Published by Zeb BhamThe former chief economist at the International Monetary Fund (IMF) has urged Greece to go cap in hand to the fund to avoid economic and political disaster.Speaking to the Guardian, Kenneth Rogoff described the country as a "serial defaulter" which has seen five major defaults in less than 200 years.Mr Rogoff declared that Greece has a worse economic record than any Latin American country and added that the IMF is best-placed to avert another catastrophic default.He explained that as well as providing economic independence and expertise, the IMF also benefits from being politically autonomous, which may help to contain the public backlash against swathing cuts."If the commission sets conditions that lead to hospitals being closed, there will be demos against Brussels. If the IMF does it, the demos will be against the fund," he explained.Meanwhile, there is also a growing chorus calling for the establishment of a fiscal union, as well as a monetary union, to increase stability in the eurozone economy.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site