IMF admits errors on Greek bailout

On the 5 June 2013 the International Monetary Fund (IMF) admitted it failed to fully realise the severity of the bailout conditions imposed on Greece.

In a damning 50-page report, the IMF pointed to a catalogue of errors made by the Troika - composed of the European Commission, IMF, and the European Central Bank.

'In reviewing what we have done the whole time, there are certainly things we could have done differently,' said IMF mission chief for Greece Poul Thomsen.

Subsequently, reports suggested that reaction to the IMF's comments had put question marks over the overall troika process.

On the 17 June 2013 Deutsche Welle wrote that he anti-globalization pressure group Attac had published a study indicating that the bulk of the rescue funds made available for Greece have tended to go to help banks. Ordinary people haven't profited much, it said.

• Primary Source

ESO: Background information: Euro-ministers and IMF in third attempt to agree on Greece http://www.europeansources.info/record/euro-ministers-and-imf-in-third-attempt-to-agree-on-greece/

ESO: Background information: ESO Information Guide: European Economic Data http://www.europeansources.info/record/information-guide-european-economic-data/

Spiegel Online International: 'Notable Failures': IMF Admits Major Mistakes on Greek Bailout http://www.spiegel.de/international/europe/the-imf-admits-serious-mistakes-on-greek-bailout-a-904093.html

IMF: IMF Country Report No. 13/156, June 2013: Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-By Arrangement http://www.imf.org/external/pubs/ft/scr/2013/cr13156.pdf

Kathimerini, 06.06.13: European Commission defends handling of Greek debt crisis in wake of IMF report http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_06/06/2013_502993

Kathimerini, 06.06.13: For hard-hit Greeks, IMF mea culpa comes too late http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_06/06/2013_503008

EUObserver, 06.06.13: EU commission on the defensive over IMF report http://euobserver.com/economic/120404

EurActiv, 06.06.13: IMF says ‘sorry’ for Greek crisis handling, EU Commission in denial http://www.euractiv.com/euro-finance/imf-sorry-greek-crisis-handling-news-528355

To Vima, 07.06.13: Greece sacrificed to save euro (via PressEurop) http://www.presseurop.eu/en/content/article/3858741-greece-sacrificed-save-euro

Kathimerini, 07.06.13: Samaras to meet advisers, coalition partners ahead of troika officials’ return http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_07/06/2013_503323

Ta Nea, 07.06.13: ‘Quarrel follows Greek odyssey’ (via PressEurop) http://www.presseurop.eu/en/content/news-brief/3856331-quarrel-follows-greek-odyssey

EUObserver, 07.06.13: Rehn in war of words with IMF http://euobserver.com/economic/120419

EUObserver, 12.06.13: Democracy is the real victim in the Greek tragedy http://euobserver.com/political/120421

Blog: LSE EuroppBlog, 12.06.13: The second Greek rescue programme was not merely late, but also insufficient, making a third programme inevitable. http://blogs.lse.ac.uk/europpblog/2013/06/12/the-second-greek-rescue-programme-was-not-merely-late-but-also-insufficient-making-a-third-programme-inevitable/

Deutsche Welle, 17.06.13: Attac study traces rescue funds for Greece http://dw.de/p/18qxN

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