The same place it was in the 2008 Iceland bailout and that China took in the financial rescue of Pakistan: providing only a supporting role, and showing that cash-for-geopolitical-influence has yet to replace multilateralism as the dominant mode of crisis lending.
In all three cases, there was lots of excited chatter in the run-up to the bailouts about aid-for-influence deals to avoid the strictures of an IMF rescue. Russia was going to bail out Iceland and keep Cyprus out of the clutches of the EFSF/IMF in return for naval bases; Islamabad appealed to China to use some of its huge forex reserves to help out its old foreign policy pal. Read more





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