Most feared
Every time one reads about the economic crisis in Greece, one cannot help thinking of how the world has changed. For many decades, it was governments of developing countries who were embroiled in conflict with the IMF over its prescriptions for fixing their economies. The prescriptions for gaining access to the money that it was willing to lend to support their balance-of-payments problems were seen as harsh and mean. The institution was despised by many governments of the developing world even though they are part owners of the entity. In many instances, the policies of the IMF were most feared for the apparent restraints they placed on domestic decisions and the impact that they had on national politics and human development. The target of IMF policies was always the spending of governments which in themselves were seen as an attack on the independence of newly formed states.
The position of the IMF was simple yet highly controversial. Governments are never efficient in utilizing productive resources and should leave production to the private sector, except in cases of market failure or the need for public goods. They asked governments to restructure things and leave more resources
