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Official: IMF admits the failure of the Greek program

An attempt by the IMF to officialize its new tactics

globinfo freexchange

IMF chief, Christine Lagarde, has ordered an investigation to ascertain the reasons for the failure of the Greek program and its implementation in the period 2010-2012.

According to the Greek newspaper, Real News, the investigation will be held by an independent committee, while the former Greek prime minister, Lucas Papademos, has already testified as well as the representative of Greece to the IMF, Miranda Xafa. Both expressed their opinion on the Greek program, the mistakes and omissions that led to failure.

Before the committee are expected to testify the former finance minister, Giorgos Papakonstantinou, the current head of the Bank of Greece and also a former Finance Minister, Yannis Stournaras, and the former chairman of the Council of Economic Experts, Panos Tsakloglou. Other political figures, economists, professors, bankers etc., are also expected to testify.

The investigation is expected to concentrate on Poul Thomsen, who had a key role in the progress as initiator of the Greek program and head of the European department of the IMF. For this reason the European part of the IMF appears to react to the investigation, claiming that the program has not been completed yet and cannot be assessed.

According to the Real News, the investigation is expected to be completed in late 2015 and will be based on secret IMF documents, as well as interviews with European Commission and ECB officials. Interviews with other eurozone officials will be included too.

Source:


This is probably an attempt by the IMF to officialize its new tactics. The reference on "mistakes" and "omissions" implies that there are no deliberate actions towards specific interests, or, catastrophic policies dogmatically applied.

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Comments

  1. Anonymous5/5/15 04:45

    Thus far only little Iceland has repudiated the attempt of the Debt Cartel to obtain control of their sovereign nation; I had hopes that the Irish people would save Western Civilization (a second time!) but the Irish were bludgeoned into submission; Cyprus was scarcely worth saving as redoubt of slav oligarchs,-- but the Greeks,-- the Greeks who had suffered so horribly in WWII and again under the Colonels, I tremble at their courage: they sealed NATO's southern flank and foreswore their nascent rivalry with the Turkey. Is there no point at which a Statesman? An Adenauer, a Churchill, a George Marshall can not broker a grand solution? What is the alternative? A debt Jubilee of biblical proportions. Give us a solution meritorious of the sacrifices of which modern Europe has been wrought. - A retail investor

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