Monday May 11th completed another dismally inconclusive meeting at the Euro Group between Greece and it's creditors.
A large repayment was due on Tuesday May 12, 2015 and word is that Greece has offered to pay a day early
On Monday night I thought I might have a look in the IMF dusty basement rulebook as to what happens if, Greece later says "sorry, Cheque has been lost in the post"
It looks to me as though for the first few months, or even upto one year they receive a few rude letters.
Oh great, so even when the inevitable default happens they can further string it out for another 12 months.
Tuesday May 12 - Update
It's now clear that Greece has used an emergency IMF reserve fund to pay back 650mn (650 Million) Euros of the 750mn Euro.
Greece uses IMF to pay back IMF !!
Just to explain the final hilarity of the situation:
- EU Members have 2 types of IMF borrowing account
- The Main one
- An Emergency one
- Greece has used 650mn from the emergency one + 100mn of its own actual cash to pay back the Main one
In the circumstances I feel my choice of music to be wholly Appropriate.
Trio: I do not love you, You do not love me