Tags: EU | Greece | Bailout

EU Auditors: Greek Bailouts Failed to Account for Recession

Thursday, 16 November 2017 01:38 PM

ATHENS, Greece (AP) — Auditors from the European Union's executive Commission say massive bailout programs for Greece were not properly planned and failed to anticipate the recessionary effect of austerity measures.

A report published Thursday by the EU's European Court of Auditors, focused criticism on the first and second Greek bailouts, which were backed by the International Monetary Fund and launched in 2010 and 2012.

Greece is preparing to exit its third consecutive bailout program next year, following years of recession and stagnant growth. It now has a national debt touching 180 percent of its gross domestic product and unemployment higher than 20 percent.

In 2013, the IMF admitted it made unrealistic assumptions about the Greek economy, failing to forecast the extent of the country's crippling recession.

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Auditors from the European Union's executive Commission say massive bailout programs for Greece were not properly planned and failed to anticipate the recessionary effect of austerity measures.A report published Thursday by the EU's European Court of Auditors, focused...
EU,Greece,Bailout
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2017-38-16
Thursday, 16 November 2017 01:38 PM
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