Greece debt crisis: IMF payment missed as bailout expires

[Bosonic]

Source: BBC

Greece has missed the deadline for a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF), hours after eurozone ministers refused to extend its bailout.

But the ministers said they would discuss a last-minute suggestion from Greece for a new bailout programme.

Greece is the first advanced country to fail to repay a loan to the IMF and is now formally in arrears.

There are fears that this could put Greece at risk of leaving the euro.

Read more: http://www.bbc.co.uk/news/world-europe-33339363

[DCBob]

1. I still think a deal is near.

[geek tragedy]

3. Neither side wants a deal, they just want to look like they

want a deal.

Tsipras wants independence, the drachma, an end to austerity, to be allied with Russia, and to withdraw from NATO.

The Troika and a good number of EU governments want to see Greece hit the bricks.

Bad marriages end painfully.

[DCBob]

6. I think both sides want a deal.. they are playing high stake financial chicken.

We shall see who blinks first.. I suspect they both will a bit.

[geek tragedy]

8. It's out of their hands now.

The referendum will pretty much tell the tale.

[DCBob]

10. I could be wrong but I think the referendum was just a strategic tactic played by Tsipras...

hoping to put pressure on its lenders for a better deal. Also I'm not sure the Greeks can hold out until July 5. Things are already getting ugly. We shall see how this plays out.

[geek tragedy]

13. Will SYRIZA admit failure and resign?

Don't see that happening.

[happyslug]

12. Greece will NEVER withdraw from NATO

Russia would love to have an ally within NATO, so Russia will want Greece to remain in NATO, mostly due to the following two clauses in the NATO treaty:

Article 4
The Parties will consult together whenever, in the opinion of any of them, the territorial integrity, political independence or security of any of the Parties is threatened.

Article 10
The Parties may, by unanimous agreement, invite any other European State in a position to further the principles of this Treaty and to contribute to the security of the North Atlantic area to accede to this Treaty. Any State so invited may become a Party to the Treaty by depositing its instrument of accession with the Government of the United States of America. The Government of the United States of America will inform each of the Parties of the deposit of each such instrument of accession.

http://www.nato.int/cps/en/natolive/official_texts_17120.htm

Thus if Russia wants a VETO over Ukraine joining NATO, Greece is that VETO. Greece can cut out NATO bases but NATO can not kick Greece out of NATO unless Greece agrees to leave.

All decisions of NATO is based on consensus, and if Greece turns to Russia, Greece can veto anything NATO wants to do.

http://www.nato.int/cps/en/natohq/topics_49187.htm

Sorry, Greece IN NATO is a better ally to Russia then a Greece OUTSIDE of NATO.

[geek tragedy]

14. Assuming Greece is allowed to remain.

[PoliticAverse]

2. So they'll be getting a 'Final Notice' in the mail now? n/t

[localroger]

11. The repo men will be around next to steal their car. /nt

[snappyturtle]

4. From what I understand, Angel Merkel isn't going to discuss much

until after the Greek referendum slated for Sunday.

[ananda]

5. I hope the Greek people get a chance to recover from this mess.

Maybe Iceland would be a good model.

[cstanleytech]

9. Or maybe not

http://www.bloomberg.com/news/articles/2011-06-15/greece-ireland-can-t-default-like-iceland

[madville]

7. So basically they need

A new credit card in order to pay their old credit card.

How will they ever repay loans if they continue to deficit spend while no creditor will touch them?

I think their best option is to default and pick up the pieces, they will never be able to pay back the 300 billion Euros they owe.

[cstanleytech]

15. Basically either get lenders to write off most of the current debt or get

the lenders to agree to a longer repayment with zero interest.
Frankly if I was the lenders I would agree to the zero interest longer payment plan because atleast then I would eventually recoup my money even though it might take 60, 70 or 80 years.

[mostlyconfused]

16. But, if they don't get the deficit spending under control...

It doesn't mean much to stretch payments out for decades at zero interest if the country doesn't change its spending habits and can't pay you back anyway.

How long before the US is in this same position?

[cstanleytech]

17. Well thats very true they do their spending under control because the cant keep

on spending more than taking in.