Several press reports claim that Germany and the IMF are at odds over a final Greek rescue package. This delay will threaten the oft-threatening default of Greece.
Apparently, Germany still wants to be some measure of control over Greece’s budget. It also wants a Europe-wide bailout fund to be small so that other nations will not be tempted to use it as their own deficits balloon, their economies falter,and their borrowing costs become too high to sustain.
The IMF on the other hand believes that a bailout fund will have to be large enough to create a huge “firewall” between the odds of defaults of nations through the region. The agency reasons that if defaults have a strong safety net that international capital markets investors will have not reason to hesitate when they consider buying bonds in the eurozone’s weakest nations
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