One prong involves a series of bilateral loans offered by national governments, central banks or by national treasuries, which would in turn be offered with preferredcreditor status to recipient nation-states in the euro zone.
At the same time, the IMF is calling on the euro zone to take losses on its rescue funding to Greece to cut Greece's still-high debt burden while maintaining the convention that it is a preferredcreditor and therefore exempt from any such exercise.