Greece Will Default To IMF Tomorrow, Government Official Says

[GliderGuider]

Greece Will Default To IMF Tomorrow, Government Official Says

Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back."

"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."

So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours.

[daleanime]

1. ......

[stevenleser]

2. I was wondering if Greece's creditors would play that card. So the debt will not go away.

Syriza/Tsipras can claim default all they want.

[GliderGuider]

3. Well, we won't have to wait long to find out... nt

[stevenleser]

4. I wonder how bad this will get in terms of the creditors going after them. Will they seize Greek

assets overseas?

[still_one]

5. They will start to reposes the Greek gods

[Jester Messiah]

8. Too late, Rome already snagged 'em. [nt]

[still_one]

11. Ah geez... But gave them different names so maybe they won't realize it

[GliderGuider]

6. Of course they'll seize Greek overseas assets. SOP.

Whatever SOP means in a situation like this...

[Xolodno]

7. I think that's a given.

Right now I think any Greek state owned assets are being yanked out of the EU as fast as they can...and EU is trying to sand bag that effort as well. There is probably a ton of activity going on behind the scenes right now.

Things in Greece will initially be painful, but I could see things stabilize in about 5 years or so. Greeks will just have to realize the price to not be taxed higher, retire later, etc. They won't be able to live as good as neighboring nations. Then again, with austerity measures, how much of a difference would it be?

As for the debt and the creditors insistence it will not go away? Well yeah, they can keep it on the books, charge more interest, etc. But unless Greece decides they want to rejoin the EU, I don't see it any of it being repaid.

[Gregorian]

9. I'm checking Ebay to see if the Parthenon is for sale yet.

[mmonk]

10. From world conqueror to slave, just like that.

[jwirr]

12. Saw our stockmarket is already responding. Down.

[randome]

13. What incredibly inept leadership. But then ineptness helped them into this mess in the first place.

"Elect a socialist! I'll solve our problems! First, we try to get Germany to pay us back for World War II. No, that's not...hey, about this? We just tell the IMF to fuck off! No, that's not working, either. We pretend that the debts aren't real? No. Hey, let's put it up for a vote. No, guess not. Oh, screw it. But hey, trust me, I'll make things right again! Someday."
[hr][font color="blue"][center]"If you're bored then you're boring." -Harvey Danger[/center][/font][hr]

[geek tragedy]

15. Now they're suing, claiming that they're entitled to perpetual ELA funds from the ECB.

No wonder the rest of Europe is ready to hold the door for them

[JCMach1]

14. The Brits already stole the Parthenon friezes...