Greece recent bail-out facing massive bombardment

Greece's recent bail-out is already coming under massive bombardment. It's still not clear if PM Tsipras can get the deal through parliament over the heads of opposition from a large slice of his own party; a 24-hour general strike is already being called by civil servants, perhaps a portent of civil unrest to come even if it does pass; and the Greek economy minister has just stated that the privatizations that could account for EUR50bn "obviously do not exist". Yet it's the IMF that has just dropped the largest bombshell by stating that Greece's debt either needs to see "deep, upfront haircuts", or the entire debt maturity must be extended by 30-years.

Indeed, the Fund makes clear that despite the insistence of Europe's Dr. Strangeloves, its rules do not allow it to take part in a bailout if a country's debt is considered unsustainable, so if there is no major debt relief, it may walk away from this whole process.

EUR has yet to react to that news today, but the fuse has been lit...