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 Post subject: IMF progress report - May 2011
PostPosted: Mon May 16, 2011 10:52 pm 

Joined: Sep 13, 2007
Posts: 31689
Location: Tullamore
The rudderless shits, I mean, ship's approved the next tranche. ... w-funding/
IMF gives thumbs-up to Ireland’s progress and releases new funding

May 16, 2011 by namawinelake

There aren’t many great news stories on Ireland’s economy at present but news this evening that the IMF has agreed to the early release of the next tranche of funding from the bailout is encouraging. Their statement approves the release of €1.58bn bringing the total from the IMF so far to €7.2bn out of a final total of up to €22.5bn.

In a statement the IMF pays tribute to the new administration’s decisions on the banks after only a few weeks in office. The IMF suggests that “medium-term availability of Eurosystem financing would support this process” of our banks gaining access to market funding which seems like an endorsement of the medium-term facility mooted by the government and others just prior to the stress-test announcements at the end of March 2011 but which the ECB apparently scuppered.

Interesting that about the medium-term facility for the banks. The IMF recognise as the ICB have belatedly recognised that the capital flows that washed into Ireland and have washed out again aren't coming back. Once you recognise this, there is nowhere else to go buy a medium (and possibly a long-term) facility with the ECB...

"It is impossible to design a system so perfect that no one needs to be good."

So long and thanks for all the fish.

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