Auditor Says IMF Bailout Forecasts Overly Optimistic

By Dow Jones Business News,  March 18, 2014, 11:45:00 AM EDT

WASHINGTON--The International Monetary Fund issued overly optimistic economic forecasts relating to its biggest bailouts in recent years, the fund's auditor said Tuesday.
The auditor said the IMF forecasts "tended to be optimistic in high-profile cases," such as the record bailout program for Greece.
The comments by the fund's Independent Evaluation Office reinforce criticism from some outside economists who questioned whether the IMF's forecasts were designed to help the board approve the bailouts. The auditor said the IMF at times revised downward its forecasts within months of releasing initial projections.
"We should further strengthen the learning culture in the Fund, including by enhancing our learning from past forecast errors," IMF Managing Director Christine Lagarde said in a written statement.
Higher growth forecasts cut the amount of predicted debt a country owes, a primary determinant for whether the board can approve a bailout.
In the record Greek bailout, for example, fund growth forecasts allowed IMF staff to say the country's debt was sustainable early in the program. Private investors were eventually forced to take losses on the sovereign bonds they held, however, to ensure the country didn't default.
High-profile bailouts represented the bulk of the IMF's lending in recent years and through the financial crisis

IMF - ANNUAL REPORT 2013: Promoting a more secure and stable global economy - 2013

IMF - ANNUAL REPORT 2013: Promoting a more secure and stable global economy - 2013 from Gde Merkl

Untaxed and Overpaid IMF Bureaucrats Recommend Huge Tax Hikes in America, by Daniel J. Mitchell

If there was a special award for chutzpah, the easy winner would be the bureaucrats at the International Monetary Fund. These pampered bureaucrats get lavishly compensated and don’t have to pay tax on their bloated salaries.

The gold-plated fringe benefits include “your spouse/partner may join you on official travel at Fund expense.”

You would think this would make them a bit sensitive to the notion that it’s hugely hypocritical of them to propose big tax hikes when they have a special exemption.
But they have no shame. The international bureaucracy is making a renewed push for higher taxes all over the world.
You can read the actual IMF report, but the UK-based Guardian does a very good job of summarizing the important details.
The key takeaway is that the bureaucrats are telling governments to make the VAT more onerous (a standard IMF recommendation) and to raise other taxes as well.

…the current fiscal monitor…suggests there are ways of raising extra tax revenue, beyond the fund’s long-term support for broadening the tax base through the wider application of VAT.

And what are those other taxes? Well, the IMF is very promiscuous when urging the confiscation of other people’s money.

First, it supports the idea of a financial activities tax, which would be levied on the wages and profits of financial institutions. This would be the equivalent of levying VAT on financial services, which are currently exempt. …Second, the IMF thinks it is time to do something about an international tax system… Instead of a race to the bottom where countries compete with each

Greece: Third Review Under the Extende d Arrangement Under the Extended Fund Facility—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece

http://www.imf.org/external/pubs/ft/scr/2013/cr13153.pdf

Greece has been sacrificed on the altar of the failed euro experiment An IMF report proves that British taxpayers' money was used to back a coup against the Greek people, says Nigel Farage.

Dreams have been destroyed, a future mortgaged  Photo: Getty

By Nigel Farage, Ukip Leader

11:48AM BST 07 Jun 2013

In June 2011, I stood in front of the assembled ranks of Eurocrats – Barrosso et al – with a copy of the IMF charter in my hand and read it out. The IMF expressly rejects the idea of supporting currencies; it is there instead to support countries.

Now, exactly two years later, we find that the IMF – with the support of the political establishment of the European Union, including our own George Osborne and David Cameron – was preparing to gamble billions of pounds on a lie.

This gamble has resulted in liabilities being run up that will take generations to pay back. It has resulted in the destruction of millions of lives and the colonial depredation of a once-proud nation.

Greece has been sacrificed on the altar of the failed euro experiment, its business community decimated, its families driven to penury, its suicide rate through the roof (up more than 40 per cent over the period of the crisis). Unemployment in the strike country has quadrupled, and youth unemployment is now at 64%.

