A few days ago, we deservedly mocked [5]the IMF for "projecting" that in 2016 Greece would be the Eurozone's fastest growing country, with a 3.7% expected GDP growth rate.
[6]
We said:
Yes, Greece, the same country which moments ago the IMF's chief economist Blanchard admitted may very well not be in Europe!
- IMF VERY MUCH WANTS TO COME TO AGREEMENT WITH GREECE: BLANCHARD
- GREEK EXIT FROM EURO WOULD BE COSTLY, PAINFUL: BLANCHARD
So yeah. Comedy.
Comedy indeed. Ignoring that in virtually all credible and realistic forecasts, thus not the IMF's, Greece will almost certainly no longer be in the Eurozone in 2016, the fact that Greece, which is not only on the verge of defaulting to its foreign creditors, but will likely seek redenomination to the Drachma soon, will result in a historic collapse in its economy in the coming years.
Moments ago, the IMF seemingly tired of being mocked by fringe blogs, admitted the obvious:
- IMF OFFICIAL: IMF'S GREEK ECONOMIC OUTLOOK NEEDS TO BE LOWERED
And a little more humor:
- IMF MAY NEED NEW DEBT ANALYSIS ON GREECE, THOMSEN SAYS
You mean that 2022 debt/GDP forecast may have been slightly off?
Sigh.
