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article imageIMF admits it screwed up on Greece

By Katerina Nikolas     Jun 6, 2013 in World
The International Monetary Fund (IMF) has released a report on the Greek bailout which draws the obvious conclusion that it managed to screw up as far as the Greek economy was concerned.
The 51-page report draws attention to the notable failures of IMF policy. The report notes there is exceptionally high unemployment in Greece coupled with a failure in market confidence.
According to Forbes, the IMF is sending two distinct messages. The first is, "we screwed up" followed by, "dealing with the Eurozone countries was impossible and it’s really their fault."
Of course the IMF spreads the blame, criticizing its fellow troika member, the European Commission. Ekathimerini reported the IMF was quick to point out the inexperience of the EC in dealing with crisis management.
One of the IMF aims was achieved though. In preventing a Grexit it was able to stop the inevitable contagion which would have wreaked even more havoc on neighbouring Mediterranean economies.
Even though the report admits failings on the part of the IMF, they remain resolutely committed to austerity. Earlier this week IMF head, Christine Lagarde, said now is not the time to relax fiscal effort, dashing hopes that the Greek government would be allowed to reduce the VAT applied to the restaurant sector.
More about Greece, Imf, Christine Lagarde, greek austerity, Grexit
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