Will New Leadership in the IMF Affect Ireland and Greece?

link here to article

This article suggests the IMF may have been more accommodating to Ireland, and perhaps to Greece under its leader who has resigned in disgrace. The IMF is likely to continue with its bank-centric policies of the past under new leadership. The medicine prescribed is fiscal austerity. Since Ireland and Greece are in the euro zone they cannot use monetary policy to depreciate its currency to expand exports. Imposed austerity precludes the use of fiscal policy to stimulate internal demand and economic growth. They are sovereign governments without access to the economic tools that enable most states to cope with economic distress.