Now the IMF has pledged its ‘support’ for Greece alongside the European Central Bank and the European Union.
Financial support, unfortunately, has yet to be quantified:
The IMF’s declaration follows an EU summit, which sent Athens a “clear message of solidarity,” but produced no specific rescue plan, disappointing markets and sending both the euro and Greek government bonds lower.
“We stand willing and able to support Greece in ways that the Greek authorities think is appropriate,” IMF First Deputy Managing Director John Lipsky told reporters on the sidelines of an international central banking conference.
An EU source told Reuters earlier the bloc looked to draw on IMF expertise on designing financial rescues, but not the Fund’s money.
Markets aren’t stupid (or at least aren’t always stupid), jawboning means nothing these days. You have to show markets the money otherwise they won’t be impressed for long if even at all.