He even added that the current figures would have been 55 percent lower, if the poverty reduction trend before the crisis had been maintained.   He went on to say that the damaged caused by austerity measures has been more intense than previously thought, and there is an urgent requirement to revisit the timelines for fiscal balance and undo the damage caused by the pre-crisis era.  

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On Thursday, IMF (International Monetary Fund) chief Christine Lagarde said that excessive austerity within a very short span of time could cause complexities, especially since a number of economies around the world are chasing targets at the same time. In a press conference Lagarde said that IMF was at ease to grant additional two years for debt-hit Greece, to get its fiscal house in order and felt that this extra two years was necessary for the nation to face the financial consolidation program.  

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