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IMF Will Postpone Irish Loan Release Pending Irish Parliament December 15 Bailout Decision
The IMF, which had been scheduled to consider the Irish loan release on Friday, has decided to delay its own internal board vote until after the Irish parliament has agreed on being bailed out. The IMF could recommend an approval of the GBP 22.5bln loan for Ireland as early as Dec. 16 assuming the Parliament supports package. The Irish EU/IMF acceptance vote is scheduled for December 15.
Full IMF Statement:
An International Monetary Fund (IMF) spokesperson issued the following statement today on Ireland:
“The Government of Ireland decided yesterday to table a motion on the
EU-IMF Financial Assistance Program for Ireland in the Irish Parliament
(Dáil). The vote on this motion is scheduled for Wednesday, December
15, 2010.
“The authorities have informed us that while parliamentary approval
of the EU-IMF support package is not legally required, the Irish
Government has put the motion before parliament to strengthen political
support for the agreement. In deference to Ireland’s parliamentary
process, the IMF has decided to postpone consideration by its Board of
the proposed loan under the Extended Fund Facility until after the
debate. Assuming parliamentary support for the package, the Managing
Director could recommend approval by the IMF Executive Board of the
proposed €22.5 billion IMF loan as early as December 16.
“We welcome the first implementation measures of the 2011 budget –
stipulating the fiscal consolidation path and important reform measures
involved in the program – have recently been passed by the Irish
Parliament, confirming Ireland's strong commitment to the program and
the policies involved.”
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I hope they send those maggots at the IMF packing.
"First as Tragedy, Then as Farce" (Slavoj Zizek)
[30 min] Full Speech: http://www.youtube.com/watch?v=cvakA-DF6Hc&feature=channel
[10 min] RSA Animate: http://www.youtube.com/watch?v=hpAMbpQ8J7g
Also: RSA Animate - Crises of Capitalism
"First as Tragedy, Then as Farce" (Slavoj Zizek)
Isn't this the wrong way round?
Marxist crap. You blame capitalism, when in reality, you should be pillorizing central government that works at the behest of corporations in creating cartels. This has nothing to do with free markets and free markets, are an essential aspect of capitalism.
How would you resolve it? With a different set of leaders installing a different set of rules- rules that intervene in markets and create distortions- different type of distortions, but same results.
The effective operation of markets needs nothing but the protection of private property. People want to fix the economy, but fail to realize humans are incapable of fixing something without leaving a wrench in the works. A wrench that pays back to the person fixing it while robbing someone else. We think we can fix nature or weather or the plight of dictatorship. Humans are incapable of benign progress.
I will repeat that, humans are incapable of benign progress, because no one ever does anything without seeking a return. Therefore, the only way to mitigate this tendency is to prevent the formation of rules and laws that can be hijacked to benefit a particular group.
Are there Mother Teresa's out there? Yes, but they are the exception- not the rule. So, please leave that argument out.
The Irish bailout is dead. Search your feelings. You know it to be true.
Amen. Don't blame capitalism. Capitalism works. The problem is the financial crisis has caused govts to become more socialist. If bad firms would have been allowed to go bust, like they would in a capitalist system, we wouldn't still be in this mess.
Wrong. But if you replace the word 'Socialist' with 'Fascist', you will be spot on.
There's a difference?
there isnt
I wouldn't go painting mother teresa as the beacon of altruism... in fact, altruism in its purest sense is a complete and total fallacy. All intelligent actors seek to maximize their self interest. Sometimes this takes the form of helping others. But, in the end, it is self interest that drives us.
The best economic model understands rudimentary human nature... and seeks to direct it, not fight it.
your mother theresa crap. the beacon of altruism is the family.
the good ones all work on altruism. think of your parents
then think about if they really tried to maximize their self interest?
some people are altruistic and extend their family a little bit more.
This is complete fucking jibberish. The act of conception is one of the most selfish acts possible and can be summed up with but a very simple question: did the child ask you to be born?
Altruism is nothing more than self interest that helps other people more than usual... altruism in its conceptual sense is patently impossible given the human condition.
There is nothing to fix, but much change is needed. That wrench was put there intentionally.
