Statement by the IMF on Greece

Press Release No.15/310

June 30, 2015

Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:

“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.

“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”

IMF COMMUNICATIONS DEPARTMENT

Public Affairs Media Relations
E-mail: publicaffairs@imf.org E-mail: media@imf.org
Fax: 202-623-6220 Phone: 202-623-7100

IMF for political ends, whether +ve or -ve only time will tell. Greeks should be more concerned about being kicked out the EUR, that's when they'll experience a real socio-economic rout.

The neighbors should prep. for migrant issues though with a 12Mn* popn. that should not be a problem.

This for the markets is just a blip, the press can fork & knife it for all its worth. Irrational plays can be profited too. Let's see.

Scramble for priority tickets by pensioners the max they can withdraw is 120 Euro. Most pensioners don't have ATM cards

With an ever increasing budget deficit we will one day ground.

Nigeria has oil and their budget deficit is ballooning but at least they're still able to pay pensioners. No amount of resources can save an economy if expenditure isn't prudent. What you need to ask yourself is how you and your family/ business can survive if banks were closed for 6 days and. withdrawal limited to 5000 shillings.

Greece has not yet defaulted. Its only in arrears

Are they "accepting and moving on"? I cannot imagine this torture over my money...

Greek banks down to €500m in cash reserves as economy crashes

The daily allowance of cash from many ATM machines has already dropped from €60 to €50, purportedly because €20 notes are running out

Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down, precipitating the near disintegration of the ruling coalition.

Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds (ELA) to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall.

Constantine Michalos, head of the Hellenic Chambers of Commerce, said lenders are simply running out of money. "We are reliably informed that the cash reserves of the banks are down to €500m. Anybody who thinks they are going to open again on Tuesday is day-dreaming. The cash would not last an hour," he said.
"We are in an extremely dangerous situation. Greek companies have been excluded from the electronic transfers of Europe's Target2 system. The entire Greek business community is unable to import anything, and without raw materials they can't produce anything," he said.

http://www.telegraph.co....-as-economy-crashes.html

Got it ....from BusinessInsider
http://www.businessinsid...not-official-yet-2015-7

My advice to Greece is to follow the Iceland route. Default, get out of the euro straitjacket and handcuff the banksters and their political aides. And while at it close the IMF office like Hungary. Reset everything, turn east (NDB/AIIB/EXIM) and in 5yrs the econ will be back to normal.

For the banksters chopping they should start here (Le Squid aka GS) to get to know how deep the rabbit hole is - http://www.spiegel.de/in...-true-debt-a-676634.html