What if the IMF...?

bladespin

Just wonder/worrying about the predicted IMF takeover, I've a few of questions hopefully someone with a bit more knowledge than I have could answer/explain :

What would they do?

How would it affect the average Joe? (husband working, wife home or working, 2 kids at school, mortgage, some savings)

Would the EU allow the IMF to take over? Wouldn't that be admitting the Eurozone has failed?



I'm posting this looking for some information not a big rant about who's to belame etc. etc. there's lots of that already about but I can't find any credible information on this.

Oh and please no: "we're all f**ked!" answers.

Mods, please move if it's already up, or if I'm in the wrong place

balducci

Where to start........

it'll be like letting your bank decide how much money it wants off you to repay your loans to itself.

They'll sell off every profitable state run company and then some. They'll obliterate the public sector. They'll further deregulate our financial markets (if that's possible) Here's a link... http://en.wikipedia.org/wiki/Imf

The voting power description essentially tells you who's in charge!!

But as you said . . . . you don't want a rant -you might be asking the impossible

Biggins

Think of a complete random faceless, foreigner coming in and without the years of details analysis, study and understanding of many areas, just slashing everything all around without out much second thought.

Its my own feeling but it will be a sheer nightmare and as bad as Ireland is now, living here when they come in, will turn Ireland into a violent hell as crime increases inevitably - and I have no doubt it will.

I would LOVE to be proved wrong for all our sakes. I would never be so glad to be proved wrong.
Time will tell.

Gurgle

bladespin wrote: »

What would they do?

How would it affect the average Joe? (husband working, wife home or working, 2 kids at school, mortgage, some savings)

For a start, the IMF don't come in until the country hits a point where it can't make payments on its debts and so can't borrow any more. We're not there, and we're a long way from there regardless of the enthusiastic panic mongering we're reading and hearing every day.

Anyway, if we do get into that situation the IMF would provide the money to get the country back on its feet, but under strict conditions.

e.g. they would tell the HSE 'your budget is cut by €3bn, good luck with that'. Its then up to the HSE to produce a spending plan for the budget. Whether the HSE cuts admin staff, cuts pay grades or starts charging patients for use of a chair in the waiting room is irrelevant to the IMF once they come in on budget.

So in short, it won't make a huge difference to the average Joe whether the cuts are made by instruction from the Dàil, the EU or the IMF. There will be cuts and we will end up paying more money for lower standards of service across the board.

Permabear

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Biggins

donegalfella wrote: »

This post has been deleted.

I hear what your saying and there is sense in it.
I just fear the worst but hope for the best.

Sleepy

The conditions imposed on budgetary constrainst would have a different impact on the various 'Average Joe' in society.

For us Private Sector Joe's, we'd be looking at higher income tax rates and reduced public services.

For a Public Sector Worker, they'd have those changes along with wage cuts, changes to working conditions and, realistically, have to set aside part of their working week to protest at the behest of the union leaders.

For Welfare Recipients, life would get really hard as welfare rates would have to be cut drastically and over-night.

For politicians, I can't imagine life would change that drastically. They might not be over-paid to the same extent as they currently are but the trough they gobble from would still be plenty deep.

R P McMurphy

Chances are there would be considerably fewer public sector joes. Don't understand why some people say they are looking forward to the intervention of the IMF. Is a statement of ignorance as to the consequences of their active involvement in a country. Pick any country they have dealt with and look at the consequences for yourself. Is not pretty and would be an unmitigated disaster for the country. Luckily the IMF will not be coming as we will be part of the stabilisation pact. Better we get into it sooner rather than wait for the conditions to become more stringent.

amacachi

R P McMurphy wrote: »

Chances are there would be considerably fewer public sector joes. Don't understand why some people say they are looking forward to the intervention of the IMF. Is a statement of ignorance as to the consequences of their active involvement in a country. Pick any country they have dealt with and look at the consequences for yourself. Is not pretty and would be an unmitigated disaster for the country. Luckily the IMF will not be coming as we will be part of the stabilisation pact. Better we get into it sooner rather than wait for the conditions to become more stringent.

I look forward to the country stopping borrowing vast swathes of cash. I'd like to have a choice as to whether or not I stay here, at the current rate that decision will be made for me.

Biggins

Biggins wrote: »

Think of a complete random faceless, foreigner coming in and without the years of details analysis, study and understanding of many areas, just slashing everything all around without out much second thought.

Its my own feeling but it will be a sheer nightmare and as bad as Ireland is now, living here when they come in, will turn Ireland into a violent hell as crime increases inevitably - and I have no doubt it will.

I would LOVE to be proved wrong for all our sakes. I would never be so glad to be proved wrong.
Time will tell.

No offence there Biggins, but that's the kind of terrible scare-mongerer post that has destroyed this forum for me (and others, im sure).


Ireland's not that bad now at all. We're still all on our broadband and many people still tune into Sky each day and have €100+ phones in their pockets, etc.


Even with IMF intervention, I don't think we'll be too bad. Things will definitely get worse than they are, but I don't think "violent hell" is an accurate description.

Biggins

Deleted User wrote: »

No offence there Biggins, but that's the kind of terrible scare-mongerer post that has destroyed this forum for me (and others, im sure).

Ireland's not that bad now at all. We're still all on our broadband and many people still tune into Sky each day and have €100+ phones in their pockets, etc.

Even with IMF intervention, I don't think we'll be too bad. Things will definitely get worse than they are, but I don't think "violent hell" is an accurate description.

Well like I mentioned, I'd love to be proven wrong, dearly - but them coming in does scare me. Between many protests and what might happen as they take place (we had a big protest just a day ago and that turned bad, now picture many possible protests) - again, I just fear the worst but hope for the best.

The intention is NOT to scaremonger. There is no intention (I'm not saying either your saying there is one by me), I'm just stating my worst fears.

...And hope I'm completely stupid and wrong.