IMF admits 'austerity' wrong for Greece

In yet another case of, quite hypocritical, "too little, too late", the International Monetary Fund has admitted (so far only internally but to be published this week) that the organization underestimated the damage that austerity would cause to the Greek economy and society. 

They also admit that the Greek debt bubble was only possible because the IMF bent its own rules in order to pretend and extend.

The acknowledgement seems to forecast a haircut of the Greek debt. 

Source: The Guardian.