Jay: ALL IMO...ANOTHER BIG WOWZERS ...AS I SEE IT, IN PLAIN ENGLISH,...
WE (IMF) CAN'T HELP FINANCIALLY UNTIL THE IRAQI RV HAPPENS...
AT LEAST THAT'S WHAT I READ.
Don961: Monday, October 10, 2016
IMF Will Stay Out of Greek Bailout
The International Monetary Fund will not join the Greek bailout program but will likely accept a special advisory status with limited powers that keeps it at the table, two senior sources with direct knowledge of the proposals said.
The IMF has been holding out for more than a year over the terms under which it would participate in any new program, arguing that the financial targets set in the European bailout are unrealistic without major debt relief, Reuters reported.
But the fund is increasingly resigned to European resistance to debt relief for Greece and it is now in talks to accept a newly created role that would let it play a part with limited formality, the sources said.
“It will be more than an advisor but the role will not have the strict conditionality, like the compliance and economic health checks every three months,” one of the sources said.
Talks between Greece, its European creditors and the IMF have been at an impasse since German Finance Minister Wolfgang Schaeuble insisted on the IMF taking part but rejected calls from IMF Managing Director Christine Lagarde for a big debt restructuring.
“This way Lagarde can go to the board and say, hey, ‘I’m not violating our rules’ and Schaeuble, whose government is facing an election next fall, can say, ‘see, I have the IMF on board’,” the source said.
The exact nature of the IMF’s role has not been decided but it would have more powers than a simple advisor and would for example be responsible for drawing up certain proposed agreements and negotiating documents, coordinating with the Greek and European Union sides.
“They won’t put money into the program but it won’t be just technical assistance; they will probably take a special advisory role to be created especially for the Greek bailout,” the second source said.
“Talks this week made it clear that the IMF just can’t come on board formally. They will remain part of the troika and be at all the talks,” the source added.
Greek and IMF officials held talks at the Funds’ fall meetings in Washington this week, discussing this special status, which was supported by the Greek side. Despite the change in the IMF’s role, Greek officials believe it will aid them having a body that supports debt restructuring at the table.
Short URL : https://goo.gl/p3eUp4
Iraqi banking sector needs re-evaluation and classification
2Berds: If they are recognizing the need for revaluation for their banks then it would seem to me that we should be very happy very soon.
Excerpt From Wed. Night CC
Frank26 ARTICLE: “The catastrophic corruption between banks and companies in the sale of the American Dollar is coming to an end.” NINE EXAMPLES that CORRUPTION in IRAQ is being killed:
#1 -- The policing of the United Nation groups, new laws, new banking systems being implemented.
#2 -- The currency auctions are being monitored. That was the hole in the bottom of the ship.
#3 – No more false names / dead people / false companies, etc.
#4 – The USD needs to stop being used (MCP) – which has been used at the borders
#5 – No more false bills / PO’s.
#6 – No false accounts...
#7 – No more diffusion of payments to false areas (building fake parks, etc).
#8 – The antiquated banking systems had to stop
#9 – No more false passports to transport IQD out of country.
Bagdad, Basrah, Mosul, Erbil, Sulaimaniyah...These 5 cities are where the five Central Banks of Iraq are. We have 4 out of 5...secured...all that is missing is Mosul.
In other words...the catastrophic corruption (think GOI/CBI) between banks (think Auctions) and companies in the sale of the American Dollar is coming to an end.”
So, they are following the IMF’s instructions...inventorying their product (currency).
IMO … I believe we are going to see a budget...by the 3rd week of this month...and see a change in their monetary policy and a change in their currency...THIS YEAR!
I’m not giving you a date...but before the end of this year...we are going to see a change.
Don961: Good evening WS ...
They know what to do !! .... This is going to be awesome !!! ... IMO
Walkingstick: Why you must stop the currency auction?
