• It has come to our attention that some users may have been "banned" when they tried to change their passwords after the site was hacked due to a glitch in the old vBulletin software. This would have occurred around the end of February and does not apply after the site was converted to Xenforo. If you believe you were affected by this, please contact a staff member or use the Contact us link at the bottom of any forum page.

First Ireland, now IMF admits austerity was wrong for Greece


Berchmans

Well-known member
Joined
Nov 23, 2009
Messages
502
From the Guardian:

"The International Monetary Fund is to admit that it has made serious mistakes in the handling of the sovereign debt crisis in Greece, according to internal reports due to be published later on Wednesday.

Documents presented to the Fund's board last Friday will reveal that the Washington-based organisation underestimated the damage austerity would cause to the eurozone country, which has required two bailouts in the past three years.
"

The expression "no sh!t, Sherlock" comes to mind...

IMF 'to admit mistakes' in handling Greek debt crisis and bailout | Business | guardian.co.uk
 

bormotello

Well-known member
Joined
Aug 8, 2008
Messages
12,171
If it was bad advice, then what was the good advice?
Continue to borrow and do nothing?
 

neiphin

Well-known member
Joined
Aug 23, 2009
Messages
5,579
i could have told them that long before the FF traitors invited in the IMF
 

commonman

Well-known member
Joined
May 29, 2010
Messages
5,357
i could have told them that long before the FF traitors invited in the IMF
So now we know, what can be done to get things right, when you have a government who get off on this kind of thing.
 

an innocent abroad

Well-known member
Joined
Apr 15, 2010
Messages
27,685
From the Guardian:

"The International Monetary Fund is to admit that it has made serious mistakes in the handling of the sovereign debt crisis in Greece, according to internal reports due to be published later on Wednesday.

Documents presented to the Fund's board last Friday will reveal that the Washington-based organisation underestimated the damage austerity would cause to the eurozone country, which has required two bailouts in the past three years.
"

The expression "no sh!t, Sherlock" comes to mind...

IMF 'to admit mistakes' in handling Greek debt crisis and bailout | Business | guardian.co.uk

So the IMF have the same caliber of gobshixxs we have?
 

Telemachus

Well-known member
Joined
Apr 8, 2004
Messages
6,565
Website
en.wikipedia.org
Yeah man - massive deficits was the way to go :roll:
 

Taxi Driver

Well-known member
Joined
Jan 8, 2011
Messages
4,296
From the Guardian:

"The International Monetary Fund is to admit that it has made serious mistakes in the handling of the sovereign debt crisis in Greece, according to internal reports due to be published later on Wednesday.

Documents presented to the Fund's board last Friday will reveal that the Washington-based organisation underestimated the damage austerity would cause to the eurozone country, which has required two bailouts in the past three years.
"

The expression "no sh!t, Sherlock" comes to mind...

IMF 'to admit mistakes' in handling Greek debt crisis and bailout | Business | guardian.co.uk
Saying they underestimated the impact of austerity is not the same as saying it was "wrong".

The IMF have never said that austerity in Ireland was wrong. And they never underestimated the impact of austerity in Ireland. The IMF are happy with the "pace of correction" in Ireland and continue to advocate for a €3.1 billion "adjustment" for next year and €2 billion for 2015.
 

Taxi Driver

Well-known member
Joined
Jan 8, 2011
Messages
4,296
This is old news. Here is some IMF analysis from last October.



The growth forecast error for Greece is nearly -8%; for Ireland it is zero.
 

an innocent abroad

Well-known member
Joined
Apr 15, 2010
Messages
27,685
Saying they underestimated the impact of austerity is not the same as saying it was "wrong".

The IMF have never said that austerity in Ireland was wrong. And they never underestimated the impact of austerity in Ireland. The IMF are happy with the "pace of correction" in Ireland and continue to advocate for a €3.1 billion "adjustment" for next year and €2 billion for 2015.
Which is going to destroy this economy more job losses and increase emigration and the closing down of more international retail outlets!

Did not LeGarde not state ' they had underestimated' the affect of austerity on Ireland?
 

dammit_im_mad

Well-known member
Joined
Feb 3, 2013
Messages
9,118
It's all going pretty much as planned. They've known for a long time the inevitable results of these policies.

google south america / IMF / world bank / confessions of an economic hitman for more details

labour rights damaged, desperate pool of cheap labour, compliant government, privatisation of public utilities, massive debt with conditions, at the mercy of US corporations, tax haven, dismantling of social safety nets, ease of movement of capital
etc etc.
 

