The IMF Thursday approved $36.56 billion in new funding for Greece over the next 4 years. Apparently the last Greek bailout/ bond haircut was enough to kick the can a full 7 days down the road?
ATHENS – The International Monetary Fund on Thursday approved $36.56 billion in funding for Greece over the next four years, while Standard and Poor’s warned that the country’s new bonds remained vulnerable to default despite this month’s massive debt writedown.
The IMF’s executive board granted the immediate release of $2.15 billion of these funds as part of the country’s second bailout, a statement said.
Greece will receive a total $226.2 billion in rescue loans from its eurozone partners and the IMF to keep it afloat until 2016, as dizzily high borrowing rates have blocked its ability to raise money on the international bond markets.
IMF Managing Director Christine Lagarde warned that risks to Greece’s austerity and reform program still “remain exceptionally high, and there is no room for slippages.’’ She said new pain lies ahead for Greeks, despite the tough measures implemented over the past two years.
“Full and timely implementation of the planned adjustment – alongside broad-based public support and support from Greece’s European partners – will be critical to success,’’ she said in a statement.
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6 comments:
And if everyone truly believes we will live forever, we will.
Let's see
The Greeks get just enough to pay the bills for maybe 3-6 months. They have to lay off 150,000 tax paying/tax feeding civil servants. Of a nation of 10,500,000 people, only 3,600,000 are tax payers. These layoffs represent nearly 5% decrease in employment.
The GDP is rotating downwards at between 7-10% this year. Unemployment is 21% ( 50% youth unemployment) and climbing by 5% due to the layoffs. Minimum wages are being cut. Pensions are supposedly being cut by double digits. Wages are forced/cut by 22%. Greece ends up with more debt than it started with.
What could go wrong?
This isn't "real" money. It's to tide Greece over until it kicks itself out of the Eurozone.
At least, I don't think they'd just give away that much real money to a lost cause. They're more interested in profiting from the misery of Greece that they are in fixing it. Despicable.
YAY more US Taxpayer funds for criminal banksters of europe.
- runlevel
Mr Bernanke
On behalf of the goverment of Canadia. We request that you henceforth approve the disposition of the appropriate funding, which amount to a sum to be later determined by the Canadian alliance for benificial relations. In return we at the association of concerned citizens with debt promise to endeavor to set up a meeting with our counterparts in Alberta in order to facilitate a meeting wich may or may not take place in the not too distant future to discuss the implementation of a committee to approve a council which will be charged with setting up a meeting with the soon to be disbanded body of mutually selected members of a duly appointed arbitrage association with respect to the continuation of the much maligned XL pipeline.
Notwithstanding the principle amount, the lender will be held liable for interest accrued which may or may not be subject to rehypothication on behalf of but not limited to one or more of the aforementioned parties. We hereby absolve ourselves and all parties herein from any liability and or responsibility with respect to all past, current and future dealings with the lender.
Please sign here_____________________
Respectfully
CrazyCanuckco LLC
Canucko? Very cool. Good post. LOL.
2 OZ.
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