EU will publish its own report on Greece after IMF admits bailout failures

*European Commission will publish its own report

The European Union has struck back after an IMF report yesterday saw the IMF admit failures over its handling of Greek bailouts. It has been announced that the European Commission will now be publishing its own report.

In 2010 the IMF said that support for Greece was necessary to prevent the nation's problems from spilling over into the rest of the Eurozone and the global economy.

“There was, however, a tension between the need to support Greece and the concern that debt was not sustainable with high probability,” according to the IMF’s evaluation. “In response, the exceptional access criterion was amended to lower the bar for debt sustainability in systemic cases.”

The bailout provided to Greece was the largest in the IMF's history, "fund access was €30 billion, or 3,212 percent of quota. This was the largest Fundprogram ever relative to quota".

Now the EU has said that Greece's reform program is on track, despite the IMF saying that the country needs more debt writedowns.