UNDERSTANDING THE CHALLENGES OF THE IMF THROUGH THE CASE STUDIES OF GREECE, ARGENTINA AND TURKIYE

The International Monetary Fund has been one of the key actors and at the same time one of the most controversial actors of International Economics since its establishment. There is not a definitive answer to the effectiveness and even necessity of the IMF as an international economic organization when some nations see the IMF as a savior and others as the devil in disguise. The interventions of the IMF that include a program and agreement with a member-state, usually in the form of stand-by arrangements, have always been criticized, not only in their effectiveness but also in the questionable intentions. This paper will go over the main issues and challenges of IMF interventions, based on several case studies, which will put a spotlight on the shortcomings of the International Monetary Fund.