EU auditors say Greek bailouts were ill planned and failed to anticipate recessionary impact

Massive bailout programmes for Greece were not properly planned and failed to anticipate the recessionary effect of austerity measures, auditors from the European Union’s executive Commission said.

Massive bailout programmes for Greece were not properly planned and failed to anticipate the recessionary effect of austerity measures, auditors from the European Union’s executive Commission said.

A report published Thursday by the EU’s European Court of Auditors criticised the first and second Greek bailouts, which were backed by the International Monetary Fund and launched in 2010 and 2012.