IMF holds out on Greek bailout.

The IMFs involvement in the deal is important for some European countries, especially Germany.

Anti-IMF poster on a window in Dblin.

A few days ago it like Greece had a deal with its European partners and the International Monetary Fund, but that's really doubtful with a massive decision from the IMF board.

Peter Spiegel of The Financial Times got his hands on documents from the institution which shows that they won't sign off on the deal since there's no distinct agreement to deal with Greece's debt.

According to Business Insider, here's the most important part from the FT:

"According to a four-page "strictly confidential" summary of Wednesday’s board meeting obtained by the Financial Times, IMF negotiators will "participate in policy discussions" to ensure the eurozone’s new bailout "is consistent with what the Fund has in mind."

Business Insider further states they "cannot reach staff level agreement at this stage." The Fund will only decide whether to participate during a "stage two" after Greece has "agreed on a comprehensive set of reforms" and, crucially, after eurozone bailout lenders have "agreed on debt relief."

The IMFs involvement in the deal is important for some European countries, especially Germany.

2, Germany's finance minister, actually suggested a temporary Grexit (Greek exit) from the eurozone earlier in July, highlighting just how little Europe's largest economy wants to be participate in another financial-aid package for the struggling country.


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