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Euro bailout Troika nears end of road with patchy record
If the Troika that handles bailouts of distressed euro zone countries were a soccer team, it would probably be looking for a new manager after achieving a track record of one win, one loss and one draw. The uneasy trio of European Commission, International Monetary Fund and European Central Bank was assembled in haste in March 2010 after Greece's public debt and deficit exploded and it was about to lose access to market funding. Last week's IMF "mea culpa" report about the failures of the Greek program blew the lid off the fiction that the three institutions saw eye-to-eye on the rescue packages they designed ... (full story)