No market passport from the IMF

Eurozone authorities are seeking ways to offset the International Monetary Fund's abstention from the Greek program, as it again became apparent on Friday that it will be particularly difficult for the IMF to unreservedly issue Greece with a passport to the money markets.

Philip Gerson, the deputy director of the Fund's European Program, cited a series of problems while speaking at an Economist Conference in Attica on Friday: The Greek debt is not sustainable, the growth rate is disappointing, the Greek demographics are "poor" as the country's population will shrink by a third, and local banks - much as they have done for their streamlining - will continue to face problems.

He also likened Greece to a marathon runner "who just has to keep moving even though he may have got tired."

Now eurozone officials are examining their options for softening the impression...