IMF to stay out of Greek funding

Euro Working Group chief Hans Vijlbrief appeared on Wednesday absolutely certain there will be a total agreement at next Thursday's Eurogroup, although the International Monetary Fund will not participate in the Greek program with any funds.

The Dutch head of the council of senior eurozone finance ministry officials stated that the IMF will be involved in the Greek program in some way, and if that is not through a new program, it will activate the process of Article IV that applies to all Fund members. He did appear a little concerned about the reaction of the markets if the IMF chooses not to participate fully in the Greek program.

Meanwhile Olivier Bailly, the head of European Economic and Monetary Affairs Commissioner Pierre Moscovici's office, stressed the need for the Greek debt relief measures to carry the IMF's stamp of approval. For the first time he admitted...