IMF Admits "Notable Failures" in 2010 Greek Bailout

Including unrealistic optimism

The International Monetary Fund on Wednesday confessed that there had been "notable failures" in dealing with Greece's first bailout program, which was launched in May 2010.

The Washington-based lender said in a report that it was too optimistic in its economic assumptions and felt that the debt restructuring should have been attempted at the onset of the crisis.