At a G20 summit in Mexico in two days the EU will plead for increased IMF contributions by non-euro countries to help shore up a eurozone \”financial firewall\” seen as vital to protecting Spain and Italy from Greek debt contagion.
The IMF will refuse to make extra cash available to the EU and will threaten to pull the plug on its contribution to Tuesday\’s €130bn bailout of Greece unless the eurozone creates a €750bn fund, a move opposed by Germany.
Umm, are we actually sure that the euozone can create a €750 bn fund?
Can they leverage their own credit ratings enough to do that?
To be fair it has already lasted longer than most expected.
And that of course follows on from the IMF’s attempt to scupper the deal before it was even made. “Leaking” their Debt (Un)Sustainability Report on Monday surely amounted to sabotage.
Do you get the impression that the IMF really wants no part in this sordid mess?
Not much comment here, Tim.
Could it be that we’re all like just Todally bored with this stuff about chocolate firewalls and whether it costs €750Bn or €2T or whadaver?