Posted on 01/27/2016 1:49:34 PM PST by Lorianne
The European Commission mishandled government bail-outs in the wake of the financial crisis, imposing harsher conditions on member states as contagion spread across the continent, the EU's Court of Auditors has found.
In the first major assessment of the Commission's role in "Troika" of international creditors, the ECA said Brussels was unprepared for Europe's spiralling debt crisis as it failed to spot dangerous deficit levels in member states.
The spending watchdog looked at five bail-outs from 2009 to 2011. Auditors found the Commission escalated its austerity demands as the financial crisis spread to the single currency's periphery.
(Excerpt) Read more at telegraph.co.uk ...
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