Posts tagged ‘brettonwoods’

Οκτώβριος 23, 2012

Αυστηρή κριτική στον ρόλο του ΔΝΤ στην Ελλάδα από το Bretton Woods project

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IMF’s «incompetence» and «failures» in Europe led to «suffering»

The IMF’s role as a member of the Troika, the grouping of the European Central Bank (ECB), European Commission and the Fund in the eurozone crisis, is attracting new criticism. The deepening recessions in many eurozone nations has brought the efficacy and appropriateness of Troika-led reforms into question.

Criticism of the Fund’s European involvement includes the claim that it risked its independence as part of the Troika. Support for this view has come from the leaked resignation letter of a 20-year IMF veteran, Peter Doyle, who resigned as an adviser in the IMF’s European department in July. Doyle accused the Fund of “failing” in its surveillance function by having “suppressed” publication of problems in Europe that had been identified well in advance, so much so that the Fund was consequently “playing catch-up and reactive roles in the last ditch efforts to save [Greece]”, causing “suffering for many”. He laid the blame for these failures on the Fund’s “analytical risk aversion, bilateral priority and European bias”, problems which he argued had become “even more entrenched” and stemmed from the “evidently disastrous” appointment process for the managing director post (see Update 7776).

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