Greece Wins the Fight for This Month

After the Ponzi move a month ago, plain brinkmanship did they trick in June
Greece Wins the Fight for This Month
German Finance Minister Wolfgang Schaeuble, left, pointing a finger to the Finance Minister of Greece, Yanis Varoufakis, right, during a joint press conference as part of a meeting in Berlin, Germany, on Feb. 5, 2015. AP Photo/Michael Sohn
Valentin Schmid
|Updated:

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.

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Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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