The burden of the IMF's Greek tragedy
Organisation has lent more to Athens than to any other borrower, but it has never had control of the programme, and possible default looms
For the International Monetary Fund, five years of playing junior partner in European bailouts for Greece has been a "never again" experience, and the worst may be yet to come.
The global lender has lent far more to Athens than to any other borrower, contributing nearly one-third of the total €240 billion (HK$2.1 trillion) with the rest coming from euro-zone governments and the bloc's rescue fund.
But it has sat uncomfortably in the side car of the Greek rescue. Called in by EU paymaster Germany to try to keep the European institutions and the Greeks honest, the Washington-based IMF has never had control of the programme.
Now Greece may be about to become the first European nation to default on the IMF, putting it in exclusive company with Zimbabwe and Argentina.
Athens postponed a €300 million instalment due last week and bundled it with others due this month into a single €1.6 billion payment due to the IMF at the end of June.
Greece has said it can only pay if it gets new funds from creditors or is allowed to sell more short-term debt to Greek banks, which in turn hinges on a stalled cash-for-reform deal.