SPIEGEL ONLINE INTERNATIONAL: The International Monetary Fund conceded on Wednesday that it lowered its own standards on the Greek bailout, underestimating the effects of austerity and making overly optimistic projections for Greece's economy.
The International Monetary Fund acknowledges that it made "notable failures" on the first rescue package for Greece, setting overly optimistic expectations for the country's economy and underestimating the effects of the austerity measures it imposed. As such, the fund said in an unusually frank report released on Wednesday, it lowered its own standards on debt sustainability, setting lending levels too high for Greece while not pushing hard enough on Greek debt restructuring. » | chw -- with wires | Thursday, June 06, 2013
