UnNews:Greece a bit further toward the edge

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Greece a bit further toward the edge

Where man always bites dog

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24 May 2015

Athena and flag

It has not yet come to sending a goddess with a sword to confront the IMF, and Pasok officials hope that it does not.

ATHENS, Greece -- Greece will not repay its IMF debt in June unless a deal is struck, the interior minister said on Sunday.

Failing to repay would be a default, but any deal would involve lenders stating that they never expected full repayment anyway. That would be different. A deal would let Greece repay part of the old debt with a dollop of new loans, which Greece will probably promise to repay.

Interior Minister Nikos Voutsis told Greek Mega TV that the IMF money arriving in June will not be enough to make the scheduled pay-out to the IMF — It will do little more than pay the electric bills of Greeks without jobs. "Things have matured for a deal of logic. This is the bet," Voutsis said, showing that, tragically, even the good translator has been sacked due to the financial crisis.

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Greece scrounges for cash

Greece had demanded that still-solvent cities and libraries deposit their cash balances in the central bank, but the Interior Minister recently entered the Interior of private homes in a search for piggy banks that could delay the crisis. Voutsis left an ᾦὅΰ in place of the seized coins. This loan will be repaid in full, as soon as the crisis is over, excepting the portion that the piggy-bank owner agrees that he never expected to recover.

The IMF is squeezing the Greek government to agree to more cuts and reforms, but Voutsis stressed the need for Greece to spend its way out of the recession, calling the IMF proposals "asphyxiation".

Prime Minister Alexis Tsipras promised his party's left wing on Saturday that he would not accept "humiliating terms". Finance Minister Yanis Varoufakis said Greece was now diverting 14% of national output to debt payments. He said it could not go on: "At some point we are going obviously to have to make this choice that no minister of finance should ever have to make," tasking IMF lenders to see his awkward position and cough up more money to delay the inevitable. Varoufakis said having Greece stop receiving euro donations would be catastrophic for the zone — more so than, say, having the United Kingdom vote in 2017 to stop paying them.

Campaigns for new tranches (that is, wheelbarrows) of loans to Greece gives European bankers comic relief between campaigns for private companies to adopt practices that are "sustainable."

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