The World Bank specifically and the neo-colonialist world-view it embodies have both been severely criticised in pretty much this vein since not too long after the bank was founded.
If you drill a hole in the bottom of your boat; Be selective about whom you let save you?
While its certainly true that a lot of countries don't have their shit together now, its also true that most undeveloped countries were either under foreign domination (e.g. Indian Subcontinent, most of Africa) or domination by proxy (e.g. China).
The moral of the story is: don't accept the propaganda of "International Financial Institutions" as existing strictly for the assistance of developing countries (their stated goal) but rather as a continuation of exertion of power over developing counties through financial means.
Greece is not an "undeveloped" country. Their people simply supported social policies that resulted in more expenses than revenues.