{"id":4194,"date":"2020-02-29T13:08:58","date_gmt":"2020-02-29T13:08:58","guid":{"rendered":"https:\/\/www.sportsnewsforyou.com\/?p=4194"},"modified":"2020-02-29T13:08:58","modified_gmt":"2020-02-29T13:08:58","slug":"commission-mismanaged-bailouts-eu-auditors","status":"publish","type":"post","link":"https:\/\/googmn.com\/?p=4194","title":{"rendered":"Commission mismanaged bailouts: EU auditors"},"content":{"rendered":"<figure class=\"art\"><figcaption>\n<p>The Berlaymont European Commision Bulding in Brussels  | Georges Gobet\/AFP via Getty Images<\/p>\n<\/figcaption><\/figure>\n<header>\n<h1>Commission mismanaged bailouts: EU auditors<\/h1>\n<p class=\"subhead\">\n<\/header>\n<footer class=\"meta\">\n<p>\n\t\t\tBy\t\t\t<span class=\"byline\"><br \/>\n\t\t\t\t<span class=\"vcard\">Emmet Livingstone<\/span>\t\t\t<\/span>\n\t\t<\/p>\n<p class=\"timestamp\">1\/26\/16, 2:22 PM CET<\/p>\n<\/footer>\n<p>The EU\u2019s accounting watchdog blasted the European Commission for its\u00a0\u201cweak management\u201d of the financial crisis in a report issued Tuesday into five of the eight bailouts in the European debt crisis, including Ireland and Portugal.<\/p>\n<p>The report by the European Court of Auditors into the bailouts of non-eurozone states Hungary, Romania and Latvia (which has since joined the single currency), and eurozone members Ireland and Portugal, found the Commission\u00a0had overestimated the strength of public budgets and failed to warn EU leaders of growing fiscal imbalances prior to the crisis.<\/p>\n<p>It also criticized the management of early bailout funds, saying the Commission did not\u00a0apply similar conditions to countries in comparable economic situations.<\/p>\n<p>\u201cWhen comparing countries with similar structural\u00a0weaknesses, it was found that the required reforms\u00a0were not always in proportion to the problems faced\u00a0or that they pursued widely different paths,\u201d said\u00a0the report.<\/p>\n<p>The Court of Auditors\u2019 report is one of the first to examine the Commission\u2019s role in assisting member countries, via programs managed by the European Central Bank and IMF. Greece\u00a0and Cyprus also received sovereign bailouts, which will be the subject of\u00a0separate reports, and Spain received assistance for its banking system.<\/p>\n<p>Among the more damning conclusions of the report is that the Commission lacked\u00a0\u201ckey documents\u201d when implementing bailout programs and that calculations underpinning\u00a0the Commission\u2019s recommendations were not rigorously checked.<\/p>\n<p>The Commission\u2019s spokesperson for economic and financial affairs, Annika Breidthardt, said\u00a0Tuesday that while the report\u2019s findings were being taken seriously,\u00a0the bailout programs had clearly met their objectives.<\/p>\n<p>\u201cSome of these countries have the highest growth rates in Europe,\u201d said\u00a0Breidthardt, referring to countries like Ireland that received bailouts and are\u00a0now on the road to economic recovery.<\/p>\n<p>\u201cThe Commission accepts that there were weaknesses in the management of these early programs,\u201d she said, in response to a question about poor record-keeping.\u00a0\u201cThe financial crisis was something that developed very quickly and needed very quick responses.\u201d<\/p>\n<p>The Commission also said\u00a0that the report did not take\u00a0\u201ccomplex institutional settings\u201d into account, in a written response. It said\u00a0the role of the EU Council, the IMF, ECB and national governments in implementing bailouts was played down.<\/p>\n<\/p>\n<footer class=\"content-credits\">\n<h6>Authors:<\/h6>\n<dl class=\"vcard\">\n<dt class=\"credits-author\"><span class=\"vcard\">Emmet Livingstone<\/span>&nbsp;<\/dt>\n<\/dl>\n<\/footer>\n","protected":false},"excerpt":{"rendered":"<p>The Berlaymont European Commision Bulding in Brussels | Georges Gobet\/AFP via Getty Images Commission mismanaged bailouts: EU auditors By Emmet Livingstone 1\/26\/16, 2:22 PM CET The EU\u2019s accounting watchdog blasted the European Commission for its\u00a0\u201cweak management\u201d of the financial crisis in a report issued Tuesday into five of the eight bailouts in the European debt&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4194","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts\/4194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4194"}],"version-history":[{"count":0,"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts\/4194\/revisions"}],"wp:attachment":[{"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}