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Tag Archives: international monetary fund
More Central Banking Lunacy
More Central Banking Lunacy US Rate Hike: The Back-Pedaling Brigade Last week’s payrolls report was “stronger than expected”, which should actually be fairly meaningless, given how many times it will be revised and considering that it is a lagging economic indicator. However, in light of the Fed’s absurd employment mandate, it does slightly increase the […]
IMF has betrayed its mission in Greece, captive to EMU creditors
IMF has betrayed its mission in Greece, captive to EMU creditors The IMF’s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe’s banks and the euro when the crisis erupted, dooming Greece to disaster. The International Monetary Fund is in very serious trouble. Events have reached a point in […]
Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday
Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday For days, Greek officials have been insistent that the country will make a €300 million payment to the IMF this Friday and thus avoid a default. Last month, we heard the same rhetoric out of Athens and as it turns out, […]
Alexis Tsipras: The Bell Tolls for Europe
Alexis Tsipras: The Bell Tolls for Europe This is a letter From Greek PM Alexis Tsipras in today’s Le Monde. I have little to add, his eloquence needs few comments at this moment. One thing is certain: the negotiations will never be the same. And neither will Europe. Straight from the Prime Minister’s offical website: : Alexis […]
Russian Pivot: Greece Will “Probably” Join BRICS Bank, Official Says
Russian Pivot: Greece Will “Probably” Join BRICS Bank, Official Says Greece has very little in the way of bargaining power with European creditors. Outside of gimmicks like tapping its SDR reserves, Athens has no cash to make payments to the IMF in June and, perhaps more importantly, there’s very little in the way of wiggle […]
Greece – Stumbling Toward Default
Greece – Stumbling Toward Default Good Cop Under Fire On June 5, Greece has to pay €240 million to the IMF. A week later another €270 million are coming due. All in all, Greece has to pay back €1.5 billion in IMF loans over the month of June. All indications are that the Greek government […]
The Pressure Just Shifted from Greece to the US and EU
The Pressure Just Shifted from Greece to the US and EU With the 3rd US Q1 GDP print coming in at -0.7% (-3% if not for inventories), perhaps the media spotlights – and lively imagination – can move away from Greece for a few weeks. The US has enough problems of its own, it would […]
China Nears Global Reserve Status: “There Will Be a Reset of the Financial Industry”
China Nears Global Reserve Status: “There Will Be a Reset of the Financial Industry” The world is anticipating a new global reality with huge implications: China’s yuan is poised to get recognized as a global reserve currency. In a sign of the times, the IMF has essentially rebuffed U.S. claims of currency manipulation, to instead […]
Greece Owes $1.2 Billion To Drugmakers As Government Can No Longer Afford Basic Medical Supplies
Greece Owes $1.2 Billion To Drugmakers As Government Can No Longer Afford Basic Medical Supplies Talks between Greece and its creditors went full-retard on Wednesday when the following soundbite from Canada’s FinMin Joe Oliver hit the wires: “No Greek payment to IMF would be default to IMF” That seemed self-evident to us, but in a world governed […]
Is The 505 Trillion Dollar Interest Rate Derivatives Bubble In Imminent Jeopardy?
Is The 505 Trillion Dollar Interest Rate Derivatives Bubble In Imminent Jeopardy? All over the planet, large banks are massively overexposed to derivatives contracts. Interest rate derivatives account for the biggest chunk of these derivatives contracts. According to the Bank for International Settlements, the notional value of all interest rate derivatives contracts outstanding around the globe […]
Grexit “Disaster” Looms As Greek Hospitals Run Out Of Sheets, Painkillers
Grexit “Disaster” Looms As Greek Hospitals Run Out Of Sheets, Painkillers The default countdown is about to go under 10 days and it is becoming increasingly apparent that both Greece and its creditors have had enough. Months of tense negotiations have gone nowhere and yielded exactly nothing and it now looks like PM Alexis Tsipras […]
George Soros Warns “No Exaggeration” That China-US On “Threshold Of World War 3”
George Soros Warns “No Exaggeration” That China-US On “Threshold Of World War 3” While admitting that reaching agreement between the two countries will be difficult to achieve, George Soros –speaking at The World Bank’s Bretton Woods conference this week – warned that unless the U.S. makes ‘major concessions’ and allows China’s currency to join the IMF’s basket […]
The IMF Tells a Half-Truth
The IMF Tells a Half-Truth On May 18 the International Monetary Fund (IMF) published a report titled “How Large are Global Energy Subsidies?” The question is a bit misleading: most readers, when they see the word subsidy, probably tend to think of tax breaks or cash gifts to specific industries. The report, however, uses the term mostly […]
4 Factors Signaling Volatility Will Return With A Vengeance
4 Factors Signaling Volatility Will Return With A Vengeance Buckle up. It’s going to get bumpy. No one could have predicted the sheer scope of global monetary policy bolstering the private banking and trading system. Yet, here we were – ensconced in the seventh year of capital markets being buoyed by coordinated government and central […]
Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’
Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’ The Greek government says that a “moment of truth” is coming on June 5th. Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the […]
