The IMF experts have realized their slips and mistakes with regard to the decision to support Greece financially. In the latest report, they confessed that they turned the blind eye to the standards of lending funds. In the face of Greece’s economic collapse foreboding grave implications for the EU, the International Monetary Fund has granted loans overlooking the norms. The IMF specialists are recommended to be more skeptical about the data provided by national governments in need for a helping hand. For instance, unemployment in Greece has been found to be much milder and the recession, much more acute, than what was reported by the government agencies. Thus, private credits would have been sufficient for the country to cope with the crisis. Had the private lenders come up with their help and share the burden of the financial loss earlier, the country would have done without any external help. The Athens case calls for a more discerning approach to aid requests. From now on, the IMF credit specialists are set to be tougher in deciding on loans. The fund will pay particular attention to assisting the countries in levying taxes and stabilizing the banking sector. And yet, be it for good or for bad, in early June, the IMF approved another tranche for Greece in the amount of €1.7 billion.
