Where this leaves the €200bn IMF loan agreed last week is anyone's guess.

IMF loans focus on temporarily fixing problems that countries face as a whole.

Traditionally IMF loans were meant to be repaid in a short duration between 2 and 4 years.

He felt confident that the IMF loan would be renewed.

Since then, IMF loans and rescheduling arrangements have become a regular feature of economic life.

An application for an IMF loan has been turned down.

In fact the seniority of the IMF loans themselves has no legal basis but is respected nonetheless.

Because of the IMF loan, the public debt risen to near 80%.

An IMF loan was accepted there, a move that has extremely serious consequences for the population.

Brazil's central bank paid back the IMF loan in 2005, although it was not due to be repaid until 2006.