IMF walks out of Greece talks

The Greek government has called a referendum for the 5th of July, this is well past the theoretical default deadline on Tuesday. The question is, when is a theoretical default a real default and will the ECB allow it to pass, is it even legally able to? Guess we will find out, but one things for sure, Tuesday will pass without a payment being made. In my book that's a default....
 
Audeamus said:
The Greek government has called a referendum for the 5th of July, this is well past the theoretical default deadline on Tuesday. The question is, when is a theoretical default a real default and will the ECB allow it to pass, is it even legally able to? Guess we will find out, but one things for sure, Tuesday will pass without a payment being made. In my book that's a default....
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My understanding is procedures after the "deadline"can mean a 30 day extension minimum.
This will not matter IMHO as the full run on banks are going to start Monday morning (if the banks open)
 
A default in this context would take a coupla years to play out. All it means if the Greeks miss July 1st deadline is that they are in arrears. I don't see any reason why a deal could not be made after 1st July.
 
Well it is going to happen "default"
This is going to be a really bad time for the people of Greece.
EU and IMF are already making noises that THE ONLY WAY BACK FOR GREECE is a NEW government.
Glad i live where i do and only have to watch from a distance.
When the ATM's run out of money and the banks do not opn e are going to see people rioting in the streets.
This is not in weeks BUT DAYS.
 
At the scene: Joe Miller, BBC News, Athens

Throughout the ups and downs of the recent negotiations, Greeks have by and large resisted the urge to withdraw money from their accounts, pinning their hopes on a last minute deal with the country's creditors.

But as the deadline for Greece's 1.6bn payment to the IMF looms, and with Mr Tsipras calling for a referendum next week, lines have begun to form outside ATMs and bank branches in Athens.

One bank has imposed withdrawal limits of 3,000 per account, and some ATMs have handwritten "empty" signs on them - although I managed to withdraw cash at two separate locations.

Some customers were given a ticket number and told to come back in a few hours. One man told me he was 170th in line. "The game is over," said Peter, one of those queuing. "Greece is going into uncharted waters, and the banks will be closed on Monday, I suspect."

Anxiety is mounting in Athens. "Everybody's really scared," Elena, a woman in her 20s, tells me as she waits to withdraw cash. "We need to have enough money to last the week."

How did Greece get in this mess?

What if the Greek talks fail


Mr Varoufakis told reporters that the Eurogroup's refusal to extend the bailout could permanently damage the credibility of the group
BBC news
 
Greek parliament is voting on whether to hold a referendum, but the government has said it will hold it regardless
 
aleks said:
Well atleast you can say Alexis Tsipras isn't a puppet, he's got that going for him at least..

http://www.aljazeera.com/watch_now/

its 1:30am in athens hes talking now on aljazeera in greek parliament
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I give the guy (Tsipras) big thumbs up.
He was given the mandate by the Greek public and stuck by his guns under what i would imagine as MASSIVE pressure from the other Europeon leaders.
 
ECB to talk on Sunday to discuss Greek bank liquidity - source

The European Central Bank's Governing Council will talk on Sunday about whether to extend emergency liquidity assistance to Greek banks, a person familiar with the matter said on Saturday.

The emergency funding limit for Greek banks now stands at roughly 89 billion euros (63 billion pounds) and has been held steady at meetings of the Governing Council over the past three days.
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http://uk.reuters.com/article/2015/06/27/uk-eurozone-greece-ecb-ela-idUKKBN0P70E920150627
 
Peter said:
At the scene: Joe Miller, BBC News, Athens

Throughout the ups and downs of the recent negotiations, Greeks have by and large resisted the urge to withdraw money from their accounts, pinning their hopes on a last minute deal with the country's creditors.

But as the deadline for Greece's 1.6bn payment to the IMF looms, and with Mr Tsipras calling for a referendum next week, lines have begun to form outside ATMs and bank branches in Athens.

One bank has imposed withdrawal limits of 3,000 per account, and some ATMs have handwritten "empty" signs on them - although I managed to withdraw cash at two separate locations.

Some customers were given a ticket number and told to come back in a few hours. One man told me he was 170th in line. "The game is over," said Peter, one of those queuing. "Greece is going into uncharted waters, and the banks will be closed on Monday, I suspect."

Anxiety is mounting in Athens. "Everybody's really scared," Elena, a woman in her 20s, tells me as she waits to withdraw cash. "We need to have enough money to last the week."

How did Greece get in this mess?

What if the Greek talks fail


Mr Varoufakis told reporters that the Eurogroup's refusal to extend the bailout could permanently damage the credibility of the group
BBC news
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Woah! Sounding like panic is ready to erupt.
 
Is there any country the IMF (Idiotic Meddling Fu*kwits) haven't screwed up ?

Greece should have just defaulted years ago.
 
Greek parliament has backed plans for a referendum on international creditors' terms for a new bailout.

The 5 July referendum was called by PM Alexis Tsipras, who opposes further budget cuts. He urged voters to deliver a "resounding 'no'" to the package.

Eurozone partners have criticised to Greece's referendum announcement, and rejected its request to extend the bailout programme beyond 30 June.

Greece faces default if it fails to pay 1.6bn (1.1bn) to the IMF on that day.

There are fears the country may leave the euro and that its economy may collapse without new bailout funds.

Mr Tsipras's motion on a referendum easily won the backing in the 300-member strong parliament, with at least 179 MPs voting "yes" in the early hours of Sunday.
Bbc.news
 
Bloody hell wot a mess.

And now they get to hold off for a few days more with a referendum.......unbelievable!!!

When is this grexit going to end???
 
TheEnd said:
Bloody hell wot a mess.

And now they get to hold off for a few days more with a referendum.......unbelievable!!!

When is this grexit going to end???
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They absolutely DO NOT get to hold off for a few days with the referendum.
That is part of the big issue, the referendum has done nothing to this situation JUST FORGET the referendum because everyone else others than the Greeks have.
There IS NO DELAY or EXTRA time given due to this referendum.
On Monday (probably) the banks will close and Tuesday -Wednesday will most likely see rioting in the streets.
Not a very nice situation for those in Greece, but the IMF and Euro partners will AGAIN attempt to create the situation for a coup and change of Tsipras.
 
Eureka Moments a couple of weeks ago said:
To me both sides have terms they consider non-negotiable and wont budge on. They remain diametrically opposed and refuse to compromise in key areas, any agreements reached so far are just window dressing.

I can see a fresh election being called putting a freeze on creditor negotiations and payments....a default default.
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I wish to acknowledge Blind Freddy for their assistance in formulating this observation.
 
whinfell said:
Why is it "Fantastic news!!!", TheEnd? :/
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I do not think it is fantastic:( .
I find it very very interesting from an outside perspective.
Having suffered poverty in my youth i can also empathize with what some of these poor folk are about to suffer.
It is all but final BUT NOT QUITE and should the default occur and the bank runs start, and then banks run out of money, and then shops run out of food and then police do not get paid and on and on.
The ramifications will most likely be massive.
We can get a vague idea from what occurred in Argentina, the big difference being ARGENTINA HAD HUGE AMOUNTS OF NATURAL RESOURCES and Greece does not.
To those who "think this is fantastic" i can only guess that you are not in Greece and do not have any true understanding of what it is like NOT KNOWING where the next meal is coming from.
For those involved (should the default occur and banks run out of cash) it will quickly develop into times of scarcity of resources and a fight for what little there is.
Very unfortunate , but something had to give and given time and suffering they will eventually rebuild and be in a far better position to now, though it will take a great deal of creativity.
 
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