In August the IMF agreed to increase Argentina's credit line to US$22 billion, in a bid to give the government another chance to restart growth and win back the confidence of global capital markets by continuing to service its existing obligations.
The accord required the country, already in a three-year recession, to slash spending. That freed up more government revenue for debt payments while dimming prospects for any quick resumption in growth.
The IMF denies responsibility for Argentina's woes.
"That is a question that is very hard," IMF spokesman Thomas Dawson said when asked four times by reporters whether the fund deserves blame. Argentina's economic "program is fundamentally owned by the authorities, which is the ideal."
That failure to assume responsibility makes some economists question whether the IMF will behave differently in the future.
"They don't have any regrets," said Charles Calomiris, a Columbia University economist who served on the same congressional panel as Levinson.
"I don't see any evidence that they think they should have dealt with Argentina differently."
Other investors and analysts said the country's own policies deserve as much blame as the fund.
"Blame the people making the decisions, not the IMF," said Jerome Booth, head of research at Ashmore Investment Management Ltd, which manages more the US$1 billion in emerging market debt.
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