IMF-largarde

The IMF’s chief Christine Lagarde


IMF admits disastrous love affair with the euro and apologises for the immolation of Greece

The Telegraph: “The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.

This is the lacerating verdict of the IMF’s top watchdog on the fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions…

…The injustice is that the cost of the bailouts was switched to ordinary Greek citizens – the least able to support the burden – and it was never acknowledged that the true motive of EU-IMF Troika policy was to protect monetary union. Indeed, the Greeks were repeatedly blamed for failures that stemmed from the policy itself. This unfairness – the root of so much bitterness in Greece – is finally recognised in the report…

See full article By Ambrose Evans-Pritchard, The Telegraph, 29 JULY 2016 • 11:27AM


See also:

IMF_IEO_Crises-in-Greece_Ireland_Portugal_WEB

The IMF and the Crises in Greece, Ireland, and Portugal