# IMF to manage Ireland?



## Mouldy (13 Jan 2009)

There is a news story this morning in which a public service union leader has warned that the IMF may be brought in to manage the Irish economy if spending cannot be curtailed.

http://www.rte.ie/news/2009/0113/economy.html

The IMF have a long and sad history of pulverising economies that they were brought in to “help”. Surely we are not that desperate yet? And if that is the case and the IMF do come in, what are the likely implications for property prices, employment, wage levels etc. Would we be looking at a bankrupt generation of citizens?


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## j26 (13 Jan 2009)

That's just Dan waxing lyrical. 

We're nowhere near that - yet!


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## tiger (13 Jan 2009)

Yes, I was a little shocked when I saw IMF being mentioned.  Didn't think things were that bad yet.
Brought back memories of the late late show debate on the national debt & serious argument being given to reneging on it...


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## Strathspey (13 Jan 2009)

My New Year's resolution has been to actively consider emigration. I was very fortunate to have visited Vietnam in 2008 and I was gobsmacked to see 12-year olds in class learning AutoCad, while in this country we waste precious time, energy and resources teaching our kids Irish. I mean Ireland isn't even Irish anymore. It's the most Americanised society outside of America. We should really just call ourselves Western British. The men sit around talking about and watching British football, the women come home from work and sit watching Coronation Street and East Enders and on the weekends both go out and shop in British shops to decorate themselves and their houses to British tastes. I'm at the stage where I'm thinking that there is actually very little Irish that I'll miss.


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## jimbobman (13 Jan 2009)

its a scare tactic to get the unions to take wage cuts. if they dont accept them then the IMF can come in and wipe them out , basically


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## PaddyW (13 Jan 2009)

You have made some valid points there strathspey. Perhaps Irish should be made an optional subject.


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## queenlex (13 Jan 2009)

Strathspey said:


> My New Year's resolution has been to actively consider emigration. I was very fortunate to have visited Vietnam in 2008 and I was gobsmacked to see 12-year olds in class learning AutoCad, while in this country we waste precious time, energy and resources teaching our kids Irish. I mean Ireland isn't even Irish anymore. It's the most Americanised society outside of America. We should really just call ourselves Western British. The men sit around talking about and watching British football, the women come home from work and sit watching Coronation Street and East Enders and on the weekends both go out and shop in British shops to decorate themselves and their houses to British tastes. I'm at the stage where I'm thinking that there is actually very little Irish that I'll miss.


 
I agree with everything you said more or less but are we not more Brit-ised than americanised??  I think we are americanised in some ways as in fashion and tv shows influencing people (every girl in Dublin (manly southside) havng the california accent) which sounds ridiculous btw, but I dont think our culture is at all similar to America (now you might ask what culture do we have left too).  I'd say these are probably scare tactics alright re: original question but who knows, there seems to be no action and lots of uncertainty around...


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## gflood (13 Jan 2009)

Let the IMF come in. the government are too scared of the unions to make the cuts that are necessary. Its been said tirelessly before, the private sector have suffered job losses and cuts, its time the CS's expected them too. I was frightened to death of the debate on Questions and Answers last night. Absolute refusal and unwillingness to accept the current situtaion and that action needs to be taken , not talked about. The time for talking is over. Our great country is being ruined by these unions.


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## Madangan (13 Jan 2009)

Any old excuse to bash the Irish language! Decent IT skills and retaining our culture are not mutually exclusive!


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## Mouldy (14 Jan 2009)

Getting back on topic....

Cowen says the Government are the source for the story.

http://www.rte.ie/news/2009/0114/cowenb.html


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## Sunny (14 Jan 2009)

Ireland's CDS spreads have widened big time this morning. 5 year spreads are at around 230bps. According to the market, ourselves and Greece are now the two biggest basket cases in Europe.


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## Jewelsster (14 Jan 2009)

There's still plenty of jobs in computing, if you have the degree/qualifications - 

check it out: [broken link removed]

At least there's some good news in the doom and gloom...


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## gurramok (14 Jan 2009)

tiger said:


> Yes, I was a little shocked when I saw IMF being mentioned.  Didn't think things were that bad yet.
> Brought back memories of the late late show debate on the national debt & serious argument being given to reneging on it...



Yes its that serious. 
Simply put, investors reckon we will not be able to pay loans back because the private sector which is the engine of the economy has one of the highest debts per capita in the world at €400bn hence those CDS spreads comparing us to Greece.
Thats why the public wage bill has to be reduced, we simply can't afford to run the country as it is


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## The_Banker (14 Jan 2009)

Can someone explain what happens in the event the IMF are called in?


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## tiger (14 Jan 2009)

The_Banker said:


> Can someone explain what happens in the event the IMF are called in?


riots in the streets, if Latvia is anything to go by.
Looks like we're ok for the moment.
http://www.reuters.com/article/usDollarRpt/idUSNLE14994320090114


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## Marie (14 Jan 2009)

The IMF put criteria in place for the UK during the recession in the early 1970's.


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## jasonr (14 Jan 2009)

Imagine that "twit" representing you as a Union head.


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## efm (14 Jan 2009)

tiger said:


> riots in the streets, if Latvia is anything to go by.


 
_"Several hundred youths destroyed police vehicles and smashed office windows in Riga on Tuesday when an anti-government protest turned into a riot.....Latvia was the European Union's fastest-growing economy until last year, when credit dried up and a consumer-fuelled boom suddenly ended."_ (Reuters)

Hmmm sounds a bit like Ireland


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## Askar (14 Jan 2009)

There seems to be universal opinion that those who managed the banks should be replaced; yet replacement of the incompetent managers of Ireland inc. by the IMF is such a bad thing? What competence does our current government have to get us out of the mess that they played a huge part in creating?


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## Mouldy (14 Jan 2009)

It seems that Cowen wasn;t the source of the story.

http://www.rte.ie/news/2009/0114/cowenb.html 

Basically RTE screwed up. Wonder how much some lazy reporter has cost us in increased intrest charges on national borrowing this week?


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## Eblanoid (14 Jan 2009)

Jewelsster said:


> There's still plenty of jobs in computing, if you have the degree/qualifications -
> 
> check it out: [broken link removed]
> 
> At least there's some good news in the doom and gloom...



You should never judge job prospects by what a university says.  They're hardly impartial, they just want you to sign up to their courses regardless of the prospects!


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