IIF says IMF breaking rules on Argentina

The Institute of International Finance, a group which represents banks with a global presence, said the IMF is "lending into arrears" by giving money to Argentina while it tries to work out a debt restructuring with its private creditors.

"The IMF's corporate conduct is not consistent with its own stated policies," Charles Dallara, IIF managing director, said at a press conference.

The IMF's rules stipulate that the institution can lend into arrears if a country is pursuing appropriate policies