How the IMF's Greek misadventure is changing the fund

Reuters

Lesley Wroughton Howard Schneider Dina Kyriakidou
August 28, 2015

The following is an excerpt. To view the full article please visit the link below

Many of the top brass of the International Monetary Fund always had concerns about the plans to bail out Greece. That much was clear as far back as May 9, 2010, when the IMF's 24 directors gathered in Washington to sign-off on the fund's participation in the first, 110-billion-euro ($125 billion) rescue alongside European institutions.

A Reuters examination of previously unreported IMF board minutes shows that a near majority of directors round the board table that day thought the Greek program would not work.

"We have serious doubts about the approach," said Brazil's then director Paulo Nogueira Batista. He slammed …

The opinions expressed in this article/multimedia are those of the author(s) and do not necessarily reflect the views of CIGI or its Board of Directors.