IMF's Reach Spreads to Western Europe |
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May 11, 2010
Within a month, the International Monetary Fund has moved from a euro-zone pariah to an essential institution whose blessing is necessary for euro-zone countries that need rescue packages.
Within a month, the International Monetary Fund has moved from a euro-zone pariah to an essential institution whose blessing is necessary for euro-zone countries that need rescue packages.
"Only weeks ago, there was serious question of what the role of the IMF would be in the euro zone," said the IMF's deputy managing director, John Lipsky. "That role has now been clarified."
The European Union and its euro-zone members said on Sunday that any future bailout would occur only in the "context of joint EU/IMF support," and would require the IMF to approve a program of "strong conditionality," according to an agreement by EU finance ministers.
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