But at this crucial moment the IMF did not respond as one might have expected. In the summer of 2015, the dissatisfaction inside the Fund over the European approach to the Greek debt crisis finally broke into the open. Between a first blog post by its chief economist, Olivier Blanchard, in mid-June and the formal issuance of a paper on Greek debt sustainability in mid-July, the world’s leading financial authority declared the policy of extend-and-pretend practiced since 2010 both economically and politically unsustainable.
