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What are the major disadvantages of making a deal with the International Monetary Fund (IMF)?
Like for example if Greece (or any other country) makes a deal with the IMF. Thank-you. Additional Details I know there are advantages but I need disadvantages (if there are any). Like for instance will they get screwed by having people come in and "influence" their budget and all. ty
What disadvantages? They are getting money and IMF doesn't really have a say in their policies because the ECB does. They can help with restructuring plan.
It depends on your point of view.
The IMF typically demands an austerity budget, less public spending. Very often this results in a low or even negative growth rate. For the government, this removes a lot of policy choices, especially some that are popular with voters.
Greece is likely to experience several years of negative growth. The standard of living is going to drop especially for public sector workers. It is easy to argue that these workers have been overpaid in the past given the vast deficits and debt Greece took on in order to pay them.
If I was an average Greek taxpayer, I'd be thrilled that bloated gov spending was finally being brought under control. If I was a Greek gov worker, I'd be angry that someone stopped my party. Politicians are going to be forced to make tough financially responsible decisions.