> the EC/ECB had not imposed such measures before Greece had not asked them for a bailout before. Those measures were a condition of the Troika (IMF/EC/ECB) b

> the EC/ECB had not imposed such measures before Greece had not asked them for a bailout before. Those measures were a condition of the Troika (IMF/EC/ECB) bailout. And the IMF has a long history of imposing similar conditions, dating back to at least the 1970s. The conditions where straight out of their playbook. There was an IMF intervention in Portugal in the 1970s, and here [1] is what they had to say about conditionality. Sounds familiar? > it was accepted that the stabilization program would need to include quantitative limits on domestic credit expansion and on increases in credit to the Government, if it was to be supported by a stand-by arrangement. These limits would, it was hoped, make certain that total expenditure would be kept within the overall resource constraint. Policy changes strong enough to give reasonable assurance that the public sector deficit would be reduced had to be put in place. [1] https://www.elibrary.imf.org/view/journals/022/0018/003/article-A007-en.xml https://www.elibrary.imf.org/view/journals/022/0018/003/arti...