A half-pregnant IMF may fail to deliver

When the eurozone finance ministers last gathered in Brussels on May 22 to haggle over debt relief for Greece, Spain's representative Luis de Guindos turned to the International Monetary Fund's representative Poul Thomsen and, according to the leaked minutes of the meeting, said, "You cannot be half-pregnant."

De Guindos was referring to the IMF's position regarding the Greek program and the Fund being caught between satisfaction with the reforms agreed with Greece and disappointment with the eurozone's commitment to debt relief.

The period since May 22 has provided an opportunity for this disparity to be addressed but it looks increasingly likely that the IMF will remain equivocal.

The idea put on the table in Brussels last month was that the IMF could provide its approval for the European lenders to make a new bailout disbursal to Greece but would refrain from...