The turnaround IMF baffles Berlin was Germany to want it on board – The Republic

But the IMF plays alongside Schaeuble or against him? It was he, along with Merkel, to want to be involved in the rescue of Greece in 2010, as a careful manager of conditional loans (he has made over the world, including Italy in the ’70s) and especially custodian of rigor. Rather suddenly last week, the cold shower: the IMF will not participate in the third bailout if this will not include the debt restructuring, the exact extent that adverse Schaeuble so ultradeciso. Europeans, including Schaeuble, were counting on at least 16.4 billion, which were to be added to those already paid. The IMF has so far participated in the refinancing of Athens to 26.7 billion, and these must riaverne 21, 2 of which have already expired. Here things get tangled: even wanting, the IMF can not lend money to those who are in arrears, and then just start the emergency bridge loan, the first thing that Greece will have to be welded and the quest’arretrato 3 , 5 billion due today for the ECB. Then, in the intention, you should start the bulk of funding: Europe counted on the contribution of the Fund but now everything back into question. There is the risk of having to reset the bailout on a lower or raise the share to be borne by Europe, all assumptions very difficult politically. On the genesis of this volte-face is discussed heatedly

in the chancelleries, from the German. Lagarde did not participate in the summit final but was fully informed of the course of the discussions, including references to the Troika. In short, he knew where he would go to parry. But in the same hour in the Fund resurfaced the controversy on the intervention in Greece, the most massive ever undertaken in 70-year history, and the fears of the weaker members, in many cases the weakest in Greece, to be damaged by excessive exposure of Athens.