Government perilously close to calling in IMF, report warns

Exactly what FF have been aiming for the past 18 months.

In late 2008 the government knew the situation was on a knife edge.
Essentially they had a couple of choices
(1) Drastically cut government spending (public sector pay and pensions and social welfare) and identify and deploy An Bord Snip type recommendations across the board.
(2) Do the minimum amount of cutting to allow continued borrowing and await intervention by the EU / IMF who will inevitably have to carry out step (1) thereby absolving FF of responsibility.

They took the cowardly step (2) option.
Mind you they played it beautifully - the EU / IMF never signed up to the Croke park deal :slight_smile:

“In relation to the bond spreads, they spread for all countries, as I understand it today,” he said.

Oh thats alright then Boss.

Government perilously close to calling in IMF, report warns

Why do I get an image of a desk with a ringing telephone on it somewhere in DC, with everyone around it screaming ‘don’t pick it up, don’t pick it up … let them think we’re not in !!!’

Cannot wait…curiously it was Mc Creevey who was fond of saying (about budgets) “cut once and cut deep” instead we have clowen and Lenihan always miles behind the ball,leaving us with a death by a thousand cuts…

They had ample opportunity,the quangos were meant to be culled,I believe we have over 832 of them costing in excess of 13bn a year…I think the total saving since this announcement was 10million,Lenihan culled a few paper quangos that were last used in 2005 and utterly fucking bottled it with the PS,pensions and SW,leaving him now with the equivalent task of finding change down the back of the sofa…fucking useless ****s

So I laugh when I read stories like this,that we the people of Ireland should view the arrival of the IMF with fear…we should be out to Dublin airport welcoming them with flags and open arms when they do land here and kick that fat useless fucker to touch.

What number do you call to call the IMF?
Maybe the office isn’t open till after lunch.
Then our guys probably work half days on Friday…

So, I open the papers this morning and am greeted by the following somewhat conflicting statements’

1] Ireland close to calling in IMF
2] Ireland second richest EU nation as measured by GDP

Think its about time that people stopped associating GDP with wealth. Ireland is a perfect example of how generating GDP with debt-fuelled spending on widgets and useless consumer items that are worthless after a few years does not create wealth, it creates a crisis

The faster the IMF or their new EU counterparts pitch up, the better. I am afraid that for every passing week, our home grown financial and political masters are prolonging the recession and screwing up the country for a year. The longer it goes on, the greater the pain ultimately.

So ‘Carry on Clowening’.

They are already here :unamused:

It is simply not official.

How can we tell, I hear they can take on a human form.

They have live rats in their lunchboxes!

But seriously…

I’m not worried - I heard Eamon Ryan on the radio this morning claiming he doesn’t agree with this article. So there is nothing to worry about really. In fairness Eamon knows his shit about the economy him being an eminent

I agree with the need for sharp cuts, of the order of €20 billion, on the grounds that we simply haven’t the money. Pay and pensions cuts will necessarily be part of that.

But I think we need to be careful about confronting what that means, and not picture it as a load of useless quangos using 13 billion that won’t be missed.

That 832 quangos/13 billion figure I believe was produced by TASC in 2006. TASC can be good, but they can also be a complete load of ninnies with their eye off the ball. I’ve never seen the full list of those 832 (and I’d be interested if anyone has a link, as Google has let me down). But I’d wonder as to who is included.

For example, if the HSE is included as a ‘quango’, they probably account for the bulk of that 13 billion. If you cancelled the HSE budget, I think a lot of folk would notice. Because, for all the gassing (and, let it be said, sometimes justified gassing) about the need for the HSE to get rid of the administrators in regional locations who used to have a job in 2003 when there were still Health Boards, the bulk of their money goes on stuff like paying for drugs and health care staff.

That said, as I have clearly indicated, I have not seen who exactly TASC included in the ‘quango’ list. But I’d want to see it before I put any stock in their statement.

FG have a report with 100 (?) agencies covered amounting to 6 bn in spending.
finegael.org/upload/file/str … %20web.pdf

Clearly not all useless, but one wonders how much of their costs come from having separate management structures and separate budgets. It would seem sensible, as a poxy for example, to have one body cover art galleries and museums…

the gloves come off alrite when the IMF come into town

time to get out of Dodge methinks

i need to transfer the last of my vast wealth :angry:out of ireland inc asap before they limit withdrawals

if u havent read naomi kleins disaster capitalism already i suggest u do so asap

Uh-oh more MoF Press Officer shooting from the hip:

ftalphaville.ft.com/blog/2010/09 … ing-redux/

Seriously, I have barely a bean in any Bank or Post office account since the beginning of the Bond Market rumble on the 7th of Sep, and now its looking more like Ireland’s War of Attrition… my only regret is my token wealth is not vast but its not that bad I am at least an infinite being and we are all one so in that we are all I am wealthy :smiley:

Oh no! OW’s already got his ticket booked on the astral plane! :wink:

A quote from Yes Minister springs to mind

The phone number for the IMF is: + 1 (202) 623-7000. The Fax No. is: + 1 (202) 623-4661

In case bRAinS need it.

I say get the fuck in there before those useless, reckless bloody Portuguese do. Honestly, what the hell have those chancers been up to down there? I blame all that sun - no wonder they never do a tap.