Lessons of Argentina crisis ignored in handling of Greece

The IMF concluded its post mortem by saying that when "debt dynamics are clearly unsustainable, the IMF should not provide its financing. To the extent that such financing helps stave off a needed debt restructuring, it only compounds the ultimate cost of such a restructuring".So how come the IMF has failed to follow its own advice with Greece, and contrary to what it did with Argentina, foregone the bail-outs and organised as orderly an exit and default as remains possible? The best answer to this question is that the IMF has become no more than a tool of the eurozone policy-making elite.

As the article points out, Geithner himself signed this analysis (eight years ago). Presumably this is when he was evading the income taxes that, half a decade, he would be in charge of enforcing in his role as Treasury Secretary. So the irony is many layers deep in this tragi-comedy.