Tuesday, July 14, 2015


We survived.  I would rather pay Greece's bills than feed and care for that mob for a year.  But they're wonderful kids and a joy to have around.

Speaking of Greece, the IMF simply can't keep its mouth shut.  Today, somehow, their confidential report got "leaked" which suggests that for anything to work, payment obligations will have to be extended for at least 30 years and a healthy dollop of forgiveness slathered around on top.  Now they are probably right in general but this doesn't make life easier for anyone.  It has been gospel seemingly forever that for any debt arrangement to be finalized, the IMF must be involved as a monitoring factor of the debtor's performance if for no other reason.  In this situation, Germany has made it a condition of the finalization of any agreement.  So, riddle me this one Batman; if the IMF is screaming "debt forgiveness and maturity extension" whilst Germany is dead set against either, how does this get off square one?  The other beaut of a spanner in these works is the suggestion openly being made that the U.S., upset at its rebuff in the negotiations, was the force behind the leak.  The Duce's gang is not real bright but they can't be that stupid.  Then again, it would fit in with the history of petulance always on display over the past few years so the suggestion is bound to find some traction.  If there is anything to it, look out.

The good thing is that the entire affair once again gives support to the issue as to why we need the IMF at all which has been a point of mine for quite some time as loyal readers know.  For certain, Chrissy is not involved in this ploy, she is far too bright, which means she is clearly being sandbagged.  Now in the real world, the sandbagger would be identified and be out the door in a New York minute, but things don't work that way at the Fund.  So, in the midst of a situation that could end the organization of Europe as we know it, we find the Fund, a pain in the bum under the best of conditions, suffering from internal revolt which massively complicates everything.  Let's just chew on that one for a day or so and see what tomorrow brings in response to poor ol' Tsipras' report to the Parliament and his party which is taking place as we write.  I'd rather fight the 8 year old Army from Central Illinois than face that.

Oh, in case you missed it, all 28 are over in Brussels trying to figure out who does what to whom.  The Brits, always helpful, said not only "NO" to financial support, but "HELL, NO."  Lovely, that.

No comments:

Post a Comment