Greece's Central Bank As Investors Face Wipeout

IMF close to giving up on Greece after official admits bail-out negotiations are ‘not working’

Greece has been given until 20 April to clean up its finances and set in place a number of economic reforms, necessary if it is to receive further rescue money

The International Monetary Fund (IMF) is close to giving up its role in Greece’s economic resuscitation, with one senior official admitting bail-out negotiations are not working.

The comments came as some voices in Athens seemed to be preparing themselves to default on their next debt repayment.

Poul Thomsen, the IMF’s Europe Director has been quoted by the Greek media as saying he could not see a successful conclusion to the country’s current bail out…

  • canminuteman

    The people who loose money when Greece defaults deserve to for being stupid enough to lend money to Greece.

    • David

      loose: not firmly fixed in place.
      lose: to be deprived of or cease to have or retain something.

      your welcome.

  • Hard Little Machine

    So what? No one’s going to stop shoveling some money to them. They’re afraid to stop completely. But unless they unilaterally cut Greece out of the Schengen Area Agreement, if things get bad, Greeks will abandon ship for some other SA place. That’s 25 other countries of including 2 non EU states, Iceland and Norway. I guess the UK and Ireland made a smart decision for once. They’re not Schengen Area states.

    Remember that if Greece decides to hyperinflate itself they will screw up the euro for everyone else. And the rest of the eurozone won’t tolerate that. So they have to keep giving them money. If the IMF disconnects all that means is that they don’t get loans we pretend they might pay back. Instead Greece will get direct aid. Smart move for Greece holding everyone hostage with no pretense for reforms. In other words, Greece would insane to leave the euro. It’s their trump card.

  • Norman_In_New_York

    The EU gives out euros like banks gave out credit cards during the financial bubble ten years ago. Restoring the drachma as Greece’s currency is in every European’s interest.