International Monetary Fund and European Commission

European commission: Deep down, he says, all 18 countries using the single currency wish that the idea had been strangled at birth but understand that once you are in you don’t get out without a catastrophe, according to The Guardian. All of that is true, and explains why Greece is involved in a game of chicken with all the other players in this drama: the International Monetary Fund, the European commission, the European Central Bank and the German government. The Greek finance minister says his country would be better off if it was still using the drachma. Varoufakis wants more financial help but not if it means sending the Greek economy into a death spiral . Greece creditors will not stump up any more cash until Athens sticks to bailout conditions that Varoufakis says would do just that. It has to find €10bn in redemptions to the IMF, the ECB and other bondholders before the end of August and the money is not there. Things will come to a head this summer because it is clear Greece cannot make all the debt repayments that are coming up. (news.financializer.com). As reported in the news.