On the surface it looks like politicians who collectively represent the EU are calling the shots but one needs to only look behind the scenes to see who is in charge. Simply put; those that hold the purse strings;...the EC, the ECB and the IMF.
The $1.8 billion Greece owes the IMF is just a tiny fraction of what the country owes. The Council on Foreign Relations estimates that Greece owes the IMF, one of its many creditors, $26 billion. And this Wall Street Journal interactive explains what Greece owes its creditors and when.
Talks between Greece and its creditors broke down over their proposals for Athens to receive an additional $8.17 billion, the latest tranche in several infusions that will go to repay the country's outstanding loans. Greece's creditors — the EC, the ECB and the IMF — want the country to raise taxes and cut spending on welfare.