IMF admits disastrous love affair with the euro and apologises for the immolation of Greece, by Ambrose Pritchard-Evans.
The IMF’s chief Christine Lagarde is presiding over an organisation that is almost out of control.
The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.
This is the lacerating verdict of the IMF’s top watchdog on the fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions.
That’s what happens when a bunch of PC people take over a technical institution. They trade off its past good reputation, but of course the political hacks ruin it shortly thereafter.
hat-tip Stephen Neil