The IMF is a preferred creditor, which means it always gets paid back first.

IMF是优先债权人，因此通常还款时以它为先。

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One prong involves a series of bilateral loans offered by national governments, central banks or by national treasuries, which would in turn be offered with preferred creditor status to recipient nation-states in the euro zone.

FORBES: Geithner To EU: IMF Will Play A Role, But Without Fed Money

Relying on vast infusions of money from the IMF could actually worsen the problems of a country like Italy, since the fund's presumed preferred-creditor status would push private bondholders further down the pecking order.

ECONOMIST: The euro zone’s rescue strategy still does not add up