Septic Crank wrote:
IMF to Send Team to Greece Tomorrow on Request of Authorities
So much for the myth, frequently propagated, that the ECB and the EU would not allow the IMF to get involved in a Eurozone country.
So much for those who think that if we suck up enough to the EU, Ireland will be protected from IMF involvement.
On point 2, not really.
The circumstances in which the IMF would be called in were set out clearly enough:
Unable to balance your books?
Unwilling to be politically unpopular?
Need a scapegoat for your ills? (Both now and at the next election).
If so, you could need the IMF-Team!
The point is made by HCMh:
"At this rate Ireland is starting to look like a model of fiscal responsibility."look like
is the key phrase.
And from the RTE piece that Gatelodge posted the link to:
"Greece will have to endure monthly visits by EU officials from February as part of the tighter surveillance ordered by the country's European partners."
Now, why would RTE be talking about this? A sudden concern for macro-stability in the eurozone? Or "look, look at what the bad boy over there is doing, he's not just picking his nose, he's eating it too"?
"Socrates has said he won't raise taxes and his government has not proposed any specific budget cuts."
He should have stuck to being the hard-man for Brazil...
You will not need a bailout if you can raise money on the bond markets. You will raise money on the bond markets if you appear credible. You don't actually have to be credible, but you do have to appear it. If the ECB is inspecting you every month, you are not credible. If you do not at least appear worried about your deficit, you are not credible.
Incredible as it may seem, the current Minister for Finance has credibility! (As, to be fair, do the social partners, the employers and the rest of the usual suspects, up to and including the population at large).
Without NAMA and the bank recapitalisations, we'd be laughing...
Drat. I was doing so well with the optimism thing...
edit: crossed with PtG who makes a point in one sentence that took me a page. *shakes fist at framed cert on wall* Damn you arts degree!