Reread your article!<quoted text>
IMF admits: we failed to realise the damage austerity would do to Greece
it's not Obama who wants us to be another Greece.
"Market confidence was not restored, the banking system lost 30% of its deposits and the economy encountered a much deeper than expected recession with exceptionally high unemployment."
Market confidence was not RESTORED. Meaning it was lost before austerity measures were taken. Years of socialistic practices bankrupted the country. Socialistic practices that Obama advocates for us.
The banking system lost it's deposits because the government increased taxes on interest 50%. Also a lot of the lost deposits came after Cyprus started taxing (seizing 6.75% to 9.9%)deposits, not the interest earned on deposits.
The deeper than expected recession was not a Greek exclusive, most of the European Union experienced the same more than anticipated downturn with higher unemployment.
The exceptionally high unemployment is a product of the socialistic practices Greece followed for years, also similar to the practices Obama advocates for the USA. These practices encourage people not to work. The Government creates incentives for slackers to be slothful.
Greece's problems were there long before austerity measures were imposed. The other European Union members would not have bailed out Greece if the austerity measures were not imposed. Then where would they be now?