The IMF is by definition the lender of last resort, when banks and investors find a country so fiscally irresponsible that they cannot access reasonable funding

The IMF is by definition the lender of last resort, when banks and investors find a country so fiscally irresponsible that they cannot access reasonable funding. It is not exactly surprising that those kinds of basket case economies also fail when given IMF loans given that people predicted they were going to do that and stopped lending.