Greece - Internal Evaluation Office assesses IMF-policy - August 31, 2016

The IMF’s handling of the euro area crisis has been controversial, notably the way the fund handled the crisis in Greece. In a very critical report of the Independent Evaluation Office the criticism is summarised in three broad strands: first, the programs ‘only served to raise debt and demanded excessive fiscal adjustment’, second, the financing was ‘used to repay foreign banks’ and third, ‘growth-killing structural reforms, together with fiscal austerity, have led to an economic depression.’ The criticisms specifically targeted the handling of Greece because that country experienced a much deeper contraction of output than did any other euro area country.

English: http://www.ieo-imf.org/ieo/files/completedevaluations …

The full report: http://www.ieo-imf.org/ieo/files/completedevaluations/EAC … 

For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Willy De Backer wdebacker@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.

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