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IMF 'to admit mistakes' over Greek bailout

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IMF 'to admit mistakes' over Greek bailout


The International Monetary Fund (IMF) is expected to admit mistakes over its handling of the Greek bailout.

The Wall Street Journal (WSJ) managed to get hold of internal papers which suggested the organisation underestimated the impact of austerity measures on the eurozone country, which is in the midst of a six year recession.

It goes on to admit that they bent their own rules to make Greek debt appear sustainable. According to the WSJ the country failed three out of four tests to qualify it for the rescue money.

Amongst these admissions, the IMF report claimed that the bailout bought time to limit damage to the rest of the eurozone.

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