ATHENS - Greece is to take the drastic step of skipping a €300m payment to the International Monetary Fund on Friday, invoking an obscure mechanism in abeyance since the 1970s to bundle all debts due in June and pay them at the end of the month. It is the first time that a developed country has ever missed a payment to the IMF since the creation of the Bretton Woods institutions at the end of the Second World War. The news broke after the Athens stock exchange had closed but a bloodbath is feared when the bourse opens on Friday.
Yields on two-year Greek bonds spiked 63 basis points to 21.8pc amid mounting fears of a deposit run on Greek banks and the imposition of capital controls as soon as this weekend. The IMF said it had been notified by the Greek authorities that they would pay the entire €1.6bn due this month on June 30, dusting down a procedure last used by Zambia in the 1980s. The shock move came as leaders of the ruling Syriza movement were locked in a series of emergency meetings to vent their fury over the latest austerity demands by the European creditor powers.
NEWS REPORT : Daily Telegraph ( June 4, 2015 )
PROPHECY INSIGHTS - Greece is still some way from formal default. If the country misses the payment on June 30 – a certainty unless one side or the other blinks – this will then set the clock ticking on a six-week process. Yet events risk spinning out of control much sooner if there is a collapse of confidence. Analysts warn that deposit flight was already running at €400m a day earlier this week & may now set off a fast-moving chain of events , leading to a temporary nationalisation of the banking system - if the European Central Bank cuts off the liquidity lifeline. The ' domino effect ' from this could be enormous dragging other countries out of the Euro. 10 nations may emerge to create a new Euro Super Power.
REVELATION 17 v 12-13 - The ' ten horns ' which thou sawest are ' ten kings ', which have received no kingdom as yet ; but receive power as kings one hour with ' the beast '. These have ' one mind ' & shall give their power & strength unto ' the beast '.
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