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Meaning behind ECB call for "Highly Credible Fiscal Path"???


roc_

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ECB Trichet: Irish Govt Must Have Highly Credible Fiscal Path | iMarketNews.com

Cowen and Gormley and the other gombeens interpret it to mean coming down hard on normal working people and the poor, and getting all political parties to agree to this route.

I beg to differ.

I would say that it is far more likely that he is talking about the integrity of our social and political mores - for example, that our government can get properly tough and stay tough on their erstwhile cronies, rather than get tough on the taxpayer...

Or another example, that they take steps to cut off the easy access granted to the politically favoured to lucrative contracts, tax breaks, and subsidies; and put a stop to all their market rigging shenanigans and promotion of rent-seeking gombeenism; and slash their own salaries and the quangos they reward cronies with, etc...

"Highly credible" can mean nothing else in my mind.
 


HarshBuzz

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loosely translated it means:

"get your f***king house in order you shower of drunken incompetent f***wits!! Either that or we do it for you...."
 

roc_

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Simon Johnson, ex-chief economist of the IMF, writing about credible fiscal paths...

… Yet the economic solution is seldom very hard to work out.
No, the real concern of the fund’s senior staff, and the biggest obstacle to recovery, is almost invariably the politics of countries in crisis.
Typically, these countries are in a desperate economic situation for one simple reason—the powerful elites within them overreached in good times and took too many risks… >>>>>>>
… or—here’s a classic Kremlin bailout technique—the assumption of private debt obligations by the government. Under duress, generosity toward old friends takes many innovative forms. Meanwhile, needing to squeeze someone, most emerging-market governments look first to ordinary working folk—at least until the riots grow too large.
Eventually, as the oligarchs in Putin’s Russia now realize, some within the elite have to lose out before recovery can begin… >>>>>>>
 

roc_

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http://www.politics.ie/economy/140069-nama-cant-touch-developers-wives.html

This is absolutely antithetical to the kind of "Highly Credible Fiscal Path" the ECB is asking us for - as I have illustrated on this thread.

We need to start looking on the ECB as our friends - they are the only institution we can turn to for help in rooting out the kind of engrained institutional guile we have in this country that allows these developers off scot-free.
 

olamp

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http://www.politics.ie/economy/140069-nama-cant-touch-developers-wives.html

This is absolutely antithetical to the kind of "Highly Credible Fiscal Path" the ECB is asking us for - as I have illustrated on this thread.

We need to start looking on the ECB as our friends - they are the only institution we can turn to for help in rooting out the kind of engrained institutional guile we have in this country that allows these developers off scot-free.
Let`s bring in the IMF and get it over with as quickly as possible --the uncertainty is having a major affect on peoples ` health at this stage -Leenihan hasn`t got a clue what he is doing and is driving the country deeper and deeper into debt whilst protecting all his fat cat cronies.
 

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