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IMF Stepping in?

  • 14-01-2009 11:03pm
    #1
    Closed Accounts Posts: 985 ✭✭✭


    What would be the implications of the IMF stepping in to run the country?
    Overall, would this be a good thing?


Comments

  • Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    We'd be screwed. It would be an economic catastrophe.

    Thankfully the likelihood of that happening remains very low.


  • Registered Users, Registered Users 2 Posts: 27,644 ✭✭✭✭nesf


    Picture the Budget if you left an accountant with a hatchet at it. Seriously, we don't want this. It's way outside what is probable at the moment though, we'd have to be very stupid as a country for a good number of years before things might get that bad.


  • Registered Users, Registered Users 2 Posts: 6,176 ✭✭✭1huge1


    It amazes me even how things got that bad in Iceland.

    Even though our current state is far from satisfactory as said above, we are no way near needing the IMF to step in.


  • Closed Accounts Posts: 985 ✭✭✭spadder


    nesf wrote: »
    Picture the Budget if you left an accountant with a hatchet at it.

    Although drastic, would it not get us back on track quicker?

    Apart from front line services, I would like to see a hatchet job on semi-state agencies, handouts to wasters, e-voting machines, FF quangos and "consultants".


  • Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Well, having a €20bn deficit per yr without public sector cutbacks or raising taxes, i can see a remote possibility of them being called in as investors will not keep loaning us money without some reform.


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  • Closed Accounts Posts: 2,737 ✭✭✭BroomBurner


    We're a long way off the IMF coming in. It would bad, and not just for Ireland. The whole Eurozone would take the hit as we are operating within it. The Euro dropped in value just from the possible mention of the IMF the other day.


  • Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    We're too small to affect the euro, maybe 1% of the Eurozone economy. However if the likes of Spain take a hit, i'd say it would affect confidence moreso.

    Some pundits reckon that cent drop was from poor German economic data released that morning rather than what Cowen had reputedly iterated.


  • Registered Users, Registered Users 2 Posts: 27,644 ✭✭✭✭nesf


    spadder wrote: »
    Although drastic, would it not get us back on track quicker?

    Maybe but the social costs would be relatively high, so best avoided tbh.


  • Posts: 0 [Deleted User]


    We'd be screwed. It would be an economic catastrophe.

    Thankfully the likelihood of that happening remains very low.

    Not anymore :(


  • Closed Accounts Posts: 15 CONOR00


    Either the IMF or the government will take the corrective action that is needed in the Irish Public Sector. The IMF seems more likely because the Irish government is not willing to face up to the enormity of the task to rehabilitate government finances. They have used soft options for so long they think, along with public sector unions, that these are the only options. When all the soft options (borrowings, increased tax) have been tried and have failed the Irish Public Sector will face a catastrophic crunch, entirely deserved. The trouble is they will do their best to bring disaster for everyone else as well.


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