IMF/EU rescue plan memorandum

[Dreaded_Estate]

Here is the document

http://www.finance.gov.ie/documents/.../EUIMFmemo.pdf

[Edit: Here is the 28 April 2011 revised document - http://www.finance.gov.ie/documents/...moumay2011.pdf]

[Expatriot]

Nice one. Retiring at 68+ now. Bet it gets to 70 before long.

[He3]

[COLOR="Red"]These documents remain subject to editorial changes. The final
documents will be laid before the Houses in due course.[/COLOR]

[Dreaded_Estate]

Caps on national debt, no chance of hitting these IMO.

[powderfinger]

Thanks DE.
From the introduction to the specific economic conditionalities it appears that the IMF will oversee the bilaterals from the UK,Sweden and Denmark (pg 7)

[Cabbage/Turnip]

I am very far from an economist but i thought widening tax brackets was a once off move and increasse taxes such as property tax was also.... but in the UoM its every year/ quater the bracket widens and the tax increase.

The figures we hear now about the level of property tax and tax brackets are they the overall level or the starting level in the first quater and gradually gets higher and wider?

[Kalan]

Here is the document

http://www.finance.gov.ie/documents/.../EUIMFmemo.pdf

Thanks for that. The neo-liberal devil is in the details. Labour and F.G must now state clearly what parts they will not implement; otherwise they are merely imposing an intensification of the failed policies of F.F. on the Irish people. Enough with the guff.

[powderfinger]

On first look it appears vague on specifics regarding AIB and Bank of Ireland.

"The strategy for the future structure,functioning and viability of Irish credit institutions will be developed in detail and agreed with the European Commission,the ECB, and the IMF ...."

MoU pg 9

[LongShanks]

"The government will have undertaken an independent assessment of transfer of responsibility for water services provision from local authorities to a water utility"
(p18)

Water privatisation on the way. How long before they make harvesting rainwater illegal?

[Barnacle]

I am very far from an economist but i thought widening tax brackets was a once off move and increasse taxes such as property tax was also.... but in the UoM its every year/ quater the bracket widens and the tax increase.

The figures we hear now about the level of property tax and tax brackets are they the overall level or the starting level in the first quater and gradually gets higher and wider?

It think the first year, the brackets are extended by 10%, year 2 I think is 2.5% and 2% in year three and four. But by not increasing the tax rate, the extra tax paid by someone on 50k will be same as someone on 500k. 50k loses about 5% of income while someone earning 500k loses about .3%. Hardly in line with their statement "those who have most will pay most".


In relation to the property tax (site valuation tax), this is being introduced as a flat rate first till they get their act into gear with a proper valuation system.