ZH: July 2, 2015
This just in...IMF:
Greece needs to write-off $50 billion, so they can borrow another $60 billion
You literally can't make this shit up. Even Bernie Madoff never thought of forcing his investors to take a writeoff while asking for more money. Only the IMF would put out something this fucking stupid, called the "Debt Sustainability Analysis", no less.
The real takeaway is that the IMF is finally admitting that the terms of the current Greek bailout won't be adequate at this late juncture. Unfortunately the rest of Europe is not onboard with any debt writedowns so now there is no agreement on the terms of the IMF's latest Bernie Madoff proposal. The IMF is basically telling the Greek people to vote 'No' on Sunday, to the current "deal".
The Guardian:
"International lender [IMF] issues strong message to Europe by warning that Athens’ debts are unsustainable and it needs 20-year grace period on debt repayments"
"Fund officials said they would not be prepared to put a proposal for a third Greek bailout package to the Washington-based organisation’s board unless it included both a commitment to economic reform and debt relief [writedowns]"
Zerohedge:
"What happens next? All the other peripheral nations - Spain, Italy, Portugal, show up at the IMF's door and ask if their debt, is also now deemed unsustainable."
The IMF should be in jail with Bernie Madoff
