This is of course logical since a NO vote is highly expected on the 5th of July, the day of the Greek Referendum on IMF bailout proposal. Besides, even if it wants to, the Greeks are just bleeding long enough it would be impossible for them to pay without collapsing their own economy permanently.
An official declaration of default to the fiat economic system will be announced later today.
Greece Will Default To IMF Tomorrow, Government Official Says
Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back.”
“If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options.”
So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours.
Greece won’t make a debt repayment to the International Monetary Fund due Tuesday, a senior Greek government official said Monday.
Earlier this month, Greece had notified the IMF it plans to bundle its loan repayments falling due this month into one payment of around 1.6 billion euros ($1.7 billion), which is due Tuesday.
The IMF has said that Greece will immediately be in arrears if it fails to make the debt repayment.
So, as per game theory, the Greek plan – at least until the social mood turns very ugly – remains just one:
The problem is what happens then…
Demonstrations Over Greece’s Financial Woes Draw Thousands to Parliament
The Greek people are set to vote in a referendum on Sunday July 5 on whether or not to accept the demands of Greece’s international creditors. Tsipras made the surprise announcement to put the deal to a popular vote late Saturday.
Demonstrators carried signs and banners reading “Oxi!” — Greek for “No!” — calling on the country to reject the latest offer from Greece’s creditors.
“The government tried too hard to get this agreement. But the creditors kept asking for more. I don’t know what else we are supposed to do,” said pensioner Satroula Noutsou, who had joined the demonstrators, which police estimated at 13,000, in Athens’ Syntagma square. “Tsipras is one of us, a regular person. And there are some people who don’t like that.”
The country’s current bailout expires June 30, and the government has been pleading for an extension until the date of the referendum. A payment of 1.6 billion euros to the International Monetary Fund is also due on the same day — and the prospect that Greece will default makes the eventuality of an exit from the Eurozone even more likely.
The Greek people have been as surprised as the international lenders at the sudden turn of events, and many have queued up at ATMs to withdraw cash, as Tspiras announced Sunday that banks and the stock exchange would close for 6 days leading up to the referendum. After closing midday on Monday, ATMs reopened allowing withdrawals of no more than 60 euros per day.
European Union President Donald Tusk conceded that “every government has a right to hold a referendum, therefore we respect the Greek decision.”
“However, one thing should be very clear: if someone says that the government will have a stronger negotiating position with the ‘no’ vote, it is simply not true,” said Tusk, adding “I’m afraid that which such a result of referendum, there will be even less space for negotiation.”
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