their necks?

A. So they know where to stop shaving.

Sorry if i offended any hairy people reading this

LMAO that was a good one!

[acidhead]

UPDATE 1-IMF scrambles to figure out role in Greece http://www.reuters.com/article/idUSN2616085420100326

Fri Mar 26, 2010 12:25pm EDT

WASHINGTON, March 26 (Reuters) - The International Monetary Fund was scrambling on Friday to understand precisely what its role will be in a European-led rescue of Greece.

A day after euro zone leaders agreed to provide coordinated loans to Greece with the help of the IMF, officials at the Washington-based lender were unclear on how the Fund's resources would be tapped and how it would impose the sort of conditions that normally come with its financial aid.

In a brief statement, the IMF said only it was monitoring the situation.

"We are following developments closely," the IMF said, repeating that it stood ready to consider any financial assistance if asked.

IMF Managing Director Dominique Strauss-Kahn begins a short visit to Poland and Romania on Monday and is likely to encounter questions on Greece.

The dilemma for the IMF is that Greece falls under the jurisdiction of European Union rules and is a member of the euro zone where monetary policy is dictated by the European Central Bank. That makes it difficult for the IMF to set its policy prescriptions backed by its money.

Under the accord, Athens would receive bilateral loans from other eurozone countries and cash from the IMF if it faces severe difficulties.

Tough terms imposed by German Chancellor Angela Merkel mean the mechanism could be activated only under strict conditions.

An IMF official, speaking on condition of anonymity, told Reuters Greece was not expected to request IMF aid just yet.

Greek Finance Minister George Papaconstantinou said on Thursday Greece would prefer to get funding from financial markets although that will depend on interest rates.

Greece's IMF borrowing quota is equivalent to $1.25 billion, although it would be allowed to draw up to 10 times that, according to IMF rules adopted during the global financial crisis. Analysts have said that Greece could be allowed to borrow up to $20 billion from the IMF. (Reporting by Lesley Wroughton; Editing by Andrew Hay)

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LOL... 'follow the leader'... or... 'monkey see monkey do'...

Greece, like many government-employed economies are using the keynesian economics brand™ of rescuing a sinking ship.

And it doesn't work.

It only creates debt and holds nations responsible for the mistakes made by others.

Its a con game.

[questionmark]

UPDATE 1-IMF scrambles to figure out role in Greece http://www.reuters.com/article/idUSN2616085420100326

Fri Mar 26, 2010 12:25pm EDT

WASHINGTON, March 26 (Reuters) - The International Monetary Fund was scrambling on Friday to understand precisely what its role will be in a European-led rescue of Greece.

does placebo sound like something you know?

[stevewinn]

LOL... 'follow the leader'... or... 'monkey see monkey do'...

Greece, like many government-employed economies are using the keynesian economics brand™ of rescuing a sinking ship.

And it doesn't work.

It only creates debt and holds nations responsible for the mistakes made by others.

Its a con game.

well said acid. Greece has become nothing more than a protectorate of the EU. just look at the thread title IMF bails out Greece with EU permission. a once great nation now at the mercy of others. there is a warning here for all EU members.

[acidhead]

does placebo sound like something you know?

Remember Copenhagen?

Would you like to place down another friendly wager on this issue that proves otherwise?

[questionmark]

Remember Copenhagen?

Would you like to place down another friendly wager on this issue that proves otherwise?

You still think you were right on Copenhagen and that, as your propaganda suggested, it would bring about an agreement that initiates the takeover of the NWO?

Copenhagen bought exactly what I predicted: HOT AIR!

[acidhead]

You still think you were right on Copenhagen and that, as your propaganda suggested, it would bring about an agreement that initiates the takeover of the NWO?

Copenhagen bought exactly what I predicted: HOT AIR!

See questionmark.... this is where you are wrong.... it was clever of you to claim you were right, especially when you declined my original wager.... remember?

It was suggested by another member that perhaps UM members decide who wins.

Copenhagen happened exactly like predicted.... Obama™ sealed the deal at the 11th hour.... Where were you?..... That's right... declaring a self-righteous pre-ejaculated victory with media headlines that stated a failed conference.

You're not as dumb as you looked stupid by repeating their eroneous claims - but whatever... to each their own.

A deal was reached with signatures indicating that the agenda is going through as planned.... regardless that 95% of Africa stood up with their hands in the air saying, 'we do not accept this - what about our opinion - you asked us how much funding we want per year, we give it to you(400 billion) and we get ignored?!?!'

Climategate exposed the deceptive tactics of supressing peer-reviewed papers and its being buried amid a minimal coverage media.

There are another couple meetings yet this year, as I'm sure you are well informed - and its obvious that the world is waiting in anticipation as to what happens next.

Edited March 26, 2010 by acidhead

[questionmark]

See questionmark.... this is where you are wrong.... it was clever of you to claim you were right, especially when you declined my original wager.... remember?

It was suggested by another member that perhaps UM members decide who wins.

Copenhagen happened exactly like predicted.... Obama™ sealed the deal at the 11th hour.... Where were you?..... That's right... declaring a self-righteous pre-ejaculated victory with media headlines that stated a failed conference.

