IMF’s quit on Greek negotiation exerts pressure on Euro zone creditors, Greece and Euro

While EU-Latin America summit was going on Greek Prime Minister Mr. Tsipras was having his private summit with creditors, bailout monitors, German and French counterpart to bridge the gap after latest creditors' proposal was rejected in Greece.

Not only was the last proposal was rejected by radical Greek lawmakers within Syriza party IMF payment was delayed. Syriza government chose to bundle the payments due this month to pay at the end.

• The creditors including IMF had no clue this was coming. Though the action was within IMF's legal parameters, it was an embarrassment for IMF chief Christine lagarde, who only hours ago assured that Greece will make the payment.

IMF finally decided to take hard stance last night.

• Last night hours after the talks seem to be going nowhere, IMF decided to pull its technical staffs out of the talks.

Though immediate reaction has been subdued even on Euro, it has some real long term effects.

• German Chancellor Ms. Merkel has assured that she always intend to keep IMF in the negotiation due to its expertise in the field. Now IMF's move was a slap on her words.
  
  
• IMF's contribution to the bailout is almost a third of € 240 billion, and if IMF doesn't want to negotiate further means Syriza has now ultimatum. Either choose to accept or take the painful default and exit road.

Euro is currently trading at 1.123, trading water, unsure of what to believe- Deal or No Deal.