The payday loan analogy is admittedly weak. I just meant to indicate that it's a crap deal. It is actually worse than payday loans. See, with payday loans, you just pay ridiculous interest. With WB/IMF loans, it's more like "we'll loan you money to keep the lights on, but you're going to have to stop taking your blood pressure meds, and one of our friends is going to stop by and eat some of your dinner every night".