The IMF is angry with Europe

Christine Lagarde, head of the IMF.

She thinks these guys are idiots:


Jose Manuel Barroso, president of the European Commission.


Mario Draghi, president of the European Central Bank

" I came to realise the depth of anger amongst IMF officials against Germany, Frankfurt and Brussels. As one of them put it to me in no uncertain terms, “the Europeans forced us into a program for Greece that sullied the IMF’s image (sic)”. More importantly, the IMF was livid that Germany was proclaiming a banking union in order to ensure that it never actually happens."
--http://yanisvaroufakis.eu/2013/06/06/the-imfs-anger-and-what-it-means-for-the-eurozones-crashing-periphery/

"The European Commission on Thursday defended its handling of the Greek debt crisis, saying it "fundamentally disagrees" with criticism voiced by the International Monetary Fund."
http://abcnews.go.com/International/wireStory/eu-rejects-imf-criticism-handling-greek-crisis-19337225

The report places part of the blame on Europe:
"C. How well did the Troika arrangement work?
62. There was no clear division of labor. Fund collaboration with the World Bank on country programs rests on an agreed division of labor. There was no such clarity in the assignment of responsibilities across the Troika. The EC needed to be involved in all aspects of the program to ensure conformity with European laws and regulations. While the Fund had experience designing fiscal adjustment, the EC had its own fiscal targets from Maastricht. The EC had structural reforms expertise, but so too did the Fund, particularly in the fiscal area. And from the Fund’s perspective, the EC, with the focus of its reforms more on compliance with EU norms than on growth impact, was not able to contribute much to identifying growth enhancing structural reforms. In the financial sector, the ECB had an obvious claim to take the lead, but was not expert in bank supervision where the Fund had specialist knowledge.
The Fund’s program experience and ability to move rapidly in formulating policy recommendations were skills that the European institutions lacked. "

Ouch.  Translation:  Europeans are a bunch of idiots.  We never should have listened to you.  You screwed up Greece.  I can't wait for Nigel to chime in.