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IMF Failed to Push for Crucial Debt Relief in 2010 Greek Bailout, Auditor Says

The International Monetary Fund failed to demand debt relief as part of Greece’s 2010 bailout despite widespread staff views that this was critical to the program’s success, an internal audit report showed on Thursday.

The IMF also did not make a serious attempt to quantify the risk of financial contagion throughout Europe that was used to justify its granting of “exceptional access” funding to Greece when the country’s debt was widely viewed internally as not having a high likelihood of repayment.

This post is from Voice of America. Click here to read the full text

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