In possibly the most extraordinary volte-face ever seen in the world of economics, the IMF has admitted that it massively understated the negative effect of fresh austerity measures on struggling economies. This means that they now know that the budget reducing measures they and the EU have pushed on Greece, Italy, Spain, Portugal and Ireland have been detrimental, not steps on the road to salvation. People, in Greece in particular, have suffered and starved for nothing, companies have gone bust, large areas of economic activity squeezed perhaps beyond hope of recovery.
All we can do now is guess how many people will resign in the IMF and in Brussels from this criminal balls-up. My guess....?
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