IMF officials stated anonymously that the fund is preparing contingency plans for a Greek default, while the Fund always explores contingency plans and that is a matter of common sense to do so. 

The same official as per the press reports suggested that should Greece default that is expected to occur in either June or July, whereby obligations lie in the EURbn rather than EURmn, while went further by stating that the impact of contagion would be limited vs. an occurrence in 2011, as the backdrop is much more stable and more firewalls are set up now.