Argument: IMF bailout would humiliate EU, undermine its legitimacy
"An IMF for Europe." Economist, Free Exchange Blog. Mar 9th 2010: "An EMF would address a sticky situation within the European fold—the IMF is typically the source of emergency funding for countries looking to avoid debt crises, but IMF involvement in Europe would seriously undermine the image of the euro zone as a functioning entity."
Gavin Hewitt. "A European Monetary Fund." BBC. March 2010: "it would be regarded as a verdict of no-confidence in the eurozone. The German Chancellor Angela Merkel said: "We want to be able to resolve our problems in the future without the IMF."