{"id":7057,"date":"2015-04-03T07:24:30","date_gmt":"2015-04-03T12:24:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7057"},"modified":"2015-04-03T07:24:30","modified_gmt":"2015-04-03T12:24:30","slug":"greece-said-to-prepare-grexit-drachma-bank-nationalization-plans","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7057","title":{"rendered":"Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans"},"content":{"rendered":"

Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans<\/a><\/h3>\n

On Thursday morning, we took an\u00a0in-depth look<\/a>\u00a0at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, a missed IMF payment and\/or failure to make interest payments to either the ECB or private creditors over the coming weeks would likely lead to default within 30 days, at which point “mark-to-fantasy” becomes mark-to-market and then “mark-to-default” in very short order.<\/p>\n

Although Greek officials came out midday with a \u201ccategorical\u201d denial of reports that the country was set to run completely out of cash in just 7 days, it now appears Athens may be prepared to chance a missed IMF payment and all that comes with it if it means saving face and preserving Syriza\u2019s campaign promises to the beleaguered Greek populace.<\/p>\n

More, via\u00a0The Telegraph<\/a>:<\/p>\n

\n
\n

Greece is drawing up drastic plans to nationalise the country’s banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.<\/em><\/strong><\/p>\n

Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.<\/em><\/p>\n

Greece no longer has enough money to pay the IMF \u20ac458m on April 9<\/strong>\u00a0and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time.<\/em><\/p>\n

\u201cWe are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,\u201d\u00a0<\/strong>said a senior official\u2026<\/em><\/p>\n<\/div>\n<\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\u00a0<\/i><\/p>\n

 <\/p><\/blockquote>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans On Thursday morning, we took an\u00a0in-depth look\u00a0at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[195,4597,200,4598,233,282,1167,2598,418,434],"class_list":["post-7057","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-debt","tag-debt-repayment","tag-default","tag-drachma","tag-ecb","tag-european-central-bank","tag-greece","tag-grexit","tag-imf","tag-international-monetary-fund"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7057"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7057\/revisions"}],"predecessor-version":[{"id":7058,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7057\/revisions\/7058"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}