Greece - liquidation proceedings?
Posted by davidmcnab 9 years, 10 months ago to Economics
Now that Greece has defaulted on IMF repayments, I guess it's time to send in the bailiffs to confiscate some assets. Sadly ironic that the in the cradle of democracy, democracy itself was abused by a voting populace unwilling to cope with the most basic realities of finance and economics.
Previous comments... You are currently on page 3.
The Facts as I found them
As I recall the IMF is The International Monetary Fund (IMF) is an organization of 188 countries, funded through a quota system and among other things is the worlds largest holder of gold 90.5 million troy ounces (2,814.1 metric tons), but is funded primarily by the US as part of that 18 trillion dollar debt. Total quotas: US$362 billion (as of 3/13/15) Additional pledged or committed resources: US $885 billion of which around 200 billion isreputedly still available
Debt relief under the MDRI-I and MDRI-II Trusts were established in early 2006 and financed from the IMF’s own resources of SDR 1.5 billion in the Special Disbursement Account (SDA). The MDRI-I Trust provided debt relief to countries (both HIPCs and non-HIPCs) with per capita incomes at, or below $380 a year (on the basis of 2004 gross national income). The MDRI-II Trust provided debt relief to HIPCs with per capita incomes above $380 a year, with financing from bilateral resources of SDR 1.12 billion transferred from the PRGT.
The Post-Catastrophe Debt Relief (PCDR) Trust was established in June 2010 to provide post-catastrophe debt relief. The Trust was initially financed by SDR 280 million (equivalent to around $384 million) of the IMF’s own resources. In 2015, the IMF expanded the PCDR Trust, transforming it into the Catastrophe Containment and Relief (CCR) Trust, to enable it to provide exceptional debt reli
Statement by the IMF on Greece
Press Release No.15/310
June 30, 2015
Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:
“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.
“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”
http://www.imf.org/external/np/exr/facts...
No Bailiffs Available Bailouts are in Room 51
http://www.galtsgulchonline.com/posts/37...