The potential for a showdown between the International Monetary Fund and the European Union took a leap forward today as the IMF said that any rescue package for Greece involving the IMF, would “be an IMF program decided by the IMF”. This is in stark contrast to earlier comments from the EU which last week approved a plan including funds from the IMF, as well as EU-backed loans based on the prevailing market interest rates. The EU also made it clear that the European Union and not the IMF, would maintain control over the process.
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