IMF financing for Greece is doubtful

The IMF's financial involvement in Greece issue is questionable according to a note to its clients by Societe Generale. It is already a high risk exposure to Greece and IMF's view on Greek debt is unsustainable.

"As a result, drafting the new programme is likely to prove more problematic and lengthier than hoped by EU leaders", says Societe Generale.

As part of the deal, the Greek government committed to drawing up a first proposal for de-politicising Greek administration under the guidance of the EU Commission by Monday next and agreed it would seek Greek parliament approval of the Code of Civil Procedure (overhaul of the civil justice system) as well as transposition of the Bank Resolution and Recovery Directive (BRRD) by Wednesday 22 July.