by Mish

The IMF reiterated that Greece will not be able to make its payments.

Greece insists the IMF is wrong, yet it wants credit relief.

The Financial Times reports Greeks Escalate Bailout Divisions by Lashing out at ‘Misleading’ IMF Report.

Greece’s finance minister has lashed out at the International Monetary Fund’s “misleading” analysis of the country’s economic health and debt trajectory, intensifying a rift between Athens and the Fund over its involvement in the country’s three-year bailout programme.
Responding to the IMF’s 91-page healthcheck of the Greek economy, Syriza’s Euclid Tsakalotos said the analysis gave an unfair and “insufficient” account of reform efforts undertaken by the left-wing government since the summer of 2015.
Mr Tsakalotos said the “overly pessimistic” account led the Fund to a wrong-headed assessment of the country’s debt dynamics, which the report says could reach “explosive” proportions above 200 per cent of GDP without major debt relief or bolder spending cuts and reforms.

Greece wants the IMF out of the troika so why does it insist its debt is sustainable? It makes no sense. If its debt was sustainable, the IMF would stay in.

I discussed this previously as a blame game scenario, with each party wanting to blame the others, but things have gotten so silly now I find it difficult to twist this pretzel in a way that fits.

Meanwhile, Greek unemployment is a “mere” 23%, despite the alleged Greek recovery.

Greece vs. US Great Depression

The IMF provided this comparison of Greece vs. the Great Depression.

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Greece does not want the IMF in the troika but if the IMF leaves, Germany is set to pull the plug. There is obviously some sort of game here, but it is logically impossible for Greece to hold the conflicting positions it has.

The IMF is due to deliver a major decision on whether it will contribute to the country’s €86bn bailout when finance ministers meet in Brussels later this month.

Had Greece warmed up to the IMF, it could have blamed Germany and the IMF. Logically all it can do now is blame itself.

Enough of this nonsense, I repeat Dear IMF, Please Put Greece Out of Its Misery.

Mike “Mish” Shedlock

Dear IMF, Please Put Greece Out of Its Misery

For the umpteenth time, the IMF has warned that Greece cannot meet fiscal targets set by its creditors.

US Pressures IMF to Walk Away From Greece: Déjà Vu, All Over Again

Greece is in reverse. Greek Unemployment Rose to 23.1%, GDP contracted 1.2% last quarter, and now the US is pressuring the IMF to back away from continued bailouts.

Despite Depression, Greece Forced to Hike VAT, Add New Taxes

Greece remains in an economic depression interrupted by a few quarters of anemic growth.

Greece “Demands” Debt Relief, Owes Troika €11+ Billion by July

Greece owes the Troika over €11 billion in bailout repayments through the end of July. Greece is unable make those payments unless the Troika releases the funds.

From ZIRP to NIRP: Virtues of Germany vs. the Vices of Greece; What About “Speece” and Gold?

Virtues of Germany vs. the Vices of Greece. At the heart of the constant bailout bickering in Europe is a fundamental, but seriously misguided notion that a battle is underway between the virtuous and fiscally responsible Germans and the irresponsible Greeks, Spaniards, and Portuguese.

#1 Reason to Vote Brexit: Goldman Sachs, JPM, IMF Seek Remain

Brexit logic is a curious thing. The list of names of organizations who are against Brexit are the very same names that ignite memories of housing bubbles, blown economic forecasts, and the rising income inequality woes the left rails against.

Michael Pettis Calls Surplus Trade Statements by German Finance Minister “Utter Lunacy”

A few days ago I pinged global trade expert Michael Pettis with my post Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct.

EU Deposit Insurance, a Bank Crisis in Italy and Greece, and the Coming Ban on Cash

Last week we investigated nonperforming EU loans and an EU proposal to freeze accounts if a run on a bank starts.

Turkey Opens the Migrant Floodgates, Greece Fire Teargas

Turkey opened the border with Greece in a feud over migrants with Syria.