<P> The topic of sovereign debt restructuring was taken up by the IMF in April 2013 for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica . An explanatory interview with Deputy Director Hugh Bredenkamp was published a few days later, as was a deconstruction by Matina Stevis of the Wall Street Journal . </P> <P> In the October 2013 Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro - area government debt ratios to "end - 2007 levels" would require a very high tax rate of about 10% . </P> <P> The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced a January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation...Property taxes are equitable and efficient, but underutilized in many economies...There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument ." </P> <P> At the end of March 2014, the IMF secured an $18 billion bailout fund for the provisional government of Ukraine in the aftermath of the 2014 Ukrainian revolution . </P>

The usefulness of the imf for developed countries is limited because