Saturday, July 30, 2016

IMF slammed by own watchdog over ‘political’ handling of eurozone crisis...

Top brass at the International Monetary Fund (IMF) have been criticized for misjudgments over Greece, being overly enthusiastic about the euro, ignoring signs of an impending crisis, and for being influenced by national political concerns.

The criticism comes from the Fund's own watchdog, the Independent Evaluation Office (IEO).

The IEO, which answers solely to the board of executive directors, accuses the IMF of misleading the board.

The report looked into how the IMF handled the eurozone crisis, which kicked-off with the May 2010 bailout of Greece, and subsequently spread to Ireland, Portugal and Cyprus.

The IEO found the “IMF’s pre-crisis surveillance identified the right issues but did not foresee the magnitude of the risks that would later become paramount.” Full story...

Related posts:
  1. Greeks switch to bartering because there's not enough currency...
  2. IMF stuns Europe with call for massive Greek debt relief...
  3. Rebellion is brewing against the political elite that has ruined Europe...
  4. Eurozone crisis is just getting started...
  5. French police raid Paris home of IMF chief Christine Lagarde...

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