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Suriving after IMF takeover


Paddythai

Member
Joined
Aug 30, 2009
Messages
97
We all have different personal circumstances so the impact of the IMF taking over will vary from person to person.

I am trying to find out how their taking over the reins of power will impact on some of the following;

1. People who cannot pay their mortgage.
2. People who cannot pay bank debts
3. People who cannot pay revenue.
4. Corrupt business people and politicians.
5. People working in black economy

I could add endlessly to the list but the main point is we all need to prepare for the inevitable and knowledge is power.
 


Kevin Doyle

Well-known member
Joined
Jan 9, 2007
Messages
11,066
We all have different personal circumstances so the impact of the IMF taking over will vary from person to person.

I am trying to find out how their taking over the reins of power will impact on some of the following;

1. People who cannot pay their mortgage.
2. People who cannot pay bank debts
3. People who cannot pay revenue.
4. Corrupt business people and politicians.
5. People working in black economy

I could add endlessly to the list but the main point is we all need to prepare for the inevitable and knowledge is power.
What IMF takeover?
 

HarshBuzz

Well-known member
Joined
Feb 28, 2008
Messages
11,914

HarshBuzz

Well-known member
Joined
Feb 28, 2008
Messages
11,914
They are not going to do anything harsher than the current government.
depends what sector of society you're in I suppose

if they see obvious areas that require major cuts, there'll be no political considerations to stop them.
 

PUFF DADDY

Well-known member
Joined
Jul 3, 2009
Messages
3,003
The IMF effect is overrated. They are not going to do anything harsher than the current government. Look what they did in Greece? Not a lot.

What int rate are greece paying now since the intervention ?
 

seabhcan

Well-known member
Joined
Sep 3, 2007
Messages
14,327
What int rate are greece paying now since the intervention ?
5%.

People seem to think that the IMF somehow replaces the current government. It doesn't. It just lends money to the country with conditions attached. The government still has to do the work of implementing those conditions. If FF is in charge - we will still have FF running day-to-day decisions. The IMF changes very little.
 

Sham96

Well-known member
Joined
Sep 30, 2010
Messages
580
5%.

People seem to think that the IMF somehow replaces the current government. It doesn't. It just lends money to the country with conditions attached. The government still has to do the work of implementing those conditions. If FF is in charge - we will still have FF running day-to-day decisions. The IMF changes very little.
+1 I believe people will be hugely disappointed with what transpires. If anything FF will try to entrench their cronies in positions of power. It is up to Irish people themselves to make the required changes.
 

Kevin Doyle

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Jan 9, 2007
Messages
11,066
+1 I believe people will be hugely disappointed with what transpires. If anything FF will try to entrench their cronies in positions of power. It is up to Irish people themselves to make the required changes.

This is what i'm worried about.
 

Squire Allworthy

Well-known member
Joined
May 31, 2007
Messages
1,404
We all have different personal circumstances so the impact of the IMF taking over will vary from person to person.

I am trying to find out how their taking over the reins of power will impact on some of the following;

1. People who cannot pay their mortgage.
2. People who cannot pay bank debts
3. People who cannot pay revenue.
4. Corrupt business people and politicians.
5. People working in black economy

I could add endlessly to the list but the main point is we all need to prepare for the inevitable and knowledge is power.

Considerable impact on 1-3, little impact on 4 and will act as a boost to 5 though expect more emphasis on copy righted material protection.

People seem to think that the IMF somehow replaces the current government. It doesn't. It just lends money to the country with conditions attached. The government still has to do the work of implementing those conditions. If FF is in charge - we will still have FF running day-to-day decisions. The IMF changes very little.

IMF conditions and FF implementation could be a very bad mix indeed.
 

