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FSN: EU Put Eurozone Safety Before Greece During Bailout, IMF Report Claims
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
The bailout of Greece was bungled because it was an attempt to save the single currency rather than the debt-stricken country, according to a highly critical IMF report.
by Bruno Waterfield
Telegraph.co.uk
The internal report on the handling of the Greek crisis has detailed a catalogue of errors, which led to the IMF breaking three out of four of its own rules relating to lending money to bankrupt countries.
It also admits that the impact of austerity policies in Greece was badly underestimated as EU institutions and leaders tried to save their political skins at the expense of the Greek economy.
The report, leaked to the Wall Street Journal, explained that in 2010 the IMF lent €36bn (£30.5bn) to Greece despite a risk “so significant that staff were unable to vouch that public debt was sustainable”.
While the IMF scaled back its contribution to a second Greek bailout in 2012, amid growing concerns over whether debt could be paid back without devastating economic consequences, its loan to Greece is the largest ever in the fund’s history, relative to the size of the recipient country’s economy.
Continue Reading at Telegraph.co.uk…
Source: http://silveristhenew.com/2013/06/05/eu-put-eurozone-safety-before-greece-during-bailout-imf-report-claims/
