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Europe
IMF stuns Europe with call for massive Greek debt relief
2015-07-15
BLUF: [Telegraph] The IMF said the Europeans will either have to offer a "deep upfront haircut" or slash the debt burden by stretching maturities and presumably by lowering interest costs.

"There would have to be a very dramatic extension with grace periods of, say, 30 years on the entire stock of European debt," it said.

Debt forgiveness alone would not be enough. There would also have to be "new assistance", and perhaps "explicit annual transfers to the Greek budget".
Europe "stunned" by socialism and IMF statist solutions ?
Posted by:Besoeker

#15  Maybe Iran can float them a nice loan.
Posted by: regular joe   2015-07-15 21:28  

#14  See also DEMOCRATIC UNDERGROUND > [BBC] GREECE DEBT CRISIS: IMF ATTACKS EU ON GREECE BAILOUT TERMS.

Iff the EU thought the debt relief they'd allocated for Greece was enough, THE IMF SAYS IT TAINT.

THE UN IMF WANTS THE EU TO "SPEND, SPEND, SPEND" ON BAILING OUT GREECE LIKE ITS 2099!

VERSUS

* SAME > [NBC News] DEBT CRISIS: GREEKS SAY BAILOUT AUSTERITY WILL CAUSE A "REVOLUTION".

[THE BEATLES' "REVOLUTION" here].
Posted by: JosephMendiola   2015-07-15 19:51  

#13  Historic Costs Irrelevant v.2

Asset owner is emotionally attached to the asset.

Had a Cave-astrola 10 inch light-weight (lol) reflector that cost me around $1200 fitted out in 1973. Way to much to deal with and not really transportable to dark areas. Over the course of years I was offered as much as $1500 for it. I just liked having it around the house, sort of like a trophy- gadget and it was one hell'uva conversation starter. Ended up giving it away. I can visit tho.

So look closely at your asset owners heart, think Greek Islands here.
Posted by: Shipman   2015-07-15 18:08  

#12  Historic costs irrelevant.

My ex had the merchandise of 2 tack shops stashed here and there around town. She couldn't make a go running the shopp(e)s, but was damned if she was going to loose money selling the goods under cost. She was mostly 2nd generation German. (Sigh). I would help her along with cash from time to time and she would pay me with rotting horsey merchandise. I managed to move most of it at about 40% off retail. But the hilarious thing is till she died she knew I owed her the balance. Gawd bless you DM
.
Typing and cost accounting are 2 of the most valuable skills to have. Luckily I have good looks and a winning personality to go along with these technical skills.

Also: I'ma sell valuable, historical maritime crossing in the upper Atlantic Region tonite at Open Out Cry, bring cash.
Posted by: Shipman   2015-07-15 17:45  

#11  The phrase "good money after bad" comes to mind.

Also, 'sunk cost'.
Posted by: Raj   2015-07-15 16:53  

#10  ...well, we did buy the Louisiana territory and Alaska, so its not without precedent. Or find rich super villains to set up their super villain lair in. Putie to the courtesy phone.
Posted by: Procopius2k   2015-07-15 15:46  

#9  Germany should offer to buy a dozen Greek islands (transfer the sovereignty and make them EU territories or something) in exchange for cancelling the debt and Greece's EU membership card.
Posted by: rjschwarz   2015-07-15 14:21  

#8  The idea that a country could leave the EU is too much for the masters of the EU to bear, so they will throw more money at the issue.

Not like they have a military anymore to force the Greeks back at the point of a gun.
Posted by: DarthVader   2015-07-15 14:09  

#7  CF, the problem seems to be that too many "smart" people don't seem to understand the simple fact that if you give them $1B to pay back the $1B they borrowed in the first place, THEY STILL OWE YOU A BILLION EVEN IF THEY DO "PAY IT BACK".

Of course the real game is to make the billion disappear into the miasma of derivatives and inflation. In any case it's the middle class that gets screwed.
Posted by: AlanC   2015-07-15 13:02  

#6  If I owe the bank $1,000 I can't pay back - I have a problem.

If I owe the bank $1B I can't pay back - the *bank* then has a problem.

In this case the Bank decide to lend me another $1B in hopes I will use it to pay back the $1b I own them.

And of course everyone *else* knows that I'm just going to blow that $1B loan on drugs, hookers and booze.
Posted by: CrazyFool   2015-07-15 12:20  

#5  Well, I think the powers that be in Europe have decided that the Greeks are part of their 49 percent, a permanent drain on the productive members of the union that must simply be accepted as such.
Posted by: Ebbang Uluque6305   2015-07-15 11:40  

#4  The phrase "good money after bad" comes to mind.
Posted by: Ebbang Uluque6305   2015-07-15 11:38  

#3  But if we don't lend them more money, how can they pay us back?
Posted by: SteveS   2015-07-15 11:02  

#2  Greece is boned. They'll never repay the debt. Give them more money to pay the debt and they'll fritter that away.

The Greeks have 2500 years experience avoiding the tax man. And they're as hooked on free stuff as anyone else.

Default them. You can't take anything tangible from them but default them, boot them out of the Euro, and make them reinstitute the drachma.

And don't lend them anymore of your money.
Posted by: Steve White   2015-07-15 10:50  

#1  So, surprises all around. The Greeks thought that they had voted that they weren't going to go along with the debt plans of the EU. The rest of the EU thought that they were going to get something out of the Greeks.
Posted by: ed in texas   2015-07-15 08:05  

00:00