The International Monetary Fund has published a scathing internal self-assessment of its bailout of Greece three years ago. It isn’t pretty.
The IMF underestimated the damage that fiscal austerity would do to the Greek economy in its earliest rescue of the nation in 2010. It was too slow to promote a write-down of the nation’s debts to more sustainable levels. And it was compromised by a sometimes unwieldy partnership with major European institutions in what became known as the “troika.”