You should take a minute to understand what capitalism is and isn't before proclaiming its failures.
Capitalism is nothing more than individuals owning their own factors of production, as well as its output. Any excess (unconsumed) wealth they create becomes their savings, which can then be used to create more wealth by investing it back into their own business, or invested into another business by loaning out their savings, or purchasing equity shares.
That is capitalism in its totality! Anything else is merely an add-on scape-goat (usually corporatism, or some other method of political interference/Marxist exploitation dogma in an economic environment), and not indicative of the idea of saving and investing your own property.
They won't. The government can ush it through with their majority.
Both Labour and Sinn Fein (the second and third biggest Oppostion parties) will likely vote against it, but the government will support it and Fine Gael (the biggest Opposition party) are likely to too.
The cherry on top is that the EFSF/EFSM/IMF deal has a secret side-letter relating to the banks. So the parliamentarians will be voting through a deal they haven't even seen!
This "Story" is yet to evolve thru several contorted revisions........all of which will fail to promote truth and discovery.....The banking system of Ireland/Europe is certainly the 1st domino to fall & collapse shortly. (IMHO?...3-6months).
IMFers.
How long does it take for Bernanke to type up enough "Bail-Out Funds" for Ireland?
I love bailing-out pigs!
The funny part is that the IMF will give them the money regardless of the vote. I especially like the part where they specifically point out parliamentary approval is not needed. RIP, democracy.
Politicians suck! Even the ones not elected!
I'm sure they will vary the terms though, in a classic carrot-and-stick approach. Or should I say neo-classic, as these days they beat you with the stick if you so much as look away from the carrot?
Self-employed earning over €200,000 will see pay increase due to Budget http://www.irishtimes.com/newspaper/ireland/2010/1210/1224285194388.htmlFrom Credit Writedowns site: Ireland's Indentured Servitude
http://www.creditwritedowns.com/2010/12/irelands-indentured-servitude.html
I don't get this ... Ireland clearly has EU by the balls. All they have to do is just squeeze hard until EU rains Ireland with freemoney. Why are they settling for punishment instead?
That's simple; because the politicians aren't voting for punishment for themselves or their bankster buddies. They are voting for punishment for the lowly fucking proles.
The politicians themselves will be quite comfortable in their second summer mansions with their third trophy wives or fourth mistresses.
'cos the fuckin politicians are fuckin wankers too.
It will pass.
Do you mean the fact that politicians are wankers? I doubt it.
Of course it will pass, otherwise the IMF would not have made this condescending token gesture. I hope the Irish burn down their own parliament.
They won't.
The IMF is going to be the new fiat printer for the world after the Bernank ink runs dry.
Faux IMF quote 'We don't want to look like Charles' bulletproof car, so we're waiting until after the Irish slit their own wrists, I mean make a courageous step forward."
(d)
Once again we have to say, "Enough!" The IMF and World Bank say their policies are designed to succeed in the "long run." But after more than 20 years of managing dozens of economies, the institutions have created more inequality, more environmental destruction, and no real security. It is long past time for the US and the other wealthy nations that enjoy de facto control over the institutions to call for the abolition of the IMF and the World Bank and to begin work to create multilateral financial institutions that are truly committed to human rights and democracy and which can effectively respond to the new realities of the 21st century. Policy makers everywhere must recognize that another world is possible.
http://www.globalexchange.org/campaigns/wbimf/imfwbReport2001.html
Correction: EUR-USD is in a triangle formation, which is bearish for the EUR if it breaks beneath the 1.32 level on the 4hr chart.
The Emerald Isle is being held hostage!
The IMF, World Bank, USAID, some NGO's, and other institutions work for the benefit of corporations and banks under the pretext of improving the country's economy, but in reality keep it in poverty while stripping valuable resources and all the while exploiting the cheap labor.
the imf isn't bailing out ireland - it is bailing banksters who happen to be irish...the irish people will be fucked...
the imf is a tool of usa banksters founded c. 1944 for the purpose of financial control....
Ben 'Burning Man' is up n running, gets his salary in PM.. Meanwhile D StraussKahn positioning himself to relieve Sarko.. Guinness is good forya