IMF Concedes It Made Mistakes on Greece Fund Says It Bent Rules on Debt Relief, but Argues That Bought Time for Europe to Limit the Fallout

By MATINA STEVIS in Brussels and IAN TALLEY in Washington

European Pressphoto Agency

Blind marchers protested cuts in disability benefits outside the Parliament building in Athens on Wednesday.

BRUSSELS—The International Monetary Fund has admitted to major missteps over the past three years in its handling of the bailout of Greece, the first spark in a debt crisis that spread across Europe.

The International Monetary Fund has admitted to major missteps over the past three years in its handling of the bailout of Greece. Charles Forelle reports. Photo: Getty Images.

In an internal document marked "strictly confidential," the IMF said it badly underestimated the damage that its prescriptions of austerity would do to Greece's economy, which has been mired in recession for the last six years.
The IMF conceded that it bent its own rules to make Greece's burgeoning debt seem sustainable and that, in retrospect, the country failed on three of its four criteria to qualify for aid.

Enlarge Image

But the fund also stressed that the response to the crisis, coordinated with the European Union, bought time to limit the fallout for the rest of the 17-nation euro area.
And while IMF officials said the lessons learned would lead them to take a tougher stance in future bailouts, they also said that there was little else the fund could have done at the time.
"If we were in the same situation…we would have done the same thing again," said Poul Thomsen, the IMF's
lead negotiator in the bailout talks, referring to its signing on to the deal in 2010 despite the lack of any debt

So your WAGES have to come down!

Growth Forecast Errors and Fiscal Multipliers Prepared by Olivier Blanchard and Daniel Leigh

http://www.imf.org/external/pubs/ft/wp/2013/wp1301.pdf

Κάναμε Λάθος (Olivier Blanchard and Daniel Leigh, IMF)

Growth Forecast Errors and Fiscal Multipliers

This paper investigates the relation between growth forecast errors and planned fiscal
consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal
consolidation has been associated with lower growth than expected, with the relation being
particularly strong, both statistically and economically, early in the crisis. A natural
interpretation is that fiscal multipliers were substantially higher than implicitly assumed by
forecasters. The weaker relation in more recent years may reflect in part learning by
forecasters and in part smaller multipliers than in the early years of the crisis.


http://www.imf.org/external/pubs/ft/wp/2013/wp1301.pdf

IMF loans: which country owes the most? By lisa Evans

IMF loans by country: Comments about the International Monetary Fund on a wall in Dublin, Ireland. Photograph: Cathal McNaughton/Reuters

With the departure of the head of the International Monetary Fund, Dominique Strauss-Kahn, attention has focussed on the IMF. What does it do and who does it lend money to?

Dominique Strauss-Kahn has hit the news for his alleged misconduct and resignation from his position as International Monetary Fund (IMF) chief. Who will be Strauss-Kahn's successor and what will they be responsible for?
We can't help with the first question but we can shed some light on the last.
When a country is in such financial trouble that even the cost of getting a loan is unaffordable, then there is one last place to turn - the IMF.
To get an IMF loan, though, a country has to be a member and contribute something of its wealth regularly to the big pot of IMF funds.
Here are all the members of the IMF and the amount they contribute to the big pot of funds, and here are the loans by country:

Η Ελλάδα θα τα καταφέρει να (μισο)απαλλαγεί από το Ευρώ!

Του Δημήτρη Α. Γιαννακόπουλου

Η μάχη για να απαλλαγεί η χώρα από το Ευρώ συνεχίζεται από το πραγματικό (αντικειμενικά) κλαμπ της δραχμής – δηλαδή από την πολιτικοεπιχειρηματική ελίτ της Ελλάδας, που αντιπροσωπεύεται αυθεντικά από τη ΝΔ-ΠΑΣΟΚ-ΔΗΜΑΡ και επίσης από ένα μέρος της αντιπολίτευσης.

