With the prospect of an IMF agreement receding, analysts say a bridge finance package might be put together by the IMF with other donors to tide Cairo over until after the elections.
Although the cartel was one of the monopolies ordered abolished under the second IMF agreement, Hasan is unrepentant.
Both he and the market-friendly Mr Simsek are known to favour a new agreement with the IMF, which is crucial to retaining the confidence of foreign investors.
President Mikhail Gorbachev has no doubt been impressed by China's success in carrying out domestic economic liberalization and foreign trade reforms as well as establishing workable terms of agreement with the GATT, the IMF, the World Bank, and the Asian Development Bank (ADB) .
Ukraine nearly botched its agreement with the IMF partly because some members of Mr Yushchenko's Our Ukraine block refused to vote for fiscal cuts.
Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011.
The new agreement with the IMF also said the Indonesian government would take the initiative as to the contents of future draft letters of intent rather than the IMF as before.
Some leaders have urged the meeting to begin the process of launching a new global agreement to stimulate prosperity, similar to the Bretton Woods agreement in 1944 that created the post-war system of fixed exchange rates and established the IMF and the World Bank.
He has negotiated an usually flexible agreement with the International Monetary Fund (IMF) and has bluntly told private holders of government bonds that they can expect to lose 75% of their investment.
IMF's boss, that the Fund's articles of agreement be changed to give it the right to declare a temporary debt moratorium.
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