Protest against austerity in front of the Greek parliament in June 2011. 'Greece’s ability to finance itself fully on the financial markets remains a challenge', say EU auditors. (Photo: EUobserver)

Greek bailouts 'lacked planning and strategy', EU auditors say

Green Economy

by Eric Maurice, Brussels,

Weaknesses in programme design and economic planning led to the failure of the first two Greek bailouts to help the embattled Mediterranean country finance itself again, the EU Court of Auditors has said.

In a report titled 'the Commission's intervention in the Greek financial crisis' published on Thursday (16 November), the guardian of EU finances recognised that the decision to bail out Greece in 2010 was taken "...