The IMF crisis and how to solve it

The IMF is approaching its 70th birthday and the Greek programme has been a candidate for one of the most credibility‐sapping in its history. Here I trace the IMF's role in programme from its stormy launch; its misfiring implementation; the Fund's half‐hearted apology; and its early (and ongoing) attempts to draw lessons and revise its sovereign debt restructuring framework, which appear destined to deliver insufficient meaningful change. A transparency revolution is both necessary and feasible. It worked for central banks in the 1990s. Why not the Fund?