| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
IMF Admits ‘Notable Failures’ in Greek Bailout
A pensioner shouts a slogan in central Athens, Greece, during an anti-austerity demonstration on April 19, 2013. The International Monetary Fund acknowledged Wednesday that mistakes were made in the bailout of Greece. (ARIS MESSINIS/AFP/Getty Images)
The International Monetary Fund acknowledged on Wednesday that it made “notable failures” in the Greek bailout, underestimating how much the austerity measures it pushed would pinch the country’s already faltering economy.
The IMF made the unusually frank admission in an evaluation of how it handled Greece’s debt crisis, which triggered financial turmoil across the eurozone.
The Greek economy has been kept afloat for the past three years by rescue loans from Europe and the IMF in exchange for harsh austerity measures that have worsened the recession, currently in its sixth year. It has so far received about 200 billion euros ($258.8 billion) in loans from a rescue program totaling 240 billion euros ($310.5 billion).
While the measures have reduced Greece’s budget deficit, they have left the country mired in a much deeper recession than what the IMF and its European partners in the bailout forecast three years ago. Unemployment is 27 percent.
Philosophers stone – selected views from the boat
http://philosophers-stone.co.uk
Source: http://philosophers-stone.co.uk/wordpress/2013/06/imf-admits-notable-failures-in-greek-bailout/
Who woulda thought that the self appointed tax payer funded organization wouldn’t know wtf they are doing…. Never woulda thunk it.
How many corrupt people are working for them again? What scandal is out this week? Just a bunch of pathetic thieves with no standing arming, no funding of their own, just leaches in every sense of the word…