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Keeping afloat

The euro-area bail-out could be the biggest yet

SOME of the loans the IMF has made during this crisis have been among the largest in its history. Its extension of a precautionary line of credit to Mexico last year was its biggest commitment in absolute terms. But as a multiple of a country’s “quota” in the fund (the maximum amount that a member state is obliged to put into the IMF’s kitty), the fund’s contribution to Greece’s bail-out is the biggest ever. The IMF is now supposed to fork out half of what the European Union makes available as part of a stabilisation fund for the euro area. If that fund were to be activated in its entirety, the IMF’s contribution would come to €250 billion, or 214 billion SDRs (the IMF’s unit of account). That would exceed the combined size of the ten biggest loans it has ever made, which together involved a commitment of SDR 194.2 billion.

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