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New Conditional IMF Deal: Government’s Attempt To Exert Pressure On EU To Expedite Agreement On Debt Concessions?


YouKnowWhatIMeanLike

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New Conditional IMF Deal: Government’s Attempt To Exert Pressure On EU To Expedite Agreement On Debt Concessions?

apparently a new deal is on the table by which a fresh IMF only deal would be available after the end of the EU/ECB/IMF bailout term. A new IMF programme would mean continued conditionality and running the Irsh budget along IMF rules.

now looking at this strategy, I am surprised that Lagarde would play along. Is her position at the IMF marginal or is that a French effort to undermine a European deal? And would be an IMF only deal be a better option for Ireland?
 


Mad as Fish

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apparently a new deal is on the table by which a fresh IMF only deal would be available after the end of the EU/ECB/IMF bailout term. A new IMF programme would mean continued conditionality and running the Irsh budget along IMF rules.

now looking at this strategy, I am surprised that Lagarde would play along. Is her position at the IMF marginal or is that a French effort to undermine a European deal? And would be an IMF only deal be a better option for Ireland?
One small ray of sunshine is that the IMF is not half so keen on austerity as it once was and maybe less so than the EU and ECB where Germany has a big say in what goes.
 

YouKnowWhatIMeanLike

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One small ray of sunshine is that the IMF is not half so keen on austerity as it once was and maybe less so than the EU and ECB where Germany has a big say in what goes.
what has changed at the IMF that it became such a tame and benign lender of last resort? the image of the IMF used to be the other way around not too long ago no?
 

GDPR

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apparently a new deal is on the table by which a fresh IMF only deal would be available after the end of the EU/ECB/IMF bailout term. A new IMF programme would mean continued conditionality and running the Irsh budget along IMF rules.

now looking at this strategy, I am surprised that Lagarde would play along. Is her position at the IMF marginal or is that a French effort to undermine a European deal? And would be an IMF only deal be a better option for Ireland?
As a bargaining tactic with the ECB/EU it would have a lot going for it and the IMF have shown themselves, to the disgrace of the ECB/EU, to be a lot more understanding of both the reasons we find ourselves where we are and of the economic consequences and realities of making us take the full hit for the Euro zone banking sector than the German controlled ECB.
 

Mad as Fish

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what has changed at the IMF that it became such a tame and benign lender of last resort? the image of the IMF used to be the other way around not too long ago no?
An excellent question and I just wish I had an answer.
 

YouKnowWhatIMeanLike

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As a bargaining tactic with the ECB/EU it would have a lot going for it and the IMF have shown themselves, to the disgrace of the ECB/EU, to be a lot more understanding of both the reasons we find ourselves where we are and of the economic consequences and realities of making us take the full hit for the Euro zone banking sector than the German controlled ECB.

I thought the ECB acts on by a qualified majority where each country has one vote. how can the Germans control the ECB?

also how do they make the decisions at the IMF? as far as I understand at the IMF Ireland has 0.53% of the votes and Germany has 6.12% of the votes and the US 17.69%.
 
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Spanner Island

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If true... and having witnessed the absolute balls the EU has made of reacting to and 'managing' this crisis, and having heard the kind of noises the IMF have been making about the way 'austerity' has been implemented here, I'd be much more inclined to go with the IMF than the EU...

As for this being a French effort to undermine an EU deal... if Lagarde was involving the IMF in that kind of crap I suspect she'd be out on her ear fast...
 

YouKnowWhatIMeanLike

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If true... and having witnessed the absolute balls the EU has made of reacting to and 'managing' this crisis, and having heard the kind of noises the IMF have been making about the way 'austerity' has been implemented here, I'd be much more inclined to go with the IMF than the EU...

As for this being a French effort to undermine an EU deal... if Lagarde was involving the IMF in that kind of crap I suspect she'd be out on her ear fast...
it might sound like a good deal right now but the IMF doesn't actually have the reputation for making decisions in the interest of the people.
 

GDPR

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Isn't that the way Ireland forced the Anglo Irish Bank ELAs upon the ECB? I mean by a qualified majority.
There is no qualified majority with the ECB, that's the EU. The ECB just ask what now Herr whateverhisfaceis at any given time in any given circumstances and then say Ja wohl in return.
 

YouKnowWhatIMeanLike

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There is no qualified majority with the ECB, that's the EU. The ECB just ask what now Herr whateverhisfaceis at any given time in any given circumstances and then say Ja wohl.
so how did Honohan got the ELAs fitted into the outlet? was that a unilateral move?
 

Spanner Island

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The IMF have been making a lot more sense than the EU/ECB have been in the last couple of years...

Plus as someone who wants the state and welfare and benefits reformed far beyond what incumbent governments here seem capable of delivering... the IMF would be the tougher more common sense option... imo.

The EU is just another level of political, unaccountable and bureaucratic bullsh!t which if Britain leaves, is going to go down the toilet...
 

Dame_Enda

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Vindicates what we on the no side were saying in the Fiscal Compact referendum debates.
 

myrak

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what has changed at the IMF that it became such a tame and benign lender of last resort? the image of the IMF used to be the other way around not too long ago no?
Piling debt upon debt in the developing world was 'quids in' for the developed world- easy money and cheap resources. The lack of services, water, education, healthcare in far away places goes unchallenged for the most part.
Debt and desperation in the heart of the IMF club is a different thing altogether.
 

YouKnowWhatIMeanLike

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The IMF have been making a lot more sense than the EU/ECB have been in the last couple of years...

Plus as someone who wants the state and welfare and benefits reformed far beyond what incumbent governments here seem capable of delivering... the IMF would be the tougher more common sense option... imo.

The EU is just another level of political, unaccountable and bureaucratic bullsh!t...
so let's go for an IMF deal if it is the better choice. it's a no brainer, isn't it ...
 

Clanrickard

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Shrewd move. If it went ahead it would embarrass the ECB and undermine the EU. If a fellow member has to go to the IMF for help what hope have other small countries?
 

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