Articles by Costas Panayotakis

Source: The Indypendent

Oops, we did it again.

That’s essentially what the International Monetary Fund has to say in a June report acknowledging the grave mistakes it, the European Commission and the European Central Bank made in 2010 when they insisted on a savage austerity program as a condition for loans that allowed Greece to continue servicing its debt to European banks. While the stated expectation of the IMF, EU and ECB troika was that their program would only lead to a short recession that would quickly allow Greece to return to global financial markets, three years later austerity has led to a deep economic depression, with socially catastrophic consequences and the Greek debt as unmanageable as ever. read more