IMF on Austerity: "Nevermind" (Read: Go Ahead and Print)

``In economic parlance, the new findings suggest that the fiscal multipliers are higher than anyone had previously estimated. Whoops... sorry Greece, Portugal and Ireland. Perhaps those budget cuts that were imposed as conditions of your bailouts were misplaced. This is a major finding from the body that structures bailouts for countries, but the evidence doesn't stop there...''