Watcher2

Well-known member
Joined
May 2, 2010
Messages
34,246
Basically it is a big step closer to the inevitable. An IMF condition for a bailout could be:

Save 15bn by 2014. If we do that and we are paying them back, all is well. However, if they dont make the required savings/revenue then no one lends money to Ireland. Then the gov will HAVE TO cut public expenditure. That means less teachers, doctors nurses, gardai etc and the whole mess unravels. Probably something we will need to shock us into reality instead of limping along for a decade or more in a haze of confusion and depression.

Bring them in. It will be worth it in the long run and we can then consign FF to the trash bin forever. People will remember that reality for a long long time.
 

Sham96

Well-known member
Joined
Sep 30, 2010
Messages
580
It will be more expensive for us to borrow from the EU fund than for Greece.

Prof Whelan said events may force the outcome. “No Irish government in its right mind would want to go cap in hand to the EU but we have four by-elections coming and the government is going to lose every one of them, so there goes its majority. They might not be able to pass a budget,” he said.

“I think there will have to be a general election by January, and that will cause spreads to explode,” he said.

Greece was able to borrow from the EU at 5pc under its €110bn rescue in April. This rate is no longer available. Prof Whelan said the EU’s charge under the newly-created rescue fund (EFSF) would be more like 6pc. “It would not be a soft-touch,” he said.

The trigger for Ireland’s bond hell this week was of course the Franco-German deal preparing the way for orderly defaults and bondholder haircuts for eurozone states that get into trouble. This shift in policy changes the game entirely. Why would pension funds step into distressed debt markets after they have been told that the EU will, suddenly, no longer stand behind the debt?
 

ICallely

Active member
Joined
Aug 18, 2010
Messages
187
+1 I believe people will be hugely disappointed with what transpires. If anything FF will try to entrench their cronies in positions of power. It is up to Irish people themselves to make the required changes.
If it's up to the Irish people to make changes then I think we may be in trouble.

They may hate Fianna Fail now, but when the Election comes they will still vote for them, sure didn't they organise the medical card/grant for the auld lad/planning permission for the development (delete as inappropriate) for us?
 

patslatt

Well-known member
Joined
Apr 11, 2007
Messages
13,693
You are all fuked!

We all have different personal circumstances so the impact of the IMF taking over will vary from person to person.

I am trying to find out how their taking over the reins of power will impact on some of the following;

1. People who cannot pay their mortgage.
2. People who cannot pay bank debts
3. People who cannot pay revenue.
4. Corrupt business people and politicians.
5. People working in black economy

I could add endlessly to the list but the main point is we all need to prepare for the inevitable and knowledge is power.
THe headline is from the movie Money Never Sleeps.
 

rubensni

Well-known member
Joined
Apr 27, 2009
Messages
737
People seem to think that the IMF somehow replaces the current government. It doesn't. It just lends money to the country with conditions attached. The government still has to do the work of implementing those conditions. If FF is in charge - we will still have FF running day-to-day decisions. The IMF changes very little.
The IMF will be treated like an uber HSE that politicians can blame for everything while washing their hands of responsibility. Cant' wait :rolleyes:
 

thegreyfox

Active member
Joined
Oct 26, 2010
Messages
149
If the I.M.F. had of been invited in to oversee our banking crisis 2 years ago our bond holders would not now be charging the rates they are to lend to us.FF and the banks consistently lied about the true extent of our position.When this shower fall the political/banking situation should be investigated under the organised crime gang laws.
 

thegreyfox

Active member
Joined
Oct 26, 2010
Messages
149
If the I.M.F. had of been invited in to oversee our banking crisis 2 years ago our bond holders would not now be charging the rates they are to lend to us.FF and the banks consistently lied about the true extent of our position.When this shower fall the political/banking situation should be investigated under the organised crime gang laws.
 

Black Cat

Active member
Joined
Mar 29, 2010
Messages
247
Heard on newstalk yesterday when the IMF came into another country that they cut social welfare by 18% public sector wages by 30% - any public sector worker who wasn't in work was taken to be resigned and no sick days without a doctors cert.
 

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