'Next IMF boss' predicts Ireland will leave Euro - Sunday Tribune

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The Sunday Tribune's Eamon Quinn reports that the man tipped to become the next head of the IMF is predicting that the eurozone will 'shrink to only four countries" with "peripheral" nations such as Ireland adopting a new "devalued common currency".

Mohamed El-Erian, much discussed on Politics.ie recently said that the Eurozone would only include Germany, the Netherlands, France and Austria "because debt overhang of Ireland, Greece and other states was too great".
 


Goldencircle

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Sin é

Alot of people have been talking about a two tier euro for while
 

TODevastated

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so what do we do move all our money into a Euro account offshore rather than face say a 10% devaluation??
 

LeDroit

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Here's hoping. The issue is now Europe wide, thank God, which means the necessary solution for Ireland will arise as part of a comprehensive European solution.
 

liamfoley

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Sin é

Alot of people have been talking about a two tier euro for while
No, no, no! Voting No in Lisbon would put us in the second tier! Yes means we are in the first. Remember that joke about the kid who comes downstairs on Christmas morning to find a heap of horse manure and starts digging in it for the pony? Those promised jobs and economic recovery are just around the corner. Psssst, who thinks that FG and Labor have any credibility on this point?
 
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Skin

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No this couldnt happen. Remember when we voted NO to Lisbon, we were told that if we didnt vote YES second time round that it would lead to a two-tier Europe, that "we would be left behind" - remember that?
This couldnt happen, unless we have be conned....ooops!
 

Berty

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Conned..... that sounds about right:(
 

liamfoley

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Does that mean that we can tell the ECB to ************************ off?
 

makingjam

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I doubt El-Erian will be the next leader of the IMF.

Traditionally, the IMF leader comes from Europe, and the head of the world bank comes from the US.

In an interview on Thursday, Straus-Kahn argued that the new heads of both organisations should be drawn from countries outside of the traditional pairings, I think it might be a push too far to select a US born economist (even one with Egyptian parents) as the leader.

My money is on (presuming they do move outside Europe for a leader) Montek Singh
 

Telemachus

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Another reason to open a foreign curreny account so.
 

needle_too

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no two tier europe

an punt nua
No. It'll be Sterling.

You can call it 'Punt Nua', you can have Gerry Adams, Wolfe Tone and Bobby Sands on it. But it'll be Sterling all the same.

Anything else will just be an expensive sop to the bogmen.
 

hammer

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If we had voted NO to Europe we would have got all the money from the IMF, or would we?

VOTE Fianna FAIL, the IMF party :)
We promise not to make the same mistakes 3 times.
 

bazlad

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If true, then why are we moving the debt of the Irish Banks onto the state's balance sheet before this happens? Would cripple any new currency.

Dont see any down side for the German and other banks....
 

TradCat

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We must insist on the punt. There is no case for tying us to the others or them to us. We'd be better off with sterling than that.
 


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