Friday, 29 July 2016

IMF admits it’s incompetent

British voters elected to ignore the opinions of “experts” in the Brexit referendum and have been mocked for doing so.  One of the “expert” organisations offering opinion was the IMF.

The IMF (International Monetary Fund) has just produced an internal report which is highly critical of the way in which it operates.

The report states that the organisation broke its own rules:
  • in order to lend excessive amounts of money to failing Eurozone countries
  • it invented a new “contagion risk” rule (since scrapped) to enable lending that was otherwise prohibited
  • it relied on unsubstantiated assurances from European bureaucrats that the Euro was a stable currency
  • documents relating to vast loans cannot now be found
  • it is unclear who sanctioned some funding transfers
  • they misjudged the Greek financial situation by initiating a strategy dubbed “the confidence fairy”
  • they sacrificed Greece to save northern European bankers and politicians

IMF admits Euro disaster

Christine Lagarde likely to dodge jail time

Mark Graham

1 comment:

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