It's getting close now

[Suff]

Greece is getting to where Cyprus was in 2013.

Except this government is not going to bow down and beg forgiveness. The opposite in fact. They want the EU to bow down and beg forgiveness for creating this mess in the first place...

IMO the prase Grexit is not about the Greeks falling out of the aircraft door by mistake, it will be about the EU totally misreading the Greek government (which has been reported far and wide as the Greeks acting irrationally) and pushing them out of the door because they are not listening and are to busy shouting to realise what they are doing.

Another month or two and the balloon goes up. Sooner if the bond markets continue to climb. 3 year bonds are now at nearly 30%. When 6 month bonds hit 15% it's all over.

It's useful to remember that the EU has not released one single Euro Cent of the €7.9bn they hold in their bailout fund. It is interesting to note that only the Greeks have backed down, that the EU has not changed it's stance in one single significant way.

There will come a time when a threshold is reached. As the EU forces Greece ever further to the precipice, they expect the Greeks to turn around and beg for help. I expect them to jump.....

[Workingman]

So the IMF, ECB and Eurozone loses a huge bundle of money. Well, they do not, really, because the Greek debt is a flea on an elephant's bum when compared to the EU economy. It is not real money, anyway, as it never existed it is more a big number.

Syriza and Greece will probably have to go back to the Drachma or start using Monopoly money, but within their own borders the Greeks will not be that much worse of.

What it will do is raise questions about the Eurozone and its workings and failings. The answers to those questions are likely to be negative in the global markets and with other central banks. The outcomes from any following actions are likely to be a lot more damaging to the Euro-Eurozone than the loss of some pocket money (Greek Debt) had it been handled differently.

[Suff]

What it will do is raise questions about the Eurozone and its workings and failings. The answers to those questions are likely to be negative in the global markets and with other central banks. The outcomes from any following actions are likely to be a lot more damaging to the Euro-Eurozone than the loss of some pocket money (Greek Debt) had it been handled differently.

Yep, that's the bit I'm most aware of. It is the job of politicians to steer everyone away from disaster. Not drive headlong over the cliff chasing the next re-election vote....

Such is life...

[Suff]

According to the FT Greece needed to borrow from the IMF to pay back the IMF.

Now there's a spiral into oblivion if ever there was one. When you have to borrow what you are paying back to someone, then you are not paying them back. You are just racking up more debt....

Now the IMF is talking about withholding their block of the bailout that Greece is hoping for. However, if this is the state of play today, then it is already over bar the EU spin doctoring. Because Greece owes more repayments this year than the remainder of the bailout loan and Greece, apparently, has no other money and needs to keep borrowing.

In my view of the world that == Bankrupt. But we already knew that didn't we?? So the Greeks are re-hiring laid off cleaners, reinstating the 13th month payment for pensioners (state pensions) and raising the minimum wage...

The only possible way for them to do this is to leave the Euro, devalue what they have promised and start working on the economy under a deflating Drachma.

So, I wonder. Are they really as daft as they come over. Or who is lying to whom???

Well they may have one or two more rabbits to pull out of the hat for June. But in July they default on both the IMF and the EU. Unless an agreement is reached and a new bailout is arranged. Neither of which seems to be possible.

The IMF is talking a greater haircut on the EU debt. Of course the IMF has been saying this constantly for all the PIIGS and the EU and the ECB won't hear of it. I do wonder if the IMF is finally going to allow Greece to go under just to drive the point home to the EU and the ECB. Namely that they are living in lala land and it's time they recognised it.

Because if Greece were not paying the EU, ECB and IMF, it would actually be running a slight surplus even with the reforms.

Never a dull day in the land of make believe. Sorry, Sorry, Eurozone....