Greece Becomes First Developed Country To Default To The IMF

euro-domino

Greece Becomes First Developed Country To Default To The IMF (ZeroHedge, June 30, 2015):

Faced with almost impossible choices…

Greece

And just as promised earlier in the week, Greece has now passed the midnight deadline for repayment of the €1.6 billion bundled loans due to the IMF and in thus in default. 

Yes we are fully aware that using the pejorative term ‘default’ makes us members of the ignorati, but what else do you call it when you fail to pay back a contracted debt in a timely fashion? (and don’t say ‘arrears’) Anything else is semantics.

  • *IMF SAYS GREECE FAILED TO MAKE PAYMENT DUE TUESDAY
  • *IMF TO CONSIDER GREEK REQUEST FOR PAYMENT DELAY IN DUE COURSE
  • *IMF BOARD INFORMED THAT GREECE IS NOW IN ARREARS

“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,” IMF spokesman Gerry Rice says in e-mailed statement.

This is the first time an advanced economy has defaulted to The IMF and is by far the largest default The IMF has ever faced.

Read moreGreece Becomes First Developed Country To Default To The IMF

Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down

–  Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down (ZeroHedge, June 30, 2015):

Update 3: Merkel keeps pouring it in. Bloomberg reports tthat German Chancellor Angela Merkel says at event in Berlin that offer from Greek government over bailout program “cannot be clearly identified.”

“Greece has decided that the program will expire at midnight tonight. We have made clear today: There are new offers today which cannot be clearly identified, negotiations which we cannot specify. Before the planned referendum will be held, we will not discuss negotiate anything new.”

Update 2: The Greferendum cancellation calls have begun and Greece has now effectively applied for a DIP loan.

  • GREECE MUST CANCEL REFERENDUM TO ALLOW PROPOSAL AIRING: GABRIEL
  • GABRIEL: GREEK TALKS CAN RESUME QUICKLY IF REFERENDUM KILLED
  • GREECE REQUESTS LOAN EXCLUSIVELY FOR MEETING DEBT PAYMENTS: DOC
  • GREECE REQUESTS BAILOUT EXTENSION TO AVERT DEFAULT: DOCUMENT

Update: EU finance ministers will reportedly hold a teleconference shortly to decide on Greece’s bid for an ESM loan. “Group of euro-area finance ministers have responsibility to choose whether to approve Greece’s bid for two-year bailout program from European Stability Mechanism,” Bloomberg reports, citing an unnamed EU official.

Argentina Plans Asset Seizure Of Falkland Oil Companies

Argentina Plans Asset Seizure Of Falkland Oil Companies (OilPrice, June 29, 2015):

Is it just election fever, or is Argentina serious about reclaiming the Falklands Islands?

Presidential elections loom in the country in October, so perhaps it’s not surprising that a Lilian Herraez, a federal judge in Tierra del Fuego, Argentina’s southernmost region, ordered the seizure of $156 million in property and bank holdings of oil drilling companies, including Noble Energy of the United States.

The government in Buenos Aires said on June 27 that the other targets of asset seizures were Edison International of Italy and three British-based companies, Falkland Oil and Gas Ltd., Premier Oil Plc and Rockhopper Exploration Plc.

Read moreArgentina Plans Asset Seizure Of Falkland Oil Companies

In Big Boost To “No” Vote, Schauble Hints Greece Can Default And Stay In Euro

In Big Boost To “No” Vote, Schauble Hints Greece Can Default And Stay In Euro (ZeroHedge, June 30, 2015):

In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:

*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF ‘NO’ VOTE

Thus spurring the probability of a consequence-less “no” vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.

 

Varoufakis Confirms Greece Will Default To IMF Today

Varoufakis Confirms Greece Will Default To IMF Today (ZeroHedge, June 30, 2015):

May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters:

  • GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.

Visually:

varoufakis finger

AP has the well-known by now details:

Read moreVaroufakis Confirms Greece Will Default To IMF Today

Russia to ban Coca-Cola and Pepsi

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Russia to ban Coca-Cola and Pepsi (Pravda, June 26, 2015):

Russian State Duma deputies offer to ban Coca-Cola and Pepsi import to Russia in addition to the food embargo.

Igor Zotov claims that the beverage producers fund main political forces of the US.

Read moreRussia to ban Coca-Cola and Pepsi

The Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War”

The Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War” (ZeroHedge, June 29, 2015):

Earlier today, John O’Connell, CEO of Davis Rea, spoke to Canada’s BNN from what may be Greece’s top tourist attraction, the island of Santorini, to give a sense of the “mood on the ground.” Not surprisingly, his feedback was that, at least as far as tourists are concerned, nobody is worried. After all, it is not their funds that are capital constrained plus should the Drachma return as the local currency, the purchasing power of foreigners will skyrocket.

What he did point out, however, that was quite notable is the diametrically opposing views between old and young Greeks when it comes to Grexit. According to O’Connell, “the old people want to vote for Europe cause they have a lot to lose, they have their pensions, but the younger population – they are already poor, they are already unemployed – and they don’t have much to lose. Their attitude is it’s going to be tough, it’s already tough, and so why not just move on go back to the Drachma, and they’re ok with that. Their attitude is in 5 to 10 years I’ll be better off. They believe there’s a lot of misinformation. They believe they’re being pressured by European countries particularly Germany that are holding them to very difficult terms.”

Read moreThe Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War”

Vladimir Putin ‘wants’ to reinstate Russia’s royal family and bring back the Tsars

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The Romanov family’s extraordinary return would aim to give the Kremlin a role in unifying Russia

Vladimir Putin ‘wants’ to reinstate Russia’s royal family and bring back the Tsars (Express, June 24, 2015):

VLADIMIR PUTIN ‘wants’ to reinstate the Russian royal family and move them into an ancient palace once occupied by the last Tsar Nicholas II.

The Romanov family’s extraordinary return would not threaten the rule of the Kremlin strongman but would aim to give them a role in unifying Russia.

The move proposed by Vladimir Petrov, a law maker from Putin’s party, has prompted speculation that it has the Russian leader’s direct approval.

Read moreVladimir Putin ‘wants’ to reinstate Russia’s royal family and bring back the Tsars