What happens if the IMF arrives?

mikemac

First of all if this is a duplicate post or a noob question then I'm happy for my thread to be locked.
But I think it's a good question and I've not seen it posted on boards before.

It's mentioned in the media and on this website that when/if the country faces bankruptcy the IMF will step in.
Some posters find this a terrifying prospect.
Some welcome it and use it to bash the public service and say they'll be sacked so don't dare go on strike now
And some of us (me!) don't realy know a lot about the subject.

I've checked the IMF wikipedia page and it doesn't say a whole lot about this.

So for arguements sake it's late 2009, Ireland is bankrupt, the IMF steps in, what happens............

Time Magazine

mikemac wrote: »

First of all if this is a duplicate post or a noob question then I'm happy for my thread to be locked.
But I think it's a good question and I've not seen it posted on boards before.

It has been discussed before. See this thread for example.

I won't lock to see in case you've any more questions etc., but let's hope it doesn't turn into a train-wreck.

mikemac

that's a good thread and I'll read through it

Best to lock my thread to save hassle. And I certainly wasn't out to start a train-wreck thread

Thanks

Time Magazine

mikemac wrote: »

that's a good thread and I'll read through it

Best to lock my thread to save hassle.

I'm sure another thread will be started on this in the next couple of days. Yours is well-structured, I'll merge any future ones into here.

And I certainly wasn't out to start a train-wreck thread

I didn't want to imply that; it's rarely the OP who causes the hassle

Dr_Phil

That's what they claim they do on their websie:

http://www.imf.org/external/work.htm
"What the IMF Does

The work of the IMF is of three main types. Surveillance involves the monitoring of economic and financial developments, and the provision of policy advice, aimed especially at crisis-prevention. The IMF also lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction. Third, the IMF provides countries with technical assistance and training in its areas of expertise. Supporting all three of these activities is IMF work in economic research and statistics.
In recent years, as part of its efforts to strengthen the international financial system, and to enhance its effectiveness at preventing and resolving crises, the IMF has applied both its surveillance and technical assistance work to the development of standards and codes of good practice in its areas of responsibility, and to the strengthening of financial sectors.
The IMF also plays an important role in the fight against money-laundering and terrorism"

So, to be honest, I cant imagine them doing any more that they claim they do. So it must something from the above.




Regardz

The_Minister

The Economist wrote: »

I didn't want to imply that; it's rarely the OP who causes the hassle

No, for the sake of arguement we will call that hypothetical user - "Belfast"