IMF TORPEDOES GREEK BAIL-OUT !

After the basis for a Greek bail-out was finally decided  last Monday 13 July, after desperate non-stop talks   lasting more than 24 hours, the International Money Fund (IMF) declared that it could not take part in any new funding of Greece.

The principle reason given was that the EUROZONE negotiators (Angela Merkel and Germany) omitted from the Bail-out contract that a significant debt reduction would be accorded to Greece by its Creditors, as requested last week by the IFM President Christine Lagarde.  

The wording used in the bail-out conditions only indicated that facilities could be introduced later if Greece respects its commitments. 

Without detailed debt forgiveness, the IMF is not permitted to provide further finance, in particular after Greece defaulted on a repayment at the end of June 2015.

This in fact is a major set-back timewise before the Parliamentary recesses in Europe this month.  Likewise does it not invalidate the vote expected in the Greek National Assembly this evening on the Bail-out proposed by the EUROZONE ?
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