Just when you would think the Greeks will run out of tricks, they manage to cheat the gallows again.
Last time around in May, we had a classic Ponzi move of taking money from the International Monetary Fund (IMF) to pay the IMF.
This time around, the move didn’t work anymore, but we have another one called bundling. It means Greece won’t make the 300 million euro payment to the IMF this week but instead (hopefully) make one payment for the whole of June worth 1.5 billion.
Maybe because of Yanis Varoufakis’ eloquently penned op-ed “A Speech of Hope for Greece,” where he rather absurdly likens the country to post-war Germany, which got the Marshal Plan to help kick-start its economy again?
Probably not. As we pointed out earlier this week, Greece’s exit threat (or Plan B), at least for now, simply has too high costs attached to it.
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