By Daniel R. Amerman, CFA
A
confidential internal International Monetary Fund report was recently
leaked to the Wall Street Journal, with the contents later being made
public by the IMF. The contents of this report have major implications
for Europe, but even greater implications for the United States.
Most
of the press attention is being paid to the legalities associated with
the report, and revolve around what the International Monetary Fund
knew, when it knew it, and whether it properly acted within its charter
at various points. However, what is being overlooked is the truly
explosive information that comes in the form of what the IMF admitted
(in this internal report to itself) when it came to miscalculations
about "austerity", and closing budget deficits.
Briefly,
the International Monetary Fund and European Union did not force
balanced budgets upon Greece, but only a reduction in the level of
deficits. (more)
Please share this article
No comments:
Post a Comment