IMF faces tipping point over Greece

By Darrell Delamaide

It was perhaps inevitable that the Greek crisis would hijack the spring meeting ofInternational Monetary Fund this week, but the damage to the international lending agency could grow much worse as the situation in Europe becomes increasingly acute.
The standoff between a new Greek government seeking debt relief after five years of grinding recession and authorities at the IMF and European Union, who were unbending in their demands to follow through on further austerity measures to get more bailout money, dominated discussions at the meeting that brings economic policymakers from around the world.
Greece faces a deadline Friday to submit a list of specific reforms to the European Union that will unlock nearly $8 billion in bailout funds that it needs to meet loan repayments falling due next month.
The Greek imbroglio overshadowed other messages from IMF officials this week regarding new sources of financial instability in the world, the need to stimulate economies to more vigorous growth and even discussion about other financial and geopolitical hot spots, such as Ukraine.
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