Τις λύσεις παραμονής στο Ευρώ με παράλληλο βιώσιμο σχέδιο διαχείρισης του δημόσιου και ιδιωτικού χρέους μετά από έξυπνο και ευρύ πρόγραμμα αναδιάρθρωσης, είχαν επεξεργαστεί ο Dominique Strauss-Kahn και ο Tommaso Padoa-Schioppa. Αυτή την πληροφορία είχε υπόψη του ο γράφων, όταν υποστήριζε την άμεση ριζική αναδιάρθρωση του δημόσιου χρέους, με διεθνή λογιστικό έλεγχο και ένταξη σε αυστηρό καθεστώς δημόσιου ελέγχου του τραπεζικού μας τομέα....

Την πληροφορία αυτή με την μορφή σχεδίου είχαν υπόψη τους, όχι μόνον οι βασικοί

Roumeliotis: “IMF Knew Austerity Program for Greece Impossible to Succeed”

 It looks as if the IMF knew from the beginning the Austerity Program for Greece was far away from a possible success. This revelation comes from Panagiotis Roumeliotis,  former representative of Greece to the International Monetary Fund. For one striking reason: Because as a member of the common currency area, the Euro Zone, Greece could not devalue its currency. And because the IMF underestimated the impact of the austerity to the real economy.

“We knew at the fund from the very beginning that this program was impossible to be implemented because we didn’t have any — any — successful example,” said Panagiotis Roumeliotis at New York Times, a vice chairman at Piraeus Bank and a former finance minister who until January was Greece’s representative to the International Monetary Fund. Because Greece is in the euro zone, he noted, the nation cannot devalue its currency to help improve its competitiveness as other countries subject to I.M.F. interventions almost always are encouraged to do.
At the same time, Mr. Roumeliotis and others note, the troika underestimated the negative

IMF World Economic Outlook

Imf World Economic Outlook July 16 2012

Remarks on the MoU: Memorandum of Understanding on Financial-Sector Policy Conditionality draft for Spain

FXstreet.com (San Francisco) - The draft of the Memorandum of Understanding on Financial-Sector Policy Conditionality (MoU) said that "The main objective of the financial sector programme in Spain is to increase the long-term resilience of the banking sector as a whole, thus, restoring its market access," and to reach this target Spain is called to reforms its financial system and complete structural reforms in the terms of 2 year. The Aid will be released in the next 18 months (€100B as top).

The memo provides more powers to the Banco de España instead of Financial Ministry De Guindos in order to have a more independent central bank. The MoU also recommends the creation of another independent institution to regulate the whole tax policy in the Kingdom of Spain.

"The key component of the programme is an overhaul of the weak segments of the Spanish financial sector," says the draft. "It will be comprised of the following three elements:"

· Identification of individual bank capital needs through a comprehensive asset quality review of the

Chère Madame Lagarde,

Δεν γνωρίζω κατά πόσον το βεβαρυμμένο πρόγραμμά σας, σάς έχει επιτρέψει να ασχοληθείτε με την ιστορία τόσο της δικής σας, όσο και της δικής μου χώρας. Ούτε επίσης γνωρίζω αν στα μαθητικά σας χρόνια διδαχθήκατε το παραμικρό σχετικά με τις θηριωδίες της φυλής σας και ιδιαίτερα αυτές που σημειώθηκαν το 279 π.Χ. κατά την κάθοδο των Γαλατών στην Ελλάδα, με στόχο το Μαντείο των....
Δελφών (και τους θησαυρούς του φυσικά).
Επιτρέψτε μου να σας θυμίσω ότι τότε, μια πολυάριθμη στρατιά βαρβάρων υπό την αρχηγία του Βρένου Β΄ και
καθ’ οδόν προς τους Δελφούς, εισέβαλλε στην ανυπεράσπιστη Ευρυτανία όπου δεν δίστασε να κάνει επίδειξη της γαλατικής αβρότητας, σφάζοντας γέροντες και νήπια, από τα οποία ήπιαν το αίμα και έφαγαν τις σάρκες!!! Δεν παρέλειψαν επίσης, να φερθούν εξ’ ίσου «γαλατικώς αβρά» και στις γυναίκες, «ικανοποιώντας» τις σεξουαλικά έως θανάτου!...

Le Monde ξεμπροστιάζει Κ.Λ. για υπέρογκο αφορολόγητο μισθό!

