Signs of division between IMF and Europe over bailouts

Carmel Crimmins and Paul Carrel
Reuters
May 23, 2011

The International Monetary Fund pressed Europe on Friday for stronger steps to tackle the region’s debt crisis, saying countries needed access to more funding to stay afloat.

But in a statement suggesting divisions between policymakers over how to handle the crisis, a European Central Bank official said it was mainly up to Greece to rescue itself — and that Athens could be cut off from aid if it did not act.

Ajai Chopra, head of the IMF mission in Ireland, said the European Union needed to adopt a more comprehensive and consistent approach to the crisis and urgently strengthen its bailout fund, the European Financial Stability Facility.

“The countries cannot do it alone and putting a disproportionate burden of the cost of adjustment on the country may not be economically or politically feasible,” Chopra said in a conference call dealing with Ireland’s progress under its 85 billion euro bailout from the EU and the IMF.

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