IMF admits mistakes made in Greece bailout

The International Monetary Fund has said that it lowered its normal standards for debt sustainability to bail out Greece and its projections for the Greek economy may have been overly optimistic.

The IMF was one of a trio of international lenders that in 2010 stepped in to keep the euro zone country from defaulting on its debt and departing the common currency bloc. The IMF pledged about $39bn to Greece at the time, out of a total package of $146.2bn.

Some IMF board members and others criticised the fund for giving Greece so much money in comparison to the size of its economy, accusing the lender of being overly swayed by its European members.

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