Cant wait to review this document.
I sincerely expect that my figures of 12 months standing will be confirmed.
The Irish Banks share price will collapse Thursday.
Ireland Inc is hunkering down.
(IMF Report on Ireland to be issued this evening at 7pm, its release was delayed supposedly at the request of Clowen and Co so as to allow some redaction and editing)
IMF -- International Monetary Fund Home Page
It is your duty to scour this document
I will post a link as soon as....
I have the key conclusion of the IMF.
IMF: 'The government has been the greatest disaster on the economy possible'.
Government Press Release.
Spin Dr: The IMF says that 'the government has been......great......on the economy'.
This is fairly heavily being leaked round the place.
Not great for the govt I suspect....
Details?
What are your figures of 12 months standing?Originally Posted by 121.5
Nothing will motivate the lazy / apathetic / Americanised / west-British types to embrace their culture and the Irish language.
Full of devils....
I wouldn't get too excited, here is what they said in February.
Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund
QUESTIONER: You saw yesterday that the Irish government recapitalized the banks. Do you have anything for us on that? And I just want to ask directly, is the IMF in talks with Ireland at the moment?
MR. HAWLEY: I've got nothing for you specifically on the banking developments that occurred yesterday. But, on Ireland more generally, I would say that Ireland faces a difficult economic situation and will need to take steps to manage the financial sector and fiscal risks. However, we do not envisage that IMF financing will be needed to deal with these problems.
If the banks are out for a bail,
and Lenny's efforts end up as a fail,
when the Somer does come,
to the Country they'll run,
And leave a Fine mess for the Gael.
Endinf the one Party (FF) state:
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Panick over! There's nothing to worry about lads!
Thanks for that thoughful analysis, here is the IMF's version, which is basically, there is nothing to worry about if the government does what he says it will do.Panick over! There's nothing to worry about lads!
Given its serious internal imbalances, Ireland was especially vulnerable to the recent global shocks. Overextension in construction and financial intermediation, along with loss of international competitiveness, has meant that the impact will be sizeable. Cumulatively, GDP is projected to contract by 13˝ percent through 2010, the largest among advanced economies.
Thereafter, as the present dislocations gradually correct themselves, only a modestly-paced recovery is foreseen. The incipient decline in wages will need to be sustained to help redress
Ireland’s cost disadvantage.
Rapid progress on bank restructuring is critical to reestablishing a healthy financial sector. With banks facing liquidity pressures and sizeable losses, the authorities have taken important steps to stabilize the financial system—through the blanket guarantee to depositors and creditors and the recapitalization of banks. ECB credit lines have provided valuable
liquidity. The proposed National Asset Management Agency is potentially the right mechanism to separate the good from the bad assets. Its success requires a comprehensive and realistic assessment of impaired assets. The authorities’ efforts to press ahead with supportive regulatory and supervisory measures will help manage the current stress and lower
the risk of future crises.
Fiscal consolidation has begun—and requires a sustained effort. The authorities’ sense of urgency is welcome. Such, however, has been the collapse of revenues that the 2009 deficit could reach 12 percent of GDP. The authorities recognize that the execution of their ambitious consolidation plan will require a continuing commitment to address sensitive expenditures, including the public wage bill and the scope of social welfare programs. The
consolidation will be more credible the more tightly it is tied to monitorable goals.
If the banks are out for a bail,
and Lenny's efforts end up as a fail,
when the Somer does come,
to the Country they'll run,
And leave a Fine mess for the Gael.
Endinf the one Party (FF) state:
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