‘IMF admits disastrous love affair with the euro led to immolation of Greece’.
So runs a press headline about the IMF Independent Evaluation Office (IEO)’s new report on the 2010 Greek crisis. It was already widely accepted that the IMF’s handling of the crisis was badly flawed, so the IEO’s report was more about providing careful detail, rather than startling revelation. Even so, it leaves tantalising gaps in the story and unresolved issues for future policy.
You could fill a library with the commentary on what went wrong (the IEO report gives a selection of references). The IMF itself has already issued …read more