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Are we just trying to put off the inevitable?

  • 01-11-2010 9:56pm
    #1
    Voltex
    Registered Users, Registered Users 2 Posts: 1,584 ✭✭✭


    Just from my very laymans reference point, looking at todays bond spreads investors clearly arent ready to accept thast the proposed budget cuts will be effective in dealing adequetly with our fiscal difficulties.
    Given that, shouldnt we be drawing plans to just bite the bullet and bring in the IMF?
    I know the consequences will be a sterling lose of soverign fiscal policy making,...but these guys are the boogie man...theyre there to help us get our s hit together...they know the pivotal part in our national economic stratgey the corporation tax rate plays etc. After that, what else could they do that will damge our position any further that whats going to happen anyway over the next 5 years?

    Please, if someone can drill into the IMF intervention consequences a bit further.


Comments

  • #2
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    Voltex wrote: »
    Please, if someone can drill into the IMF intervention consequences a bit further.


    Yes please. Would be very interested to see this.


  • #3
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    superscouse wrote: »
    Yes please. Would be very interested to see this.

    A start..


    http://boards.ie/vbulletin/showthread.php?t=2056071718


  • #4
    RichardAnd
    Registered Users, Registered Users 2 Posts: 4,090 ✭✭✭RichardAnd


    First of all, let me put to rest a huge misconception about the IMF that haunts these boards. The IMF do NOT take over the countries they become involved with. For any misguided fool who thinks the IMF will sack the two Brains or the three Marys, I am sorry to say this is not going to happen. The IMF loan a country money and in return, specify a number of stipulations that must be met in order for them to open the purse. However, they can not MAKE a country do anything in a literal sense. They can be told to f**k off which is what Argentina more or less did in the early 00s.

    Secondly, the IMF are not economic predators who stalk the world looking for innocent countries to prey upon. No, when they are "called in" to deal with a nation, most of the damage has already been done and the IMF simply ask the country to do what have to be done in order to gain their help. This is where their bad reputation comes from.

    As to what will happen if they become involved here well I don't think we really need to look far for that answer as it's already happening. As I mentioned in another post, the huge fiscal adjustment (to use an euphemism) coming in December is not the result of FF facing up the the elephant in the room but rather, I believe, the result of the ECB's influence over us.

    What I'm effectively saying is that there will be little difference whether the IMF get involved or not. Our deficit needs to be dealt with and that means cuts and more taxes.


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