Δημοσίευμα της εφημερίδας Le Monde έρχεται να βγάλει στη... φόρα τα φορολογικά «άπλυτα» της Κριστίν Λαγκάρντ. Η γενική διευθύντρια του Διεθνούς Νομισματικού Ταμείου, λοιπόν, εκείνη που παραδίδει μαθήματα -ή καλύτερα κάνει αυστηρό κήρυγμα- καλής φορολογικής συμπεριφοράς σε έναν ολόκληρο λαό, δεν πληρώνει ούτε ένα ευρώ φόρο!

Ο μισθός της, ως επικεφαλής του ΔΝΤ, φτάνει τις 380.959 ευρώ το χρόνο. Και για όλο αυτό το ποσό, η κυρία Λαγκάρντ δεν πληρώνει ΟΥΤΕ ΕΝΑ ευρώ φόρο! Γιατί; Γιατί «κρύβεται» πίσω από τη διπλωματική της θέση. Η Monde επικαλείται στοιχεία της ιστοσελίδας toutsurlesimpots.com, που είχε κάνει αποκαλύψεις για την Κριστίν Λαγκάρντ από τον περασμένο Ιούλιο!

Χτύπημα σε τράπεζες και ΟΠΑΠ από την Goldman Sachs - Υπό κατάρρευση το ΧΑ κινείται προς τις 500 μονάδες - Απογοήτευση από ΟΟΣΑ, ενώ Fitch, EFSF, ΔΝΤ μιλούν για πιθανή έξοδο από το ευρώ - Περίεργη εξέλιξη με το ELA... 100 δισ ή 65 δισ;

 Οποιαδήποτε προσπάθεια αντίδρασης στο ΧΑ έχει καταρρεύσει. Το χρηματιστήριο υποχωρεί 1,5% στις 536 μονάδες ενώ οι ξένοι και ειδικά η Goldman Sachs είναι καθαρός πωλητής στις τράπεζες ενώ διακίνησε και το πακέτο στον ΟΠΑΠ των 2 εκατ που επίσης είναι πωλητής.
Τις τελευταίες ώρες καταγράφεται μια συστηματική πίεση από διεθνείς θεσμικούς φορείς όπως ΔΝΤ και EFSF αλλά και επενδυτικούς οίκους προς την Ελλάδα.

Την έκδοση ευρωδραχμής προτείνει η Deutsche Bank

Για την αποφυγή της εξόδου της Ελλάδας από την ευρωζώνη ο επικεφαλής οικονομολόγος της Deutsche Bank Τόμας Μάγερ προτείνει την έκδοση ευρωδραχμής, χρεογράφων «ελληνικού ευρώ» που θα λειτουργούσαν ως  παράλληλο νόμισμα και θα επέτρεπαν την εξυπηρέτηση τουλάχιστον των υποχρεώσεων της χώρας.
Η εν λόγω πρόταση συμπεριλαμβάνεται σύμφωνα με το Reuters στην έκθεση του Μάγερ.

ΕΡΕΥΝΑ: Οι ... αγορές - Τα ονόματα και οι εταιρίες που έκαψαν την Ελλάδα

Μια απίστευτη έρευνα που λέει τα πράγματα με ... το όνομά τους! Ποιοι και πως οργάνωσαν το έγκλημα κατά της χώρας μας!
	Γιώργος Αδαλής aegeantimes.gr αρχική καταχώρηση στις 3/3/2012, 14:06 τελ. ενημέρωση 3/3/2012

Ο Σημίτης, ο Παπαδήμος, η Goldman Sachs, το ΔΝΤ κα ι η Τριμερής Επιτροπή!

Ο πρώην πρωθυπουργός, Κώστας Σημίτης, από τον Δεκέμβριο του 2008, με άρθρο του στην Καθημερινή έκανε ευθεία αναφορά στην… επιδίωξη «φίλων και εταίρων» για προσφυγή της Ελλάδας στο μηχανισμό του ΔΝΤ!
Σε εποχή που κανένας δεν μπορούσε να φανταστεί την Ελλάδα εκτός αγορών, πόσο μάλλον στις αγκάλες του ΔΝΤ, ο Κώστας Σημίτης ήταν ξεκάθαρος με άρθρο του στην Καθημερινή (στις 21 Δεκεμβρίου του 2008):