Jens Bastian / European solidarity – economic governance in Europe
A specter is haunting the European Commission in Brussels and the European Central Bank (ECB) in Frankfurt. Greek Prime Minister George Papandreou has repeatedly stated during the past weeks that he would not rule out turning to the International Monetary Fund (IMF) for possible financial assistance should the need arise and European solutions prove futile. The Fund has been actively cooperating with Greek authorities since January 2010. It is providing technical expertise in matters such as budgetary transparency, revenue-generating capacity and statistical reporting requirements. What the IMF has not done to date is offer financial assistance. Nor has the Papandreou government asked for it. However, it is an option that Greece, as a member of the IMF, has at its disposal – albeit with considerable strings attached.
