Greece's Central Bank As Investors Face Wipeout

Greek crisis deepens as IMF shoots down hopes for payment relief

The International Monetary Fund has warned Greece in its toughest language to date that a delay in debt payments would be an unprecedented event with no moral justification.

“We have never had an advanced economy asking for payment delays,” said Christine Lagarde, the Fund’s managing-director.

“It is clearly not a course of action that would be fit or recommended. This would mean additional contributions by the international community and some of these countries are in a direr situation than those seeking the delays,” she said, making it clear that the Fund would not bend its rules to avert a showdown.

  • David Murrell

    Checked out CNBC business news this morning (Friday, April 17), and they report that yields for Greek bonds range from 17%-25%. The government is going bankrupt — and all one sees are wide-eyed crazies in their government. I’m up to about 40% cash in my stock portfolio.

  • Hard Little Machine

    Greece has them by the short hairs. They can blow up the Euro by hyperinflation. If the Eurozone kicks them out then they don’t have to pretend to listen to the IMF or anyone else anymore. So the EU has to go along and give Greece what it wants with no penalties because keeping them on life support forever is cheaper than the alternatives. Instead of loans they’ll just convert it to direct aid with no payback.

  • barryjr

    The Greeks are going to the White House, look to Buckwheat bailing them out. The good socialist living there will hold Greece up as a country that cares for it’s citizens and this is what America could be like. Watch out Americans you’re about to get another bill.

    • Norman_In_New_York

      A bailout has to be approved by Congress, which may not be in a mood to rubber stamp the president.