IMF backs Draghi plan to end Eurozone debt crisis

The International Monetary Fund on Sunday strongly backed the European Central Bank's plan to staunch the eurozone debt crisis with unlimited bond purchases, saying it was ready to get involved in designing and monitoring its implementation.

IMF Managing Director Christine Lagarde also said large, debt-strapped eurozone countries Spain and Italy had taken enough action to repair their finances to merit aid from the rest of the European currency union.

But, amid pressure on Madrid to request a full European bailout, Lagarde left open the scale of the IMF's possible involvement in ECB head Mario Draghi's plan, which was approved by the central bank's policymaking council on Sept 6.