IMF: Lessons Learned From Greece
The IMF's core insight is that recent debt restructurings have come too late and have often been insufficient to restore creditworthiness. The answer in some cases is to pull the plug earlier. For example, the Fund acknowledges that Greece deserved support in 2010 despite severe doubts about creditworthiness (doubts that could have been more properly acknowledged at the time), and that a restructuring should have taken place in early 2011 when it became clear the bailout program was failing.
Public Debt-to-GDP and Timeline of Debt Restructuring and Fund Arrangements: 
Source: imf.org
