Germany in no rush on further Greek rescue / IMF urges Greek debt burden-sharing / Merkel warned on Greek bail-out standoff

The EU's internal conflict over the terms of a second bailout for Greece continued on the 13 July 2011 with Germany at odds with France and EU officials over when to hold a special summit on the issue.

A report issued on the same day by the International Monetary Fund backing the German position on private bondholders is likely to bolster Berlin's hand in European debates, but it could exacerbate contagion in the EU's peripheral bond markets.

IMF: Country Report, No.175, 2011: Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria http://www.imf.org/external/pubs/cat/longres.aspx?sk=25038.0

IMF: Transcript of a Conference Call on Greece with Poul Thomsen, Deputy Director and Mission Chief to Greece, IMF European Department and Conny Lotze, Deputy Chief, IMF Media Relations, 13 July 2011 http://www.imf.org/external/np/tr/2011/tr071311.htm

Kathimerini, 13.7.11: IMF: Rollover would raise debt levels http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_6270_13/07/2011_398257

Kathimerini, 14.7.11: IMF's Thomsen insists Greece must stick to program http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_15785_14/07/2011_398343

Kathimerini, 14.7.11: EU, EBC, bank officials discuss Greece in Rome http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_14/07/2011_398341

ESO: Background information: Markets rocked as debt crisis deepens http://www.europeansources.info/record/markets-rocked-as-debt-crisis-deepens/

France24, 14.7.11: Fitch slashes Greece’s rating to just above default http://www.france24.com/en/20110713-fitch-slashes-greece-rating-default-junk-finance-debt-eurozone-crisis-sovereign-debt

EUObserver, 14.7.11: IMF slams EU over slow-moving crisis reponse http://euobserver.com/9/32630

EUObserver, 14.7.11: EU in discord over extraordinary eurozone summit http://euobserver.com/9/32628

Die Zeit, 14.7.11: Understand the banks and you save the euro http://www.presseurop.eu/en/content/article/776021-understand-banks-and-you-save-euro

Deutsche Welle, 14.7.11: Italy moves to calm market turmoil as Greek bonds are downgraded http://www.dw-world.de/dw/article/0,,15233315,00.html

Spiegel Online International, 14.7.11: Berlin Retreats on Private Involvement in Greece Bailout http://www.spiegel.de/international/europe/0,1518,774407,00.html

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