IMF admits "notable failures" in Greece bailout

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WASHINGTON The International Monetary Fund is acknowledging it made "notable failures" in Greece's massive bailout and says the country suffered a much deeper recession than what was foreseen.

The IMF made the unusually frank admission in a report Wednesday that described the first two years of the program as a "holding operation" as eurozone members grappled with the enormity of the unfolding economic crisis.

It argued that rescue lenders had allowed Greek debt to remain too high until private bonds were eventually restructured.

Greece lost market access in 2010 and has received a staggering 200 billion euros ($260 billion) is rescue loans from euro countries and the IMF in two successive bailout programs.

But it remains mired in a sixth year of recession, with unemployment at 27 percent.