Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Closing Report: Gold and Silver Edge Lower While Stocks Rise on Trade Talk
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 1 17 2019
By: Ira Epstein

Debt, Division, Dysfunction, and the March to National Bankruptcy
By: Stefan Gleason

Stock Market Volatility Reflects Systemic Instability
By: Dave Kranzler

Wyoming Legislators Want State to De-Risk Investments by Holding Gold and Silver
By: Jp Cortez

Merk Research - U.S. Equity Markets
By: Merk Research

Federal Reserve Confesses Sole Responsibility for All Recessions
By: David Haggith

No for Brexit Deal, Yes for May. And What for Gold?
By: Arkadiusz Sieron

Beware! These Guys Are Good...
By: Rick Ackerman

Political Turmoil in UK and US Sees Gold Hit 2 Week High
By: GoldCore

 
Search

GoldSeek Web

 
IMF default by Greece looms on Thursday a day after its Prime Minister meets Russian President Vladimir Putin


 -- Published: Sunday, 5 April 2015 | Print  | Disqus 

By Peter Cooper

Greece no longer has enough money to pay the International Monetary Fund €458m coming due this Thursday nor to cover salaries and social security due on April 14th, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal.

Meanwhile the Greek Prime Minister Alexis Tsipras is to meet the Russian Prime Minister Vladmir Putin on Wednesday and could threaten to veto any further European Union sanctions on Russia to blackmail the economic bloc into providing more money for his bankrupt country.

IMF default

Missing a payment to the IMF would be a first. No developed country has ever defaulted to the Bretton Woods institution. While there would be a grace period of six weeks before the IMF board declared Greece to be in technical default, the process could spin out of control at various stages with immediate uncertainty hitting financial markets hard.

Greece already has emergency plans to nationalise the country’s banking system and introduce a parallel currency to pay bills unless the eurozone comes up with the cash. The IMF has called Greece its worst client in 70 years, quite a rebuke from the most diplomatic financial agency in the world.

Is Greece now coming to the end of its long and tortuous road to national bankruptcy? Some Greeks feel they were betrayed from the first bail-out that should have included massive debt relief or a default by any other name. Still that is ancient Greek.

Impossible case

How many times can the institutions of the EU and IMF put humpty dumpty back together again, especially when he won’t sit still on the wall for longer than five minutes? Vladimir Putin has already said there will be no Russian money for Greece. Russia does not want its bad debts either.

However, Greece is going to be very short of friends if it finally does the dirty on the rest of Europe. A return to the drachma is a nightmare and any international investors foolish enough to think they can make money out of this should beware Greeks offering false gifts.

Any country that can default on the IMF cannot be trusted with your money, can it? Mr. Putin has a point. Global stock markets will plummet, bonds and precious metals will rocket in value.

http://www.arabianmoney.net/


| Digg This Article
 -- Published: Sunday, 5 April 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.