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upi.com<\/a><\/strong> The International Monetary Fund admitted it didn\u2019t realize how damaging the draconian Greek bailout austerity measures it imposed would be to Greece\u2019s economy.<\/p>\n The 2010-imposed austerity measures in the first bailout helped Greece avoid bankruptcy but also caused the country\u2019s economy, already in recession, to plummet, the IMF said in an internal report made public after its contents were reported by The Wall Street Journal.<\/p>\n In contrast to publicly stated high hopes of the first bailout of $144 billion put together by the \u201ctroika\u201d of the IMF, European Commission and European Central Bank in May 2010, \u201cmarket confidence was not restored, the banking system lost 30 percent of its deposits and the economy encountered a much deeper-than-expected recession with exceptionally high unemployment,\u201d the report said.<\/p>\n Read more<\/a><\/p>\n <!– <\/p>\n –><\/p>\n This article was posted: Friday, June 7, 2013 at 4:29 pm<\/p>\n Tags: economics<\/a>, foreign affairs<\/a><\/p>\n
June 7, 2013<\/p>\n
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