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IMF Admits It Miscalculated Impact of Austerity on Greek Economy

HeadlineJun 07, 2013

The International Monetary Fund has admitted it had failed to realize the damage austerity would do to Greece as the country tried to recover from its economic crisis. The IMF and the European Union forced Greece to slash public spending and benefits in exchange for a bailout, but the country is now mired in a much deeper recession. The unemployment rate in Greece is now 27 percent.

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