Greece Shows Austerity Doesn’t Work, Says People Who Forced Austerity On Greece

by evanmcmurry


The International Monetary Fund is to admit that it has made serious mistakes in the handling of the sovereign debt crisis in Greece, according to internal reports due to be published later on Wednesday. Documents presented to the Fund’s board last Friday will reveal that the Washington-based organisation underestimated the damage austerity would cause to the eurozone country, which has required two bailouts in the past three years.

As Pierce put it, we can stop warning that America is going to turn into Greece as even Greece couldn’t have become Greece without help from the austerity scolds.

For the record, this blog has saying this forever and a day.