Greece Among IMF’s All-Time Top Three Mistakes



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The IMF was too optimistic in its predictions for Greece prior to lending, and lowered its internal standards to do so, according to an internal IMF audit released Tuesday. The report highlights the miscalculations made by the IMF in countries such as Greece, where special handling was required but recession was the result.

“Short-term forecasts of GDP growth and inflation … tended to be optimistic in high-profile cases characterized by exceptional access to IMF resources,” according to the report by the IMF’s Independent Evaluation Office, which places the Greek program of 2010 among the organization’s biggest mistakes of the period 1990 to 2013, along with its poor forecasting of the 1997 Asian currency crisis and Argentina’s default in 2000.

The report notes many international observers and analysts have used these “sporadic” mistakes to question the accuracy, and in certain cases, integrity of IMF forecasts,

It also underlines that errors in each program have been corrected after the first review, the only exemption being Greece, where the IMF has repeatedly revised its estimates of Greece’s GDP, thus hindering the planning of the country’s adjustment program.


2 COMMENTS

  1. The IMF, the European Union and all other nations have nothing to do with our country’s bankruptcy…This was caused by 2 elements 1) The massive corruption within the government including it’s public servants 2) The mismanagement of our country’s economic affairs…For more then 30 years and our politicians have been looting it’s wealth leaving it with nothing other then massive debts leaving helpless generations to pay this debt caused by our past and present traitor politicians from all political parties…Unfortunately, some crook politicians are still roaming free protected by the law will poor people are sent to jail for issues caused by the government itself…This country will never prosper for as long as corruption still thriving in this country…

  2. Nothing is a mistake. Every country is being looted by their politicians. The imf/ecb causes organized chaos and especially in this case, there is an agenda.