At this point the IMF's influence is a minority here though. Greece is essentially a ward of the state, where the state is the EU. The IMF commands some powers, but it's Europe, dominated by France and Germany who are giving the real marching orders here.
The thing is that the overseer can't decide what it wants, as Germany wants to have it's cake and eat it too. The EU has too little centralized power (the antithesis of a dictatorship) and way too many partially overlapping layers of bureaucracy. You may not be aware of this, but do you realize the EU actually has THREE presidents at any given time? And they're thinking of adding a fourth!
The beatings given to Greece are partially deserved (I posted a while ago about just how Greece came to this pass - essentially the Greek government perpetrated a crude but massive fraud. They simply flat-out lied about the shape of their economy for years), but the EU is being far too heavy handed, and many members are indulging in a mean-spirited gloating, in a smug condescension, over the state of the Mediterranean economies.
The biggest problem - and the real reason Europe is doomed - is the excessive focus on austerity. Without anybody getting really arguing for growth measures. Without growth, it really won't matter if they cut every public benefit there is - they'll be trapped in a vicious downward spiral.
But this is not so much the result of a malicious evil as it is the effect of two dozen family members half-roped together, half separate, with a wide variety of personalities. The whole thing is a clusterfuck and the cooperation and foresight needed to save them is NOT happening anytime soon.