GREEK DEBT: LAGARDE BACKS DOWN ON DEBT HAIRCUTS

lagmerk1915

Beauty & the Beast go can-kicking, Part IV

Last Bastille Day (as it happens) IMF Wunderbint Frufru Lowgrade signed her name to a swingeing IMF note that had the following to say about Greek debt:

imfgreeceJust to be clear, she was saying either 30+ years grace, or more support for Greek investment, or deep, upfront haircuts. The Wheelie Wolfman having snarled at the idea of forgiveness, Mme Lagarde changed her tune two days ago to say:

“We are talking about extending maturities, reducing rates, (making) exemptions for a certain period of time. We are not speaking about cancelling debt.”

So that left economic investment support or at least 30 year grace periods across the debt. Guess what?

  1. She and Frau Doktor Mirakle have reached an agreement, but the details of it are missing, presumed killed in action.
  2. She still is not up for confirming any IMF involvement in Bailout 3.

I’ll give anyone 10-1 that the details turn out to bear little or not resemblance to the Note.

Earlier at The Slog: China’s Shanghai support running out of steam

23 thoughts on “GREEK DEBT: LAGARDE BACKS DOWN ON DEBT HAIRCUTS

  1. The Greeks have been saddled with odious ,unrepayable debt. Debt is a weapon of extortion and plunder. There will be nothing left of the Greek State infrastructure when the Financiers have completed their looting..
    When will the Greeks realise that they can continue in the EU, but continued participationin the Euro will be the complete ruination of their country. It is as if the population and their politicians are all suffering from Stockholm syndrome.
    They must revert to the Drachma to have a chance to survive as a Sovereign Nation.

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  2. Lagarde is a lawyer , she repeats what people tell her to say . Never was and never shall be an economist . Just afetr she stgarted at the IMF she lambasted the French finances , just months after having been Ministre de l’Economie ..you cannot make this stuff up .

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  3. Why? Is he less likely to do as he is told? It matters not a jot who we see as, ‘head’ of anything, it’s those that pull the strings in the background that we need sight of.

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  4. Why is this article only on Kathimerini and nowhere else on the MSM? I looked everywhere. Largarde and Merkel have agreed that debt repayments of 15% of GDP are sustainable, but how does this compare? If Greek debt is around 200% of GDP (formerly defined as unsustainable) and repayment levels are 15% of GDP, how does this compare to repayment levels as a percentage of GDP when debt is 120% of GDP (formerly defined as sustainable)? Does anyone know?

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  5. Sorry to hsve been away liebling . I have been healthily trekking in the Tyrolean hinterland and now feel replete with Sturm und Drang . Feeling wunderbar !
    The reason Fifi and myself have delayed issuing the details of the Hellenic Anschluss Agreement in your point 1) is because we have not yet concluded that what we said is what we intended to say .

    Clarifications later mon petit choux ….

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  6. DK
    It is actually referred to on Reuters as well. If you look again at Lowgrade’s shopping list, she said “30 years grace at least”, but it seems unlikely they would release that for internal German political reasons…

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  7. Meine liebe Mirackle, sieg Heil!!

    Alvays be careful ven you are in ze Bergen trekkink, step lightly as ve don’t vont ze Matterhorn any more gecrumpled.
    Immer dein
    Sloggo x

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  8. There was something on RT, I think it was early last week, that said Ukraine had been granted a hair cut on its debt to western nations!! Anything to keep that sore running…

    Sorry can’t provide a link but I know it was announced – again, never widely in the msm.

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  9. Hi John, I’ll take you up on the bet at the odds you offer.

    PS Do you think you could stop your ‘Allo ‘Allo style of German pronunciation? Thanks!

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  10. We must remember that our nation states require more refugees. They blame the imports for the problems facing their citizens. Then they can take away all the rights from both. Our requirement is only to succumb to the dictates and serve them at their whim. meat/pudding

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  11. Since Tsiparis is apparently running on a platform of Memorandum renegotiation as is the other half of what was once syriza and Golden Dawns popularity is soaring to new Heights what i think now you have just heard is a meeting of the minds either to force the Grexit with an intractable attitude or to offer a super low interest rate and repayment of the principle strung out forever. Since what these two beatches say is never what they mean I will no take any bets which it is,

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  12. No. But kind of you to ask rather than demand.

    My view on this is simple: if the German élite continue to behave like 2-dimensional Allo-Allo cut-outs, then my 2-dimensional satire will in turn continue.
    There is a phrase in German, “Du bist mein Hutnummer”. If the hat fits etc etc

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  13. Officially Syriza’s new campaign slogan is Pame Brosta, or Let’s Go Forward. A friend suggests that it should be Vaselini gia to Lao, or Vaseline for the People. But could you trust Tsipras to keep even that promise?

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