IMF Article IV Report on Ireland

have seen same. wont publish anything until after 7 to respect the embargo. BUT no great surprises there on macrofiscal polity (akin to the OECD report if anything a little less rosy). NOT very enamoured of NAMA and suggest…alternatives…may well be needed and that “risk sharing” (AKA not screwing the taxpayer) would be a good idea for the banks. Some instances where they note disagreements of their assessment and the DoFinance.
Spin cycle in 5…4…3

Irish economy ‘perhaps most overheated’
rte.ie/news/2009/0624/economy.html

Some gems there

I love it: the dept of Finance has no clue (or wont tell) what the losses are…sailing blind in the fog.

In the future, please try to put an article from another website in quotes and provide a link to the original.

Also, good ideas include:
providing the title
highlighting the title (as I have done above for example using the bold tags)
only quote the bits you think are important (though in this case I think the whole article looks pretty informative)

edit, I’ve also merged the two imf topics together. hope there’s no confusion

Short call. BD

Has anyone read the detail of this. IT IS EXPLOSIVE. Especially as it is implied throughout the document that the government agree to all of it.

Highlights: Adjustment has to come through spending cuts, not increased taxation. Cut public spending by 9.5% of GDP, or circa €19billion. End universal access to social welfare including childrens allowance and unemployment payments. An end to the Family Income Supplement - use tax allowances instead. Age relate unemployment - so like with the UK a lower rate of unemployment payment to under 25’s.

Public sector pay has to fall further and numbers cut as well. They were not impressed with the average 7.5% pension levy - it has to be a lot deeper.

On taxation there is nothing specific other than the broaden the base without hitting Income Taxes.

The Social partners are just going to love this…NOT! :slight_smile:

imf.org/external/pubs/ft/scr … r09195.pdf

Can’t wait to hear David Begg try explain this one. :smiley:

Keep in mind who the IMF are please. Two words “Shock Therapy”.

Even with the €4billion in cuts the government is committed to for the budget they see the deficit rising to 12.75% next year as the economy tanks further with GNP down -3.6% in 2010.

Yeah this is shocking :mrgreen:

Good thing the people who buy our gilts don’t read these silly reports right?

Right?

AKA : Finance are waaaay too optimistic in their forecasts

For those who haven’t read it yet, may I suggest reading The Quiet Coup by Simon Johnson:

viewtopic.php?f=19&t=20207&start=0&hilit=simon+johnson

Why do you guys find this amusing?

You are all, as far as I can tell, Irish yourselves and most of you claim to live here.
If I discuss the recession with friends or colleagues we do not start smirking or laughing as though it was an amusing joke.

Can anyone explain this to me? I am not trying to start a row, I genuinely cannot get my head around this kind of reaction.

Why not?

What makes other responses more or less valid?

Why not laugh? What, you want us to cast ashes on our heads and wail? Its (darkly) hilarious, along the lines of this

You’re either laughing or you’re crying.

As for why those guys are amused imagining the reaction of those particular people - if you consume any news media by listening to the radio, watching the news or reading the paper you’re well used to the crap about social partnership and “solidarity”. For a long time this was suspected to be code for “we’re screwing you over and smiling while we do it” and pretty much all the most recent evidence confirms that.

Amusing? Because fuck the social partnership model?

Two reminders:

  1. If anyone has an issue with a particular post, they can always use the report button to highlight it to the moderators/admins. The report button looks like this https://www.thepropertypin.com/styles/thepin/imageset/en/icon_post_report.gif and is at the bottom right of every post.
  2. If anyone is looking to read the non-glee policy, you can find it at this link: viewtopic.php?f=25&t=1047

Now, back on topic folks. Kittehs and the meaning manifested by smilies are not on topic.