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How long will out "loss of sovereignty" last?

  • 01-12-2010 5:25pm
    #1
    hatrickpatrick
    Registered Users, Registered Users 2 Posts: 17,797 ✭✭✭✭


    Is there any specific time frame or is it simply until we pay off the loans from the EU/IMF?

    In other words, for how many years will our government's budgetary policy be restricted to "what the IMF approves of"?


Comments

  • #2
    Blatter
    Closed Accounts Posts: 12,832 ✭✭✭✭Blatter


    I don't think anybody can answer that question at the moment.


  • #3
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    In theory once we have down whatever funds we require from the 'bailout' package, restructure our banks, get our deficit in order AND are able to meet specified repayments we regain normal budgetary control (within normal EU boundaries). We'll be paying off the EU/EFSF/IMF loans long after the countries finances (hopefully) stabilise.


  • #4
    ixtlan
    Registered Users, Registered Users 2 Posts: 1,213 ✭✭✭ixtlan


    I think the "loss of sovereignty" is somewhat overblown. We are in a terrible situation. We are only getting the money with conditions attached. No one will give us the money on any other terms, whether it be the EU or the IMF or any other contributor. So we would likely be taking these decisions anyhow.

    However, a simple answer is... full control reverts to us when we stop borrowing from these bailout funds and start borrowing again from the normal bond markets. This might be 2-3-4 years if we were very lucky, or might be 5-6-7 years if we are not so lucky.

    Yes, I do understand that we will be paying back this money most likely for decades, but a lender does not have much control over you once you are no longer borrowing further from them.

    Ix.


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