Postponed Till "Tomorrow"; JunckerIssues ultimatum "Comply or Default"

Mish’s Global Economic Analysis,

5 February, 2012

It's Groundhog Day once again as Greek crisis talks for debt deal pushed to Monday

Coalition backers held a five-hour meeting late Sunday with Prime Minister Lucas Papademos to hammer out a deal with debt inspectors representing eurozone countries and the International Monetary Fund — but again failed to reach an agreement. 

Leaders of parties supporting the Greece's coalition government say crisis talks for massive new debt deals will continue Monday.

Juncker Issues ultimatum "Comply or Default"

The theater of the absurd continues for yet another day with Juncker's ultimatum: Comply or default

Jean-Claude Juncker, the head of the Eurogroup, warned Greece through an interview to a German magazine that it will either comply with its creditors’ requirements or default, as it should not expect any additional support from its peers.

Earlier, the head of the ruling coalition’s third partner, Giorgos Karatzaferis, stated in Thessaloniki that he would not tolerate any ultimatums.

"We need to examine whether the creditors' demands are in favor of growth for the sake of the Greek people, otherwise we will not get the support package. I am not going to sign up to that,» said the leader of Popular Orthodox Rally (LAOS).

This is beyond ridiculous. The EU and IMF Need to Stand Up and Announce "Too Late" Deal is OFF, then work with Greece to plan a return to the Drachma.