IMF/EU rescue plan memorandum



Expatriot

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Nice one. Retiring at 68+ now. Bet it gets to 70 before long.
 

He3

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What's this?

These documents remain subject to editorial changes. The final
documents will be laid before the Houses in due course.
 

powderfinger

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Thanks DE.
From the introduction to the specific economic conditionalities it appears that the IMF will oversee the bilaterals from the UK,Sweden and Denmark (pg 7)
 

Cabbage/Turnip

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I am very far from an economist but i thought widening tax brackets was a once off move and increasse taxes such as property tax was also.... but in the UoM its every year/ quater the bracket widens and the tax increase.

The figures we hear now about the level of property tax and tax brackets are they the overall level or the starting level in the first quater and gradually gets higher and wider?
 

Kalan

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powderfinger

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On first look it appears vague on specifics regarding AIB and Bank of Ireland.
"The strategy for the future structure,functioning and viability of Irish credit institutions will be developed in detail and agreed with the European Commission,the ECB, and the IMF ...."

MoU pg 9
 
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LongShanks

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"The government will have undertaken an independent assessment of transfer of responsibility for water services provision from local authorities to a water utility"
(p18)

Water privatisation on the way. How long before they make harvesting rainwater illegal?
 

Barnacle

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I am very far from an economist but i thought widening tax brackets was a once off move and increasse taxes such as property tax was also.... but in the UoM its every year/ quater the bracket widens and the tax increase.

The figures we hear now about the level of property tax and tax brackets are they the overall level or the starting level in the first quater and gradually gets higher and wider?
It think the first year, the brackets are extended by 10%, year 2 I think is 2.5% and 2% in year three and four. But by not increasing the tax rate, the extra tax paid by someone on 50k will be same as someone on 500k. 50k loses about 5% of income while someone earning 500k loses about .3%. Hardly in line with their statement "those who have most will pay most".


In relation to the property tax (site valuation tax), this is being introduced as a flat rate first till they get their act into gear with a proper valuation system.
 
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Casillas

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This is a very serious document, how could anyone find hope in this?
 

Cabbage/Turnip

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It think the first year, the brackets are extended by 10%, year 2 I think is 2.5% and 2% in year three and four. But by not increasing the tax rate, the extra tax paid by someone on 50k will be same as someone on 500k. 50k loses about 5% of income while someone earning 500k loses about .3%. Hardly in line with their statement "those who have most will pay most".


In relation to the property tax (site valuation tax), this is being introduced as a flat rate first till they get their act into gear with a proper valuation system.
Crazy so in 7 years time the normal person will be paying more taxes, higher taxes, increased education fees (with higher class numbers and rtemoving poorer people from entering uni) with less services, with 160,000 emigratting (probably could be extended to 280,000, 7x40000) all this with no incentive to create jobs...
pleasse someone tell me i am wrong.


Also have we just sunk 656 billion in anglo for nothing because they are closing ti down?



Because if i am not why teh hell are we doing nothing
 

adrem

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Not much new in this is there?? Pretty much as they said - introduce the 6bn budget, implement the first year of the 4 year plan in detail, after that as long as broadly we implement the objectives of the 4 year plan and hit the numbers they will be happy to provide the money to us. If we don't want it we don't take it and if we get lucky we can repay at any time.

I note as well as using a private water utility we are also going to get superstores !! (cap on retail floorspace to be lifted)
 

Barnacle

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Crazy so in 7 years time the normal person will be paying more taxes, higher taxes, increased education fees (with higher class numbers and rtemoving poorer people from entering uni) with less services, with 160,000 emigratting (probably could be extended to 280,000, 7x40000) all this with no incentive to create jobs...
pleasse someone tell me i am wrong.
Sums it up nicely apart from the timeframe, it starts next year, all mixed together with a property tax, increased VAT, etc. Worst budget I have ever seen.

see my previous post - http://www.politics.ie/economy/144613-inside-4-year-plan.html
 

nicht besonders

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I thought this wasn't going to be made public before the budget, what changed? Also, why was it released this evening? Was it expected, "pre-announced", etc? I can;t be the only one who finds the timing suspicious.
 

Cabbage/Turnip

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I thought this wasn't going to be made public before the budget, what changed? Also, why was it released this evening? Was it expected, "pre-announced", etc? I can;t be the only one who finds the timing suspicious.
joan "nasal" burton called lenihan on this stating why was the oppisiition given no time to look at the report prior to questioning... the answer is obvious. its the same reason as every other sneaky deal they try to bring in on the sly
 

nicht besonders

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Aye, that makes sense. I'm naive enough to think there's a possibility some of them might be acting in the best interests of the country, rather than FF.
 

A view from England

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IMF Conditions for the bailout loan.

From The Independent.
IMF names its price - National News, Frontpage - Independent.ie

Public sector workers will have to meet savings targets within just nine months or their pay will be cut.
Every week, the Government must tell the IMF, the EU and ECB what money it is taking in and spending.
Sheltered professions, including lawyers, doctors and pharmacists will face radical changes within nine months as part of a plan to drive down costs and increase growth in the services sector.

Seems pretty harsh.
 


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