12. Eurozone crisis live: Greece faces threat of aid delay
see 9/03am GMT :
What to do about this? The IMF has sought to link the two issues of debt sustainability and the disbursement. The Europeans, always more up for a political fix, have been trying to "decouple" the two issues. It seems the IMF has won this argument, with eurozone officials now saying there can be no agreement on how to proceed until everything is decided in an overall package.
To make matters worse, there is a deepening argument between the IMF and the Europeans over the merits of austerity and whether the policies being pursued are the right ones.
The IMF has been pressing the Europeans to accept an official writedown of Greek debt, OSI, but this is strongly resisted by the Germans and the ECB in Frankfurt. A lowest common denominator consensus has formed around lowering the cost of the bailout loans to Athens and lengthening their maturities. This will help but is unlikely to be enough.
As ever, the delays in decision-taking will be ascribed to the non-arrival of the report from the troika of European Commission, ECB, and IMF "men in black" on Greece. That report will miraculously appear at the politically opportune moment.