The IMF’s “Tough Choices” on Greece
The International Monetary Fund’s chief economist, Olivier Blanchard, recently asked a simple question: “How much of an adjustment has to be made by Greece, how much has to be made by its official creditors?” Unfortunately, his answer betrays a stunning failure to come to terms with the evidence of the last five years.
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ATHENS – The International Monetary Fund’s chief economist, Olivier Blanchard, recently asked a simple and important question: “How much of an adjustment has to be made by Greece, how much has to be made by its official creditors?” But that raises two more questions: How much of an adjustment has Greece already made? And have its creditors given anything at all?