IMF Admits Huge Mistakes on Greece Bailout: Full Report

The International Monetary Fund’s (IMF) evaluation report on stand-by arrangement provided to Greece contains a mix of observations on the failure of the bailout. The report prepared by IMF staff team and released last month found some notable successes during the Stand-By Arrangement (SBA) program between May 2010 and March 2012. The report credited Greece for achieving strong fiscal consolidation and placing the pension system on a viable footing. The SBA program also enabled Greece to remain in the euro zone, besides containing the spill-over contagion not spreading to global economy. The IMF report however observed a few notable failures….