Greece is now to be given 90 billion euros of which 16 billion will come from the IMF. (Tass at 8.15 this morning) As Greece is defaulting on payments to the IMF in a matter of days - it's already 'in arrears' for billions - the 'how can this be?' sensation grows by the passing hour. No country can be permitted to default on IMF repayments and gain access to further loans, yet accepting IMF further involvement in the management of 'Greek' debt is now a major part of the undertakings to which Greece is required to submit in return for the release of its banks from being taken hostage.
Whatever reality these negotiations are taking place in, it is not the reality of laws and practice, treaty and rule that we are led to believe govern our world.
The question put in the New York Times seems central now.
"Can Greece pull off a successful exit? Will Germany try to block a recovery?"