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Argument: IMF bailouts worked in the UK in the 1970s

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"A Primer on IMF Bailouts". The New York Times. December 22, 1997: "In early 1976, a steady loss of confidence in the pound stirred amid expectations that the budget deficit, current account deficit and inflation were set to worsen, and that the government would encourage a depreciation to boost the economy. In late September, after a one-day fall of 4 percent in the pound, Denis Healey, then Chancellor of the Exchequer, unveiled plans to seek $3.9 billion from the IMF. The new policies worked quickly, in part because the forecasts of worsening deficits proved too pessimistic. Within one year, Britain beat its IMF budget deficit target, the current account was back in the black and the government was trying to restrain the pound's rise."

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