{"id":9124,"date":"2015-06-15T06:40:04","date_gmt":"2015-06-15T11:40:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9124"},"modified":"2015-06-15T06:40:04","modified_gmt":"2015-06-15T11:40:04","slug":"europe-warns-of-state-of-emergency-as-greek-stalemate-drags-on","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9124","title":{"rendered":"Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On"},"content":{"rendered":"

Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On<\/a><\/h3>\n

Talks between Greece and creditors\u00a0collapsed on Sunday<\/a>\u00a0after Athens once again refused to compromise on a the pension cuts and VAT hike the troika insists are necessary if the country is to receive the final tranche of aid from its second bailout program.<\/p>\n

We noted yesterday that the charade is hardly over as Greek PM Alexis Tsipras knows he can continue to bluff for a few more weeks. Even in the event Greece misses its June 30 payment to the IMF, Christine Lagarde would need to muster the political will to send a failure to pay notice to the IMF board, at which point Athens would be formally in default and cross acceleration rights for the country\u2019s other creditors would trigger. But Lagarde has considerable discretion on the default notice and can delay it for at least 30 days. Between this and the fact that a critical payment to the ECB is still more than a month away, we suggested that the brinksmanship was far from over and that the new \u2018deadline\u2019 would be Thursday\u2019s meeting of EU finance ministers in Luxembourg.<\/p>\n

On Monday the usual back-and-forth between the IMF, Greece, and EU officials continued with IMF chief economist Olivier Blanchard\u00a0insisting<\/a>\u00a0that Greece must implement changes to pensions and the VAT in order to hit (reduced) budget surplus targets while EU creditors should reshuffle Greece\u2019s payment schedule, reduce interest rates on the country\u2019s debt, and, if push comes to shove, writedown Greek bonds:<\/p>\n

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

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Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On Talks between Greece and creditors\u00a0collapsed on Sunday\u00a0after Athens once again refused to compromise on a the pension cuts and VAT hike the troika insists are necessary if the country is to receive the final tranche of aid from its second bailout program. We noted […]<\/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":[2872,2504,6177,195,200,233,2924,279,281,282,284,1167,418,434,6388],"class_list":["post-9124","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alexis-tsipras","tag-athens","tag-christine-lagarde","tag-debt","tag-default","tag-ecb","tag-emergency","tag-eu","tag-europe","tag-european-central-bank","tag-european-union","tag-greece","tag-imf","tag-international-monetary-fund","tag-stalemate"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9124","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=9124"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9124\/revisions"}],"predecessor-version":[{"id":9125,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9124\/revisions\/9125"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}