Today’s Greece forecast: another chance

The IMF told eurozone authorities it’ll advocate a brand new loan facility that was Greek to its board – the precondition for releasing any additional bailout funds for Greece that Germany had set. In return, the IMF received less than it wanted by a considerable amount in the way of reductions to Greece’s debt.

Instead of a European choice to restructure Greece’s bailout loans progressively in coming years, the IMF gained simply a promise by other eurozone governments and Germany to take measures “if… needed, and to review the scenario in 2018

The IMF said it still has to crunch the numbers, so withholding its final approval to rejoining the bailout as a lender. But that seems more like a face saver than the usual escape hatch that is useable. It’s not likely that the IMF can withdraw now, because it has given in on the chief question that divided Berlin and the fund.

via the WSJ.

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