Today's Coming Crisis Movie

Thursday, June 6, 2013

We DID make Greece's debt crisis worse with brutal cuts and tax hikes, IMF admits as Greeks say they 'can't forgive' officials for making recession worse

The International Monetary Fund has admitted 'notable failures' in the handling of the Greek bailout which could have made the crisis worse.

An official report suggests that the harsh austerity regime imposed on the struggling country could have been counter-productive, as it increased Greece's debt burden by restricting economic growth.

The fund also expressed regret at the failure to restructure Greek debt early on by forcing bondholders to take a loss on their investments.