Christine Lagarde Admits Failure of Greek Bailout Program



LagardeChristine Lagarde noted that the International Monetary Fund (IMF) would continue to support its positions, while she admitted that Greece’s bailout was not successful, especially for the Greeks.

“We still need to be rigorous and disciplined. On occasion we will still make recommendations that people are not happy with because it is hard,” Lagarde said. “But I would like the IMF to have that human face.” The managing director expressed the IMF’s intention to remain intransigent in the negotiations for the changes in the Greek labor market.

In a recent interview with the Financial Times, Lagarde noted that the IMF was a “convenient scapegoat” in the Greek issue, especially since the institution has been arguing forcefully for debt relief. “It has not been a successful experience, let’s face it, for anyone, particularly for the Greek people themselves,” the IMF managing director noted.

Meanwhile, Lagarde also wishes for the fund to look further into issues, such as income inequality. According to her, tackling such issues is essential in order to restore people’s trust in the idea of globalization.