Leaked on Wednesday, markets players expected the OMT, which consists of bond purchases bythe ECB in the secondary market of short duration, coupled with strict conditionality (preferably under IMF surveillance).
In the months leading up to this summer's presidential elections in Russia, the International Monetary Fund responded to intensive pressure from Washington and other Western capitals by relaxing the criteria and theconditionality terms that borrowing nations are expected to meet before receiving disbursements on IMF loans.
Official credits - including those extended by multilateral institutions like theIMF - were similarly configured as general purpose loans with no non-economic conditionality such as geopolitical behavior and more specific security-related concerns.