, Ecuador, Romania and Ukraine. We show that because default and restructuring are so painful and costly, it is simply not time …

the country’s creditworthiness. Therefore, a default and debt restructuring were inevitable sooner or later—and certainly … about 50 percent of the time. Does that tell you something?” In reality, Greece’s road to default and debt restructuring in … budget deficit and public debt figures. The prosaic tale of the supposed inevitability of the Greek tragedy has been endorsed …

) and applies them to the voting distribution in the two governing bodies of the IMF each year since its foundation. …

The IMF began to play a prominent role in low-income countries in the late 1970s and 1980s when many countries faced …-income countries no longer face these problems and do not need classic IMF programs. This paper explores options for the role of the … IMF in well-performing low-income countries that no longer require IMF financing. It argues that in these countries the …

The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare … highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF … IMF intervention always makes the borrower country better off. The eects on non-senior lenders depend on the size of the …