It's really tail chasing all the way down. Because according to the IMF, the reforms that they have demanded have done more harm then good, and have further hurt the chances of creditors seeing their money ever again.

Not quite what they said/wrote, actually. It was more like "given the lack of implemented reforms and privatizations, the current debt has become close to unsustainable and definitely will be unsustainable if they continue to not implement long promised reforms and privatizations".