WASHINGTON, 6 JUNE: The International Monetary Fund (IMF) acknowledged that it made “notable failures” in the Greek bailout, underestimating how much the austerity measures it pushed would pinch the country’s already faltering economy. The IMF made the unusually frank admission in an evaluation of how it handled Greece’s debt crisis, which triggered financial turmoil across the eurozone. The Greek economy has been kept afloat for the past three years by rescue loans from Europe and the IMF in exchange for harsh austerity measures that have worsened the recession, currently in its sixth year. It has so far received about $258.8 billion in loans from a rescue programme totalling $310.5 billion. ap