Greece's economic and political unraveling could not be coming at a worse moment for President Obama. The crisis has the potential to send shock waves not simply through Europe but also through global financial markets on the very eve of the U.S. presidential election.

The main problem with the recent IMF programmes to countries such as Greece and Portugal has not been one of size or duration but rather one of policy misdiagnosis. 

After five years of wrenching economic recession, one has to wonder what it will take for Greece to cut itself loose from the failed IMF and EU policies that have reduced the country to its present terrible economic pass.

While markets are again correctly obsessing over Italy and Spain’s poor economic growth prospects, as reflected in markedly higher government bond yields for those two countries, they seem to have taken their eye off two upcoming political events that could usher in a new and more serious phase of the...

In going along in May 2010 with the European charade that Greece did not have a solvency problem, was the IMF really standing for the proposition that the laws of economics do not and will not give way to political considerations?

Europe’s proposed financial firewall around Spain and Italy will prove any more effective in protecting those countries from another market onslaught than was the Maginot line in protecting France. The very design of the proposed firewall appears to be basically flawed in dealing with a renewed loss of market confidence in the euro’s long-run sustainability.

It is not a moment too soon for the IMF to start planning how to respond to a spate of Euro-zone sovereign debt defaults, and the possible Euro exit of a few countries within the next year or so.

Today's IMF does little or nothing for US national interests, especially when we face enormous domestic economic challenges. Why should Washington not support Agustin Carstens, break the EU hold on the IMF and stop IMF support for the euro?