IMF takes hard stance on Euro-Greco negotiation

International Monetary Fund (IMF) will not be part of bailout plan, unless the full plan is laid out.

As of now Greece has taken measures approved by the parliament, which will make it eligible for a third bailout negotiation and bridge financing to avoid a default to European Central bank (ECB) of € 3.5 billion on Monday, July 20^th.

IMF chief Christine Lagarde cleared that European plan is not viable without reduction in Greece's debt burden.

However European creditors, led by Germany remains extremely opposed to any hair cut or write off in Greek debt. So a Greek debt relief has to be in form of debt restructuring, which will be done through Greek repayment schedule change, lengthening maturity of bonds, change in moratorium and interest rate relief.

German finance minister Wolfgang Schäuble, once again floated the idea that a "timeout" would be better choice for Greece since no debt write off can be provided in Euro zone.

Whatever be the end choice, Greece is likely to remain in headlines as drama will continue to unfold.