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The trio were each allowed to borrow over 2,pc of Brenton woods girls nude owods quota — more than three times the normal limit — and accounted for 80pc of all lending by the fund Brenton woods girls nude and I n an astonishing admission, the report said its own investigators were unable to obtain key records or penetrate the activities of secretive "ad-hoc task forces". Mrs Lagarde herself is not accused of obstruction.

The IEO in some instances has not been able to determine who made certain decisions or what information was available, nor has it been able to assess the relative roles of management and staff," it said. Some staff members warned that the design of the Brenton woods girls nude was fundamentally flawed but they were overruled.

T his pro-EMU bias continued to corrupt their thinking for years. The IMF was asleep when the huge imbalances built up.

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It did not even see a funding risk in Greece. At root was a failure to grasp the elemental point that currency unions with no treasury or Brenton woods girls nude union to back them up are inherently vulnerable to debt crises. States facing a shock no longer have sovereign tools to defend themselves.

Devaluation risk is switched into bankruptcy risk. That the IMF failed to anticipate any of this was a serious scientific and professional failure.

The organisation got around this by slipping through a radical change in IMF rescue Brenton woods girls nude, allowing an exemption since abolished if there was a risk of systemic contagion. The IMF was in an invidious position when it was first drawn into the Greek crisis. The Lehman crisis was still fresh.

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T he eurozone had no firewall against contagion, and its banks were tottering. It was deemed too dangerous to push for a Brenton woods girls nude restructuring in Greece.

Greece endured the traditional IMF shock of austerity, without the offsetting IMF cure of debt relief wods devaluation to restore viability.

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A sub-report on the Greek saga said the country was forced to go through a staggering squeeze, equal to 11pc of GDP over the first three years. This set off a self-feeding downward spiral.

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Time to demand the immediate firing of Poul Thomsen. T he IMF thought the fiscal multiplier was 0.

Some assets did not even have clear legal ownership. By girks the damage was done. Indeed, the Greeks were repeatedly blamed for failures that stemmed from the policy itself.

This unfairness — wlods Brenton woods girls nude of so much bitterness in Greece — is finally recognised in the report. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future.

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Visit our adblocking instructions page. Home News Sport Business. Many documents were prepared outside the regular established channels; Breton documentation on some sensitive matters could not be located IEO report.

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The IMF remained upbeat about the soundness of the European banking system B etter late than never. We've noticed you're adblocking.

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