BUSINESS

Central banker says IMF's Thomsen pushed for excessive austerity in Greece

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TAGS: Economy, Banking

The International Monetary Fund (IMF) and especially the head of the IMF's European department, Poul Thomsen, was the main driver of excessive austerity in Greece’s first two bailout programs, Greek central banker Yannis Stournaras said on Tuesday.

Speaking at an event titled “Crisis and Structural Reforms,” organized by the Hellenic Foundation for European and Foreign Policy (ELIAMEP) and the Bank of Greece, Stournaras said Thomsen later became "more realistic” on fiscal matters.

Before heading the European Department the Danish economist was the Fund's head of the Greek program, serving along with representatives from the European Commission and the European Central Bank.

Greece ermerged from its eight-year bailout era in August 2018.

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