Greek markets down significantly and China floating the trial balloon of increased reserve requirements and future rate hikes.
The Euro area cedes bailout responsibility to the IMF? That is somewhat shocking, as the IMF is dominated by US policy.
Feb. 8 (Bloomberg) — Former European Central Bank Chief Economist Otmar Issing said the International Monetary Fund may be better suited to rescuing Greece than the European Union, the New York Times said, citing an interview.
“I don’t think that the EU can impose the kind of sanctions that would be needed, and it would make Brussels too unpopular,” the newspaper cited Issing as saying in an article published Feb. 6. “A better way is for Greece to approach the IMF. It is the only institution that can impose strict enough conditions.”
Meanwhile, Australia removes bank guarantees.