Following on from the series of events highlighted in my post yesterday likening Greece to a cheap jelly, today’s news of Greece asking for activation of the EU/IMF bailout wasn’t really too surprising although they seem to have caught the EU Commission on the hop with the timing (via FT Alphaville) :

In the first instance, though, it’s worth pointing out that the news came as a bit of a surprise to the EU Commission, whose first statement after the request was simply (via Reuters):

EU COMMISSION SAYS HAS ONLY JUST HEARD OF GREEK REQUEST FOR AID

Commentary over at Zero Hedge has a few interesting reactions from inside Greece that don’t bode too well for this process having a happy ending :

Looks like the downloads of “Austerity for Bankrupt Dummies” on all those paradropped Kindles, which Amazon was forced to do after the market did not share its outlook enthusiasm, has had the desired effect: suddenly with everyone understanding what is required, the threats of an revolution (both literal and metaphoric) are hitting a crescendo. As Bloomberg reports: “ADEDY, the Athens-based federation representing the more than 500,000 Greek civil servants who have seen wages cut this year, said the move signaled a new and “barbaric attack,” and called a protest rally for April 27 [yep, another day of strikes and rioting]. Another demonstration has been set by the opposition Syriza party for today in Athens. “This is a premeditated crime against Greek society,” Alexis Tsipras, the head of Syriza said in an e-mailed statement. “The majority of the Greek people are being tossed helplessly in the tempest of insecurity, unemployment and poverty.” He called for a referendum on the decision to seek IMF support.” So here we are, and neither Germany nor Greece really wants the bailout So who the hell is benefiting from all this theater? Why, the major banks, of course, and a few politicians who are, and tried and true Chris Dodd fashion, are merely their lackeys for life. We are now convinced that there will be a government overhaul, hopefully peaceful, but most likely violent, in Greece in the next 3 months if the IMF bailout in fact occurs. We wish we could say the same thing about the United States.

I think, at the very least, we get a general idea of what will happen here should the IMF come calling. UNITE for one would be quite likely to be calling on National strikes especially if the Tories get in on May 6th.