Taxi Driver

Well-known member
Joined
Jan 8, 2011
Messages
4,296
Which is going to destroy this economy more job losses and increase emigration and the closing down of more international retail outlets!

Did not LeGarde not state ' they had underestimated' the affect of austerity on Ireland?
No she didn't.

What will destroy this economy is continuing to believe we can live on borrowed money. Households did it for the six years from 2002 to 2007. The government has been doing it for the six years since.
 

Taxi Driver

Well-known member
Joined
Jan 8, 2011
Messages
4,296
It's all going pretty much as planned. They've known for a long time the inevitable results of these policies.

google south america / IMF / world bank / confessions of an economic hitman for more details

labour rights damaged, desperate pool of cheap labour, compliant government, privatisation of public utilities, massive debt with conditions, at the mercy of US corporations, tax haven, dismantling of social safety nets, ease of movement of capital
etc etc.
State one policy decision taken that the IMF have imposed on Ireland. Just one.
 

Libero

Well-known member
Joined
May 22, 2004
Messages
3,000
At least the IMF is admitting mistakes with Greece. In particular, it looks set to admit bending its own rules, in the words of the Guardian report, in analysing the country's debt profile.

The good old ECB is fighting and winning EU court decisions to avoid disclosing documents that might show it colluded in Greece fiddling its national debt figures.
ECB Wins Ruling to Deny Access to Secret Greek Swap Files - Bloomberg

Oh well. Greece may have been given a dodgy prescription from its quacks but at least it picked up some real, actual debt writedown along the way. Meanwhile model patient Ireland walked out of the pharmacy with just a big bottle of austerity.
 

neiphin

Well-known member
Joined
Aug 23, 2009
Messages
5,579
No she didn't.

What will destroy this economy is continuing to believe we can live on borrowed money. Households did it for the six years from 2002 to 2007. The government has been doing it for the six years since.

stfu
you know nothing about economics

the reason this country is now fupped is because no one is spending or borrowing
 

dammit_im_mad

Well-known member
Joined
Feb 3, 2013
Messages
9,118
State one policy decision taken that the IMF have imposed on Ireland. Just one.
I didn't actually say the IMF were doing it smart ass. Just that you should google those terms to see what the result of such policies were in south america.

The "troika" have certainly imposed a few conditions, you'll admit? for one, we were not allowed to burn unguaranteed bondholders
 

Berchmans

Well-known member
Joined
Nov 23, 2009
Messages
502
Saying they underestimated the impact of austerity is not the same as saying it was "wrong".

The IMF have never said that austerity in Ireland was wrong. And they never underestimated the impact of austerity in Ireland. The IMF are happy with the "pace of correction" in Ireland and continue to advocate for a €3.1 billion "adjustment" for next year and €2 billion for 2015.
Perhaps you missed this, from Ashoka Mody, the IMF's former mission chief to Ireland (my italics):

Complete reliance on austerity was not “a reasonable” way to go, Ashoka Mody, the IMF's former mission chief to Ireland, has said.

“Choice one was to bring in the bondholders and they would bear some of the cost of the sovereign distress. A second choice was to offer extremely concessional official financing. Third choice was to impose austerity.”

We are seeing a belated recognition of the fact that the constraint imposed only by austerity was untenable.

Speaking on RTE’s Morning Ireland this morning, Mr Mody said the construct for Ireland’s rescue was wrong.
"Clearly the experience, if experience was needed, has demonstrated that reliance on austerity is counterproductive."


To me, the bit that I have highlighted in bold is tantamount to the IMF admitting it got it wrong in Ireland.

Former IMF mission chief says austerity doesn't work
 
Last edited:

Taxi Driver

Well-known member
Joined
Jan 8, 2011
Messages
4,296
stfu
you know nothing about economics

the reason this country is now fupped is because no one is spending or borrowing
Huh? The government is spending more and continues to borrow lots more. Still borrowing around €1 billion a month.

Between 2004 and 2007 government spending was propped by €15 billion each from the money households were borrowing to buy houses (Stamp, VAT, CGT etc.). Households stopped borrowing in 2008 and the government took over the borrowing itself. In the years since it has reduced it reliance to €12 billion a yer.

The country is "fupped" because we have being spending €15 billion a year that we never had for nearly a decade.
 
Top