You're not as dumb as you looked stupid by repeating their eroneous claims - but whatever... to each their own.

A deal was reached with signatures indicating that the agenda is going through as planned.... regardless that 95% of Africa stood up with their hands in the air saying, 'we do not accept this - what about our opinion - you asked us how much funding we want per year, we give it to you(400 billion) and we get ignored?!?!'

Climategate exposed the deceptive tactics of supressing peer-reviewed papers and its being buried amid a minimal coverage media.

There are another couple meetings yet this year, as I'm sure you are well informed - and its obvious that the world is waiting in anticipation as to what happens next.

As long as there is nothing tangible that happened in Copenhagen, such as a binding agreement, the proceedings are totally irrelevant. Which is something Generation Television will never understand.

[ExpandMyMind]

excellent news, Europe in trouble as always the Europeans couldn't manage a p*** up in a brewery,

this will pave the way for france and germany to have complete control over member countries economies, in the first step towards complete control of the countries. all this will be started under the pretence of 'preventing another greece'.

good times ahead...

[keithisco]

this will pave the way for france and germany to have complete control over member countries economies, in the first step towards complete control of the countries.

How?

[SpitHotFire]

They did bail out Greece? HA! They sure were desperate after the Euro failed. They're propping up an economically depressed country that's only going to get worse later. Let Greece's government fall and let a new one take its place; that's the only way anything is going to get done. It sounds horrible, but it's true. It's like what Obama is trying to do with propping up the failing auto industries in the USA. Simple economics tells you that you don't prop a failing company because if they're failing it means they are doing something wrong, and companies which fail give way to new entrepreneurs to take control of the market and help the economy expand that way. Maybe I'm going too far by comparing politics to economics, but the values remain the same.

[stevewinn]

this will pave the way for france and germany to have complete control over member countries economies, in the first step towards complete control of the countries. all this will be started under the pretence of 'preventing another greece'.

good times ahead...

your not wrong mate, the BBC run a program called EU stitch up. secret government papers were released because 30 years had passed and in these documents it clearly states the end game is a europe with one single currency and a central economic system whereby the EU managers all economies.

don't look now but the EU are trying to implement a EU tax, which is directly paid to Brussels not through national governments. giving the EU its first direct funding. oh happy bloody days.

[Caesar]

They did bail out Greece? HA! They sure were desperate after the Euro failed. They're propping up an economically depressed country that's only going to get worse later. Let Greece's government fall and let a new one take its place; that's the only way anything is going to get done. It sounds horrible, but it's true. It's like what Obama is trying to do with propping up the failing auto industries in the USA. Simple economics tells you that you don't prop a failing company because if they're failing it means they are doing something wrong, and companies which fail give way to new entrepreneurs to take control of the market and help the economy expand that way. Maybe I'm going too far by comparing politics to economics, but the values remain the same.

I agree and I'm sure it will happen again, if not Greece then it will be another nation thats part of the EU.

[SpitHotFire]

The EU really is turning from a confederacy into attempting to become a distinct political power. Funny, huh?

[Caesar]

The EU really is turning from a confederacy into attempting to become a distinct political power. Funny, huh?

Yeah but hey, as long as it makes them happy, whatever.

[SpitHotFire]

Yeah but hey, as long as it makes them happy, whatever.

Yeah. All the country has to do is leave

[keithisco]

They did bail out Greece? HA! They sure were desperate after the Euro failed. They're propping up an economically depressed country that's only going to get worse later. Let Greece's government fall and let a new one take its place; that's the only way anything is going to get done. It sounds horrible, but it's true. It's like what Obama is trying to do with propping up the failing auto industries in the USA. Simple economics tells you that you don't prop a failing company because if they're failing it means they are doing something wrong, and companies which fail give way to new entrepreneurs to take control of the market and help the economy expand that way. Maybe I'm going too far by comparing politics to economics, but the values remain the same.

1. The Euro has not failed

2. It was only after the Right Wing Conservative govt was throown out of office last October that the truth about the economy came to light

3. Amechanism has been adopted to allow Greece to access EUrozone funds and IMF funds

4. Greece has not accessed any of these funds as of today.

5. It's nice to know that NONE of the USA states are in similar positions (sarcasm)

[Caesar]

1. The Euro has not failed

2. It was only after the Right Wing Conservative govt was throown out of office last October that the truth about the economy came to light

3. Amechanism has been adopted to allow Greece to access EUrozone funds and IMF funds

4. Greece has not accessed any of these funds as of today.

5. It's nice to know that NONE of the USA states are in similar positions (sarcasm)

Its just a matter of time before the EU falls apart. I agree that socialism doesn't work. we see this in Greece and in California.

[itsnotoutthere]

Its just a matter of time before the EU falls apart. I agree that socialism doesn't work. we see this in Greece and in California.

you can also see that here in the U.K. at the moment. We're rapidly reaching the tipping point where we are not generating enough tax revenues to pay the massive public sector bill each month, thanks to all those government created non-jobs with their index linked pensions.

Remember what Maggie said "socialism doesn't work because eventually they run out of other peoples money" (never thought i'd ever agree with her but....)