Greece - liquidation proceedings?

Posted by davidmcnab 9 years, 10 months ago to Economics
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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.


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  • Posted by jdmatthew 9 years, 10 months ago
    Maybe Greece could sell off a few of there islands. I would invest in "Galt's Island".
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  • Posted by $ MichaelAarethun 9 years, 10 months ago
    A more likely approach one that worked for Ruben and Goldman 'Sachs. Get someone else to pay for it and profit personally in the process. If former Secretary of the Treasury Ruben is not working for Golden Sacks he's either retired on the taxpayers dollars or perhaps moved up to IMF?

    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
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  • Posted by $ Your_Name_Goes_Here 9 years, 10 months ago
    If I can stake a claim on any Greek property, it would have to be their olives and feta cheese. And I want it all.
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  • Posted by SaltyDog 9 years, 10 months ago
    Careful there, David. The United States is on an almost identical trajectory. The only difference is one of scale.
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