Why is IMF/ECB running the Irish economy so bad? - boards.ie
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18-11-2010, 21:54   #1
Rebelheart
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Why is IMF/ECB running the Irish economy so bad?

So, it could be a very naive question but I've yet to hear reasons why IMF/ECB calling the shots will be so bad. Apparently the IMF was also called to sort out Britain's finances in 1976 (although I'm not sure how they compared with our situation).

Yes, there'll be enormous cuts, but now won't Fianna Fáil have an outsider to blame for doing what Fianna Fáil was promising to do to us anyway. What else will be different?

Without being cynical, could Fianna Fáil be so against IMF/ECB involvement because they're afraid that it will be revealed that our economy is much worse than we have thus far thought it is?

Enlighten me, please.
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18-11-2010, 21:57   #2
Chuchoter
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As far as I'm aware, they will kill all our first born sons and take all our cheese.

Other than that I haven't a clue. The IMF aren't looking for votes though, unlike the parties, so they will cut whatever they feel like that maybe politicians wouldn't cut for fear of not getting re-elected.
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18-11-2010, 21:58   #3
Buford T Justice
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For one, we lose the ability to make our own decisions in regards to our financial affairs and what taxes we cut / raise and where we spend our cash and how much we spend.
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18-11-2010, 22:03   #4
Monty Burnz
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It's actually not so bad, but only due to the fact that it will hopefully stop Fianna Failure totally wiping out the state. I'd rather a 5-year old was in charge than the current shower of corrupt gombeen men.

The bad news is that now they are here, they are here for a long time - which means that even if we do elect a government with an positve IQ figure and with better ethics than a Nigerian 419 scammer, they will still only be able to make decisions that fit in with what those who lend us the money will agree with.

So if the new government thinks that we desperately need better treatment for cancer patients, we won't be allowed spend more money on it (without cutting the same from somebody else). The same if the mental health services are collapsing due to huge pressure from the newly redundant. Or if there is a crime spree, we can't give the Gardaí more resources without taking the money from primary schools, or whatever. These are emotive examples, but realistic ones.

So it's better than Fianna Failure running things, but it's a minor disaster for when Fianna Failure get the boot and a proper government takes over.
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18-11-2010, 22:04   #5
nesf
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It isn't that bad really. We *need* to make tough budget decisions over the next couple of years, the IMF will make this politically easier to achieve. It's embarrassing alright but let's face it, we already have screwed the economy up beyond recognition, so it's not like we don't already look bad.
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18-11-2010, 22:05   #6
Wolfe Tone
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I dont like the idea of faceless foreigners making economic decisions for us. You can bet the working man will suffer.
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18-11-2010, 22:08   #7
Rebelheart
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Quote:
Originally Posted by Fingers McGee View Post
For one, we lose the ability to make our own decisions in regards to our financial affairs and what taxes we cut / raise and where we spend our cash and how much we spend.
Fair enough but without being flippant very many of those decisions were absolutely dreadful and have us in this awful (?) place today. Maybe the same country which makes Porsche, Mercedes and BMW can make something better out of our economy?

Personally, I would much prefer to pay French/German-style taxes in order to have a French/German-style health system etc (although I accept that service won't be coming any time soon). If they can bring greater efficiencies into the running of this state to the extent that I get those services for higher taxes then I'd be happy. I never took to the Reagan-Thatcherite model which we've been using here for some time. Charlie McCreevy and Mary Harney were never my favourite people.
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18-11-2010, 22:09   #8
Koloman
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Originally Posted by MUSSOLINI View Post
I dont like the idea of faceless foreigners making economic decisions for us. You can bet the working man will suffer.
I'd rather have a faceless foreigner than a Fianna Failer.
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18-11-2010, 22:11   #9
ei.sdraob
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Originally Posted by MUSSOLINI View Post
I dont like the idea of faceless foreigners making economic decisions for us. You can bet the working man will suffer.
Don't vote FF/Greens ever again so, and make sure you tell others not to either.
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18-11-2010, 22:12   #10
Rebelheart
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Originally Posted by MUSSOLINI View Post
You can bet the working man will suffer.
That's true. But does anybody know how the IMF distributed the pain in other countries they went into? Did it attack the ridiculous salaries at the top of the system relatively as hard as it attacked salaries lower down? That's an important question. Anybody?
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18-11-2010, 22:13   #11
Wolfe Tone
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I'd rather have a faceless foreigner than a Fianna Failer.
I wouldnt actually. Would much prefer FF to be doing it.
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18-11-2010, 22:14   #12
Wolfe Tone
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Don't vote FF/Greens ever again so, and make sure you tell others not to either.
Considering I have never voted at all that wont be hard.
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18-11-2010, 22:15   #13
Rebelheart
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Originally Posted by Monty Burnz View Post
The bad news is that now they are here, they are here for a long time
Anybody have any idea how long the IMF would usually spend in a country directing economic policy? What are the precedents which compare to Ireland's situation?
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18-11-2010, 22:18   #14
ei.sdraob
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Originally Posted by Rebelheart View Post
Anybody have any idea how long the IMF would usually spend in a country directing economic policy? What are the precedents which compare to Ireland's situation?
See PrimeTime "dramatization" feature on IMF/EU from few days ago
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18-11-2010, 22:29   #15
Monty Burnz
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I wouldnt actually. Would much prefer FF to be doing it.
Yeah - vote Fianna Fail! What's the worst that could happen?

Oh yeah.
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