Butthe IMFdisagrees. Itargues, in new papersreleased on FridayMarch6th, that the "main culprit" wasdeficientregulationofthefinancialsystem, together with a failure ofmarket discipline.
Withthe prospect of an IMF agreement receding, analysts say a bridge finance package might be put together by theIMFwith other donors to tide Cairo over until after the elections.
But that support consists, so far, of backing a new deal for Brazil from theIMF which, togetherwiththe World Bank, continue to be Washington's preferred means of helping economies in need, according to John Taylor, under-secretary for international affairs under Mr O'Neill at the treasury.