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Thread: New Conditional IMF Deal: Government’s Attempt To Exert Pressure On EU To Expedite Agreement On Debt Concessions?

  1. #1

    Default New Conditional IMF Deal: Government’s Attempt To Exert Pressure On EU To Expedite Agreement On Debt Concessions?

    apparently a new deal is on the table by which a fresh IMF only deal would be available after the end of the EU/ECB/IMF bailout term. A new IMF programme would mean continued conditionality and running the Irsh budget along IMF rules.

    now looking at this strategy, I am surprised that Lagarde would play along. Is her position at the IMF marginal or is that a French effort to undermine a European deal? And would be an IMF only deal be a better option for Ireland?

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    apparently a new deal is on the table by which a fresh IMF only deal would be available after the end of the EU/ECB/IMF bailout term. A new IMF programme would mean continued conditionality and running the Irsh budget along IMF rules.

    now looking at this strategy, I am surprised that Lagarde would play along. Is her position at the IMF marginal or is that a French effort to undermine a European deal? And would be an IMF only deal be a better option for Ireland?
    One small ray of sunshine is that the IMF is not half so keen on austerity as it once was and maybe less so than the EU and ECB where Germany has a big say in what goes.

  3. #3

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    Quote Originally Posted by Mad as Fish View Post
    One small ray of sunshine is that the IMF is not half so keen on austerity as it once was and maybe less so than the EU and ECB where Germany has a big say in what goes.
    what has changed at the IMF that it became such a tame and benign lender of last resort? the image of the IMF used to be the other way around not too long ago no?

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    apparently a new deal is on the table by which a fresh IMF only deal would be available after the end of the EU/ECB/IMF bailout term. A new IMF programme would mean continued conditionality and running the Irsh budget along IMF rules.

    now looking at this strategy, I am surprised that Lagarde would play along. Is her position at the IMF marginal or is that a French effort to undermine a European deal? And would be an IMF only deal be a better option for Ireland?
    As a bargaining tactic with the ECB/EU it would have a lot going for it and the IMF have shown themselves, to the disgrace of the ECB/EU, to be a lot more understanding of both the reasons we find ourselves where we are and of the economic consequences and realities of making us take the full hit for the Euro zone banking sector than the German controlled ECB.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    what has changed at the IMF that it became such a tame and benign lender of last resort? the image of the IMF used to be the other way around not too long ago no?
    An excellent question and I just wish I had an answer.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    what has changed at the IMF that it became such a tame and benign lender of last resort? the image of the IMF used to be the other way around not too long ago no?
    The attitude of "our friends and partners" in the ECB/EU.

  7. #7

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    Quote Originally Posted by tonic View Post
    As a bargaining tactic with the ECB/EU it would have a lot going for it and the IMF have shown themselves, to the disgrace of the ECB/EU, to be a lot more understanding of both the reasons we find ourselves where we are and of the economic consequences and realities of making us take the full hit for the Euro zone banking sector than the German controlled ECB.

    I thought the ECB acts on by a qualified majority where each country has one vote. how can the Germans control the ECB?

    also how do they make the decisions at the IMF? as far as I understand at the IMF Ireland has 0.53% of the votes and Germany has 6.12% of the votes and the US 17.69%.
    Last edited by YouKnowWhatIMeanLike; 26th January 2013 at 03:00 PM.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    I though the ECB acts on by a qualified majority where each country has one vote. how can the Germans control the ECB?
    A very good question, to which no one will give you a straight answer, except to say they do anyway.

  9. #9

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    Quote Originally Posted by tonic View Post
    A very good question, to which no one will give you a straight answer, except to say they do anyway.
    Isn't that the way Ireland forced the Anglo Irish Bank ELAs upon the ECB? I mean by a qualified majority.

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    If true... and having witnessed the absolute balls the EU has made of reacting to and 'managing' this crisis, and having heard the kind of noises the IMF have been making about the way 'austerity' has been implemented here, I'd be much more inclined to go with the IMF than the EU...

    As for this being a French effort to undermine an EU deal... if Lagarde was involving the IMF in that kind of crap I suspect she'd be out on her ear fast...

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