"The result of the IMF involvement was the destruction of the country"

Cassandra Syndrome

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An economist and a journalist recently stated in an interview that the United States government bailed out the nation of Greece in order to make sure that they pay the profits of European and U.S. financial institutions.

Read more: Economists say IMF bailed out Greece for Europe, US bank profits
“If we want to see the role of IMF, we can see what the IMF did in Argentina, in Bolivia, in Russia, in East Asia, in many many countries like Pakistan and like many African countries,” said Vatikiotis. “The result of the IMF involvement was the destruction of the country. All this in benefit of the American banks.”
Read more: Economists say IMF bailed out Greece for Europe, US bank profits
Vatikiotis further added that the Greek government is having all of these austerity measures because “government wants money to pay to foreign banks. Greek debts belong to French and German banks like Deutsche Bank and Societe Generale, etc.”
When President Barack Obama urged all European Union heads of state to approve the bailout, this was done in order to show that the banks wanted their money back, claims Vatikiotis: “Because they wanted their money back, they bailed out Greece in the name of this profit.”

Read more: Economists say IMF bailed out Greece for Europe, US bank profits
The IMF will make our government look like the care bears. There number 1 aim is to protect the international bankers and make money themselves out of serfdom.
 


HarshBuzz

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Cassie, stop falling into the trap of painting this only as IMF intervention

the EU is funding the majority of the bailout

good article in the FT today, outlining the potential conditionalities attaching:

PS Pay cuts
Minimum wage cuts
Elimination of tax breaks
Rise in VAT

Corp Tax - god knows? have we any leverage at all? The IMF would be preferable to the EU on this one.
 

johnnypockets

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I have been to Argentina and have talked to people there. The most obvious result of the IMF coming in was the almost complete disappearance of the middle class there.
Then again, that is already happening here. There was talk during the week of a couple receiving welfare. For it to be worthwhile for them to go back to work they would have to have an income of 52,000.
This puts things in perspective. There is fast becoming 2 classes here. And 95% of us are in the lower tier.
 

firefly123

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Ah no they won't touch me. Just those nasty nurses who caused all of this mess!
 

HarshBuzz

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I have been to Argentina and have talked to people there. The most obvious result of the IMF coming in was the almost complete disappearance of the middle class there.
Then again, that is already happening here. There was talk during the week of a couple receiving welfare. For it to be worthwhile for them to go back to work they would have to have an income of 52,000.
This puts things in perspective. There is fast becoming 2 classes here. And 95% of us are in the lower tier.
johnny, it's (Argentina) a difficult comparison to stand over given the currency situation. Middle class wealth was vaporised in Argentina, almost literally overnight, as the currency tanked once the dollar peg was abandoned and the banks frozen.

Now there has been large-scale wealth destruction in Ireland over the last 4 years - but this was not due to currency factors - rather real estate assets returning to realistic values (still along way to go on that) and also certain equity sectors blowing up i.e. the banks. A Euro is still a Euro! Whereas a Peso....:shock:
 

powderfinger

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Greece is facing further 'austerity' measures.
Quelle surprise !

OECD: Greece Must Continue Reforms, Further Austerity Possible - WSJ.com

In May, Greece narrowly avoided default with the help of a EUR110 billion loan from the European Union and International Monetary Fund, in exchange for a series of austerity measures and economic reforms aimed at bringing its budget deficit below an EU cap of 3% of GDP by 2014.
But the OECD also warned that Greece must continue with its austerity program even beyond that time in order to address the country's huge debt burden, projected to peak at 149% of GDP in 2013.
 

Keith-M

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Greece was a generally an EU funded intervention and given the level of corruption and waste, almost ANYTHING they did was going to be an improvement.

The IMF/WB has a long history of going into countries in Latin America and getting them sorted, so the perfect background to sorting ourt a banana republic like Ireland.
 

Clanrickard

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The IMF will make our government look like the care bears. There number 1 aim is to protect the international bankers and make money themselves out of serfdom.
Cas if you want to sound authoritative stop posting links from Press TV which is total and utter propaganda. They source the wackiest conspiracy nuts to trot the wackiest theories. You may yourself look like a crank.
 

Fir Bolg

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What would happen if the government told them all to go sing for their money, reneged on the bank debt guarantee and then announced that it would balance our budget deficit this year in one fell swoop thus eliminating the need for dabbling in the bond markets?

Apart from us never being able to raise funds on the bond markets for a long time and a massive shock to the economy over taking 19billion out of it what else would occur? We wouldn't be spending billions bailing out our banks.
 
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Xipe Totec

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We just need to provide tax relief for corporations and the rich to stimulate growth, while 'tightening our belts' on our extravagant social services.

Then we can help our international banker friends by giving them some nice juicy profits :)
 

Xipe Totec

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What would happen if the government told them all to go sing for their money, reneged on the bank debt guarantee and then announced that it would balance our budget deficit this year in one feel swoop thus eliminating the need for dabbling in the bond markets?

Apart from us never being able to raise funds on the bond markets for a long time and a massive shock to the economy over taking 19billion out of it what else would occur? We wouldn't be spending billions bailing out our banks.
Heresy! you should be arrested attempted economic terrorism...
 

powderfinger

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Greece was a generally an EU funded intervention and given the level of corruption and waste, almost ANYTHING they did was going to be an improvement.

The IMF/WB has a long history of going into countries in Latin America and getting them sorted, so the perfect background to sorting ourt a banana republic like Ireland.
The IMF committed €30bn as part of the overall €110m loan.They punch above their weight when it comes to the management of the facility.

IMF Proposed Greek Loan-Payment Extension, Papandreou Tells BBC - Bloomberg
The International Monetary Fund has proposed giving Greece more time to repay a 110 billion-euro ($149 billion) loan from the fund and European nations, Prime Minister George Papandreou told BBC World News television.
“What has been discussed -- and this is an IMF proposal -- is lengthening the period of paying back the debt,” Greece’s Papandreou said in the BBC interview today. “We have to be on track and we’re on track.”
 

johnnypockets

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johnny, it's (Argentina) a difficult comparison to stand over given the currency situation. Middle class wealth was vaporised in Argentina, almost literally overnight, as the currency tanked once the dollar peg was abandoned and the banks frozen.

Now there has been large-scale wealth destruction in Ireland over the last 4 years - but this was not due to currency factors - rather real estate assets returning to realistic values (still along way to go on that) and also certain equity sectors blowing up i.e. the banks. A Euro is still a Euro! Whereas a Peso....:shock:

I take your point HB. The currency did have a huge bearing on what happened there. I fear here though that so many have been exposed to property in this country(by choice or not-NAMA) that it may have a similar effect.
I still feel that the middle class is disappearing fast here. To maintain lifestyles households now have to have two incomes whereas before one would have been enough. The gap between rich and poor grows faster and faster everyday. And those of us in the middle grow fewer and fewer in number.
After the next budget there will be fewer again.
 

HarshBuzz

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I still feel that the middle class is disappearing fast here. To maintain lifestyles households now have to have two incomes whereas before one would have been enough. The gap between rich and poor grows faster and faster everyday. And those of us in the middle grow fewer and fewer in number.
After the next budget there will be fewer again.
I'll agree with this - I just felt the obvious flaws in your comparison had to be pointed out.
 


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