Mohammad Tamim *
The currency auction carried out by the central banks in the countries where theeconomy is suffering from fluctuation and instability, usually occurs in countries with mono - economy side , such as reliance on a single item as if the agricultural, commercial or industrial, where this side is exposed to shake lead to loosening in the economic situation in the country and are affected through fiscal policy in the country ,which requires cash - the authorities of a central bank - to intervene and restore fiscal and monetary policy orientation which is known as the intervention of the central bank tobuy the local currency to keep the exchange rate.
usually have it once a year or twice at the top of conditions, one of the traditional and very old ways to keep the local currency exchange rate due to the fluctuation in the exchange rate as mentioned, and we have a lot of examples of this , such as the intervention of the Central Bank ofRussia to save the ruble in January 2015 as well as the Chinese central bank intervention in June last year, for the intervention of several aspects of this, including intervention to buy the currency or raise interest rates or reduced according to the needs of the country and the vagaries of the market speculation.
What regard to the Iraqi situation years ago is that the central bank sells foreign currency on a daily basis to keep the exchange rate which is a traditional way drained the reserves of the Central Bank's foreign currency, a method is successful does not benefit them , and the sole beneficiary of which is a group of banks and partners remittance and the private sector , which views still affect some of the decisions of the central bank to continue this policy, which has long warned us in the past.
Last week , the Iraqi Central Bank announced that the reserves of foreign currency is about $ 50 billion with the SDR ( the basket), and when we come back to the state of a simple calculation is that the Iraqi currency bloc is 40 trillion Iraqi dinars , as the Central Bank of Van says this meant to be the exchange rate is Iraqi dinars 900 is equal to one dollar,
but the truth is known that the 1300 Iraqi dinars today is equal to one dollar and the process is ongoing, and when checking in previous periods between domestic money supply and foreign currency ( the central bank balance) , the difference was not significant and the reason that the instruments Flyer you banks and companies are allowed to jointly auction currency which does not balance it drained a lot of foreign currency as well as traders of counterfeit bills in which we find collusion in all levels and the question is: Why over the years did things not apparent in this image , which drained a lot of reserves of foreign currency in record time?
the answer is that the monthly oil revenues were big as it enters into Iraq is much greater than that sold a monthly amount, but now if we calculated the salaries of staff allocated to the operating budget and the amounts with what is draining days in the central bank auction , we found a much larger amounts that the intervention of foreign currency to Iraq, during the past two years exclusively Iraqi Central Bank reserves fell to more than 35 percent , and this is a serious indicator to be stopped.
so what is the solution?
solution: 1 - simply solution is to stop the currency auction and open letters of credit for merchants and companies, in the case the import of any company or dealer to any material from outside Iraq , the central bank in cooperation with other banks operating in or outside Iraq to open letters of credit launches money when entering the materials and goods into Iraq and delivered to traders or companies, but rather delivered to the point of contracting, this process makes it easier for the State control the entry of goods, quality and collection of fees and taxes them directly.
2 - the opening of dollar selling outlets for travelers at airports and border crossings after stamping passports and identifies each citizen an amount not to exceed $ 2,000 and will be under intense supervision.
3 - forcing foreign oil companies operating in Iraq and the mobile phone companies and other companies to pay the Iraqi government entitlements by the Iraqi dinar in contrast ,the Central Bank of the Iraqi government and other banks to open outlets for the sale of Iraqi currency in order to compel the traders and companies operating in Iraq to buy Iraqi dinar to pay off their obligations in Iraqi currency to restore confidence in Iraqi dinars and thus stabilize the exchange rate and stop wastage happening in the currency reserves It depends spending in local currency and down to the exchange rate of the equivalent of $ 1 = 1000 Iraqi dinars while retaining an amount last reserves of foreign currency to keep the value of the Iraqi Dinar.
4 - if the central bank could not application of the above he can resort to float the Iraqi currency according to the exchange rate Set a fixed stop growling as it is in theexperience of Lebanon. * deputy in the Iraqi parliament