Just about every developing country ended up in this predicament at some time or other. Some of the Latin American countries did it again and again. We skirted perilously close to it in Australia, particularly in the mid-1970s, but did not end up in the hands of the IMF. The United Kingdom, however, did.
It suffered a classic Type I economic crisis in 1976, and needed a support package from the IMF, with the usual conditionality requirements. The Type II problem is very different. Although it has become common in the past decade in a wide range of countries, the best examples at present are to be found in Asia.