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World

Nobel Prize winner in Economics Paul Krugman comes down heavily on the IMF

Translated Sunday 5 July 2015, by Sonia Govindankutty

In an opinion column published in The New York Times, the 2008 Nobel Prize winner in Economics states that if Greece were to leave the Euro zone, the blame would lie with the International Monetary Fund (IMF). His criticism was leveled at the fact that creditors continue to reject the proposals put forth by Greece because they are based on higher taxes rather than on lower expenses. According to him, the creditors’ inflexible stance has prevented an agreement being reached. Paul Krugman finds the situation ironic, given the IMF’s role in creating the current situation and opines that the Fund is ill-placed to offer advice on economic growth. "We continue to follow a path of controlling domestic policy," he adds.


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