In 2013, the International Monetary Fund produced a report acknowledging that it had “underestimated” the effects that austerity would have on Greece’s economy.

Yet the Fund has made the same mistakes in its subsequent deals with Argentina and Ecuador.

 The IMF’s bizarre belief in “expansionary austerity” would be laughable if it were not so damaging. 

 How can the IMF justify an approach with such a poor track record? 

 Jayati Ghosh Project Syndicate 14 August 2019


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