Why not call in the IMF? Whats the downside?

I think we all may accept that this country is bankrupt and is unlikley to work its way out of this anytime soon. I say bring in the IMF kick out all those asses in the dail and start again. How did bertie get away with all this and leave Cowen with a dirty bed. As for Cowen he needs to step down now he is not wanted and never was but yet he stays there, why cause he is a total biffo and does not care about you or me all he cares about are ratings. Its a joke this country is a joke.

I say bring on the IMF or ask England to take us back and we should appoligse for the state we left it in.
 
If the Govt can't sort it out, then it is likely that the EU will step in (for political reasons, EU would not want IMF to have to enter a Euro country). Nevertheless the cuts will be savage and they will also use it to end our low corp tax rates. Long term that will be a disaster and will take decades to recover, if at all..
 

is this fact though (EU stepping in) surely they would want the country to grow again, attract investment and reduce unemployement?
 
We need to develop products for export at a competitive rate and we need a serious overhaul and revised taxation of the capitalist systems and in particular the over the counter trading engaged in by the banks.

A ten per cen tax on the 14 Quadrillion dollar annual market in derivatives should soften their coughs and re-finance the governments.

ONQ.
 
onq said:
A ten per cen tax on the 14 Quadrillion dollar annual market in derivatives should soften their coughs and re-finance the governments.
Click to expand...

The fact is, we have hard decisions to make, and like it or not we have to make them. There is no magic pot of gold. I wish there were.
 

They do not need to fire so many, maybe let go 10-20% and cut the pay of everybody else 20-30%. It's pretty obvious what needs to be done!
 

The 'painful' cuts are not going to work.

Why?

4 billion cuts every year for the next 4 years? Politically I think it's impossible and Lenihan is a complete spoofer having just said he won't touch public service pay/salaries again for years (so what the hell will they cut?), in addition the cuts will further dampen demand and growth in the economy...thereby making it impossible to pay the bondholders and their increasing interest charges (interest payments will be 5 billion a year 4-5 years later). Once the bondholders sense we cannot pay back our debt and cannot grow the economy they will withhold buying and it seems a 99% certainty the ECB will step in soon.

It just doesn't add up and the cuts that are being made, while I agree with them, are too late.
 

I believe this has been corrected on numerous threads where you mention this untouched pot of gold. (here's a comment from darag: http://www.askaboutmoney.com/showpost.php?p=1019310&postcount=3)
The derivatives market has a total liability of somewhere around the number you mention. But this is not the value of transactions. Very, very far from it.
I posted the following before, but I can't find it.
The FX market is by far the largest market in the world with about $4tr traded daily. Only about 10% of that is through futures contracts or other derivatives, leaving about $400m per day. Speculators you leverage which can be as high as 500 to 1, which further reduces the actual amount of transactions. The untapped pot of gold just doesn't exist. Governments need refinancing because the messed up, and they should be looking at their expenditure and not the further punish the private sector.
 
Hi, I started this thread 18 months ago because I thought we were in a dangerous situation and the lack of leadership in government was patently obvious as there was no ability to make the hard decisions necessary.

18 months later sadly the situation is a lot worse, the currrent Taoiseach having to apologose for being "hoarse" after an FF gig in Galway, the previous incumbent hiding in cupboards for tabloid papers after "winning all that money on the horses" and the current Minister for Finance telling us we had turned the corner last December (must have been a 360 degree corner!).

So now we have SIPTU handing back most of the junket slush fund, all the lads who transferred properties to their Mrs(s) pre NAMA apparently were cute hoors and hypocrites like Gormley get the DART to Dun Laoghaire while the limo waits to picks them up in Holyhead en route to the Dorchester. This at a time when he is happy to expose us to huge claims by Covanta for not facilitating the commissioning of the incinerator purely because its in his patch - meanwhile we are happy to use other countries incinerators ....so much for principle!

Meanwhile we continue to borrow like there is no tomorrow.....an the IMF looks like an increasingly attractive option (note to self......should have set up that party in 2009!!!). All this bull about about consensus.....what's all that about......we have a huge democratic deficit in this country, the system is broken forever. Politicians who get elected have 1 agenda - to get re-elected and everything iss doone in that context. Trade Unions who represent about 10% of the population don't give a toss about the other 90% of the population. People who don't perform in the political / public sector are protected or worst case receive crazy payoffs.

It's over 2 years now since the 2 Brians bet €120,000 on behalf of every man, woman and child with the guarantees. Now they are borrowing an extra €120 per week for every man woman and child. Did anyone get to vote for these kind of policies? They signed the Croke Park agreement with their buddies...no compulsory redundancies and not more pay cuts for 4 years - what a joke! How the hell can these people make these outrageous committments without having to go to the country.....

it's over, bring in the IMF and lets take our punishment for having elected the "cutest most cuning of them all" on 3 seperate occasions and get a new system in place to prevent this happening again.............

Roger
 
rogeroleary said:
...
it's over, bring in the IMF and lets take our punishment for having elected the "cutest most cuning of them all" on 3 seperate occasions and get a new system in place to prevent this happening again.............

Roger
Click to expand...

You couldn't have summarised it better. Given all the political bovine dung of especially the past couple of weeks I would welcome the IMF with open arms.
 
There are lots of people blaming 'the system' to avoid their own guilt. Put the blame where it rightfully resides - with a generation of Fianna Fail led governments.
 
Complainer said:
There are lots of people blaming 'the system' to avoid their own guilt. Put the blame where it rightfully resides - with a generation of Fianna Fail led governments.
Click to expand...


Couldn't agree more C and it's even worse for me when I'm perched at the bar in Fagan's trying to enjoy a pint and having to look over at the fella in the cupboard and his €7 million pension package!!! Sickening, but at least I have the solace of never having voted for that shower!

R.
 
You must log in or register to reply here.
Menu
Log in
Register