So in the end, it looks like the International Monetary Fund will be the one to blink.
Concessions by the Washington-based institution are expected to allow the release of the next €12 billion ($17 billion) slug of bailout funds for Greece before the government runs out of money next month. A Greek payments crisis thus would be avoided, at least for a month or two.
It was IMF concerns about Greece's funding shortfalls that brought the issue to a head in the first place. It had been evident for some time that last year's €110 billion rescue package from other euro-zone members and the IMF wouldn't be enough to carry Greece into 2013, because there was no prospect of the government regaining access to bond markets and because it missed its budget-cutting targets.
WSJ
