…has greece lost its marbles? o, imf, where’s thy ‘sting’?…

…in that crazy interconnected world of global finance, even the slow of mind can detect patterns…

The Troika is predictably not amused. And the IMF is fed up, ‘mad as Hell and is not going to take it anymore’ sort of thing. Greece has been sent to Coventry for total misbehaviour: to return only when ties can be found and worn, and the miscreants return with with some drachmas euros by the palette full.

The democratically elected – no, not ‘democratically elected’ – Prime Minister of Greece and his colleagues have seemed too preoccupied with the mandate conferred upon them by the Greek people, not good. What audacity. What, well, hubris! And for that, IMF walks out of Greece bailout talks. As The Guardian would report,

The International Monetary Fund dramatically pulled out of talks with debt-stricken Greece on Thursday after it accused Athens of failing to compromise over labour market and pension reforms.

[snip]

“The ball is very much in Greece’s court,” IMF spokesman Gerry Rice said. “There are major differences between us in most key areas. There has been no progress in narrowing these differences recently.”

The IMF’s decision followed increasingly sharp criticism from EU officials frustrated at the Greek government’s continued refusal to bow to creditors’ demands.

The US would then publicly weigh in, but not before an observation by the Greek Prime Minister Tsipras. The Guardian with its live updates would provide the ball-by-ball coverage of the Greek Drama, Greece crisis: US Treasury urges Tsipras to reach a compromise – live updates.

PM Tsipras is not sparing with his frankness, IMF has ‘criminal responsibility’ for Greek crisis: PM. And,

Greek prime minister Alexis Tsipras said the International Monetary Fund had “criminal responsibility” for Greece’s debt crisis on Tuesday, and called on the country’s European creditors to assess the IMF’s policies.

“The time has come for the IMF’s proposals to be judged not just by us but especially by Europe,” Tsipras told his parliamentary group, two days after the failure of debt talks with the IMF and the European Union brought Greece closer to a possible default.

“The IMF has criminal responsibility for today’s situation.”.

From that live blog, we would learn,

America [US] has just made a new intervention in the crisis tonight: US Treasury secretary Jack Lew has telephoned Alexis Tsipras to urge him to reach a realistic compromise, urgently.

In a statement, the Treasury revealed that Lew told Tsipras that the Greek people, and the global economy, would suffer if Athens can’t reach a deal with creditors.

It added:

“Lew underscored the urgency of Greece making a serious move to reach a pragmatic compromise with its creditors.”

Curious statement. So then Greece has not been making any serious moves? Ah, yes, the creditors.

For those with a love for drama and interest in the battle of those countries that resist the financial and political domination by international financial institutions, The Guardian does not disappoint,

And here’s a flavour, for anyone whose not been following this blog for the last 15 hours 🙂

Fears that the five-year Greek financial crisis will culminate in debt default and exit from the euro have intensified as Athens hardened its rhetoric against its creditors and insisted it would miss a payment to the International Monetary Fund unless it received debt relief.

With just 48 hours to go before a meeting of eurozone finance ministers, seen as the last realistic chance to reach a deal before Greece has to pay the IMF at the end of June, Alexis Tsipras, showed no sign of bowing to demands for cuts in pensions and increases in VAT. Instead, the Greek prime minister accused the Fund of “criminal responsibility” for the situation and said lenders were seeking to “humiliate” his country.

Now if only those Greeks had had friends in high places, things would have gone rather swimmingly. We have a country which had neither Helen nor that famous Marathon affair nor the first Olympics nor Socrates nor Aristotle nor… From RT, mightily unloved by the US, we learn, Ukraine to get new IMF loans despite inability to repay private lenders. We learn,

Despite the grievous state of the Ukrainian economy, the IMF said it will continue to lend money to Ukraine, so Kiev can complete economic restructuring.

[snip]

“In the event that a negotiated settlement with private creditors is not reached and the country determines that it cannot service its debt, the Fund can lend to Ukraine consistent with its Lending-into-Arrears Policy,” IMF Managing Director Christine Lagarde said.

Syriza, as far as facts go, never got to power in Greece other than by the legitimate ballot. And the level of corruption, not even close – indeed, minuscule by comparison. How fortunate can one country be.

For that dose of irony that Ate, Greek (what else) goddess of mischief would have so loved, we have an observation from an economist with a post over at econbrowser, “A Program for Greece: Follow the IMF’s Research”. Priceless, that revealed difference between the research and the politics of the IMF.

…thoughts flitter around the end game in the terrible ‘t’s’, tisa, ttip, tpp, tpa – enough to give a soul a hryvnia…

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