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Recession Engineered by the Creditors: Seven Years of Demanding the Impossible in Greece

Yiannis Mouzakis

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In a recent presentation of his book, Laid Low, which examines the International Monetary Fund’s role in the eurozone crisis, author and journalist Paul Blustein disclosed a memo dated May 4, 2010, from the IMF’s then head of research Olivier Blanchard, to Poul Thomsen, who headed the Greek mission at the time.

In his missive, Blanchard warned that the cumulative fiscal adjustment of 16 percentage points being demanded of Greece in such a short period of time and with such a high level of frontloading had never.......