IMF slammed by own watchdog over ‘political’ handling of eurozone crisis…(Nobody In Jail…)
RT.com
29 Jul, 2016
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.”
The watchdog blamed the Fund for its “overly optimistic growth projections,” especially in relation to Greece, and the inability to learn lessons from past mistakes.
In Greece, the IMF violated its own rules by giving Athens a bailout that couldn’t guarantee the financial aid would bring the country’s debt under control, or help the economy recover.
The Rest…HERE
