Monday, 10 June 2013 09:37
'The European Commission, executive arm of the 27-country European Union, Thursday firmly rejected a report from the International Monetary Fund on the Greek bailout, adding that it "fundamentally disagrees" with some of its findings.
The EU Commission, the IMF and the European Central Bank form the so-called troika of creditors that manages the bailouts for several countries in the 17-nation eurozone. The IMF said in its report Wednesday there had been "notable failures" in the way Greece's 240 billion euro ($310 billion) bailout was handled, admitting that it had underestimated how much austerity measures would worsen the country's economic plight. Greece is now in its sixth consecutive year of recession and unemployment has risen to 27 percent.'
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