{"id":8309,"date":"2015-05-21T06:00:55","date_gmt":"2015-05-21T11:00:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8309"},"modified":"2015-05-21T06:00:55","modified_gmt":"2015-05-21T11:00:55","slug":"greece-says-that-it-will-default-on-june-5th-and-moodys-warns-of-a-deposit-freeze","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8309","title":{"rendered":"Greece Says That It Will Default On June 5th, And Moody\u2019s Warns Of A \u2018Deposit Freeze\u2019"},"content":{"rendered":"<h3><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/greece-says-that-it-will-default-on-june-5th-and-moodys-warns-of-a-deposit-freeze\" target=\"_blank\">Greece Says That It Will Default On June 5th, And Moody\u2019s Warns Of A \u2018Deposit Freeze\u2019<\/a><\/h3>\n<p>The Greek government says that a \u201cmoment of truth\u201d is coming on June 5th.\u00a0 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 IMF.\u00a0 Of course it won\u2019t technically be a \u201cdefault\u201d according to IMF rules for another 30 days after that, but without a doubt news that Greece cannot pay will send shockwaves throughout the financial world.\u00a0 At that point, those holding Greek bonds will start to panic as they realize that they might not get paid as well.\u00a0 All over Europe, there are major banks that are holding large amounts of Greek debt and derivatives that are related to the performance of Greek debt.\u00a0 If something is not done to avert disaster at the last moment, a default by Greece could be the spark that sets off a major European financial crisis this summer.<\/p>\n<p>As I discussed\u00a0<a title=\"the other day\" href=\"http:\/\/theeconomiccollapseblog.com\/archives\/are-they-about-to-confiscate-money-from-bank-accounts-in-greece-just-like-they-did-in-cyprus\">the other day<\/a>, neither the EU nor the IMF have given any money to Greece since August 2014.\u00a0 So now the Greek government is just about out of money, and without any new loans they will not be able to pay back the old loans that are coming due.\u00a0 In fact, things are so bad at this point that the Greek government is openly warning<a title=\"that it will default on June 5th\" href=\"http:\/\/www.ekathimerini.com\/4dcgi\/_w_articles_wsite1_1_20\/05\/2015_550206\" target=\"_blank\">that it will default on June 5th<\/a>\u2026<\/p>\n<blockquote><p><strong>Greece cannot make an upcoming payment to the International Monetary Fund on June 5 unless foreign lenders disburse more aid<\/strong>, a senior ruling party lawmaker said on Wednesday, the latest warning from Athens it is on the verge of default.<\/p>\n<p>Prime Minister Alexis Tsipras\u2019s leftist government says it hopes to reach a cash-for-reforms deal in days, although European Union and IMF lenders are more pessimistic and say talks are moving too slowly for that.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greece Says That It Will Default On June 5th, And Moody\u2019s Warns Of A \u2018Deposit Freeze\u2019 The Greek government says that a \u201cmoment of truth\u201d is coming on June 5th.\u00a0 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 [&hellip;]<\/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],"tags":[5542,195,200,279,284,1167,418,434],"class_list":["post-8309","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alexis-tsipra","tag-debt","tag-default","tag-eu","tag-european-union","tag-greece","tag-imf","tag-international-monetary-fund"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8309","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=8309"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8309\/revisions"}],"predecessor-version":[{"id":8310,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8309\/revisions\/8310"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}