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IMF: “We underestimated the negative effects of austerity on unemployment and spending power”
06 January 2013 @ 14:51

THE International Monetary Fund (IMF) has admitted that it 'underestimated' the negative impact on employment and GNP of the austerity measures it imposed upon countries in financial trouble. Chief economist Olivier Blanchard (pictured) said the worldwide institution did not expect to see 'the significant increase in unemployment' and 'fall in individual consumer spending and investment' that its 'fiscal consolidation' requirements have caused.


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