Just When You Thought the Greek Tragedy Was Over

It seems getting to bailout number 3 is not as easy as everyone hoped…. Greece disqualified from new IMF bailout, board told – FT.com.

The International Monetary Fund’s board has been told Athens’ high debt levels and poor record of implementing reforms disqualify Greece from a third IMF bailout of the country, raising new questions over whether the fund will join the EU’s latest financial rescue.

This will be the first domino. Followed by (perhaps) Germany.

That delay could have significant repercussions, particularly in Germany, where officials have long said it would be impossible to win Bundestag approval for the new €86bn bailout without the IMF on board.

The Greek government is falling apart. (They did get elected promising to end austerity. And now they are pushing austerity.)