IMF have just announced Ireland will likely need a second Bailout

[Dr. FIVE]

I still remember the mother texting me asking if I saw it too. The Minister for Justice on the sixone news!


scurrilous

[PaddyJoe]

Sorry for going OT but this too from Ahern the bollox. Il never forget it

New speed cameras about saving lives, NOT making money. - YouTube

That's class

[Dr. FIVE]

The tough man got the fear from Gerry Adams in the end

[d.vader]

Speed is bad ...

Sorry for going OT but this too from Ahern the bollox. Il never forget it

New speed cameras about saving lives, NOT making money. - YouTube

[C. Flower]

Lagarde says Ireland needs a bank debt deal. Sooner Kenny sets her straight, the better.

http://www.irishtimes.com/newspaper/...reaking45.html

[MPB]

Frankly I am reluctant to lose sleep over this. The bond markets are currently, in the grand tradition of recession financing, completely refusing to lend to anyone who doesn't have care and control of a printing press. Or who looks like they actually need the money. Since that is about to become the majority of the Eurozone, we are in good company. Might as well take another 3% loan rather than paying 5-7% anyway.

Bull sh1t.

Why would sovereign bondmarkets lend money to a country that would hand that money to a German Bank?

No matter what you think of them, they invest in a country. They don,t sqaunder thier money.

The 7% intererst rate they are charging us not because they don,t want to invest, it is because they won,t invest in a country that gives their money away to dickheads who should have been burned because of their stupidity.

[C. Flower]

I see that the Guardian used the same as I did -"grim reading" - to describe the IMF report.

Step forward the IMF, part of the Troika of lenders with the European Central Bank and European Commission.

It has published its latest report on Ireland, and while approving the release of the latest €1.4bn of bailout funds, the rest makes grim reading.

It said Ireland - held up just now as a good pupil by Bundeskbank president Jens Weidmann - may not be able to return to the bond markets later this year, thus avoiding another bailout, unless there is a substantial improvement in market conditions.

It called on Europe to help Ireland refinance its bailout and consider taking stakes in its state-owned banks. It called for more effort to stimulate growth, and at the same time cut its GDP forecast for next year from 2% to 1.9%.

Not a word out of RTE on this ? Ah - George Lee is just talking about it - "not out of the woods" - interviewed Craig Beauman (coming up) Jim Power claims that "Ireland remains on track, public finances in line, structural reform (wage reductions) on track - but "a much greater note of caution."

The IMF had a conference call press session on Ireland last night.

Craig calls for changing the "packet of different benefits" to cut benefits for the long term unemployed.

"Replacement ratio" new obfuscarting buzz term - difference between wage and dole

The IMF Conference call is a short but important read. It is clear that the IMF questions the prospects of a return to the markets without a bank debt haircut.

At the end of the call, Craig Beaumont also said that Ireland should not be required to meet the 3% target by 2015.

Why did he not say that before we voted for it in the Referendum?

QUESTIONER: And just a follow up on that. You used the word critical in terms of, I think it was in terms of European help for Ireland. I mean, can Ireland get back into the markets without some significant help from Europe on the promissory notes or on the banks?
MR. BEAUMONT: I don’t think a definitive answer can be made. It all depends on market conditions. In an environment of greater stability in the Euro Area next year and a recovery in growth and continued strong policy implementation by the Irish authorities, I think it’s still feasible to regain market access, but the possibility to do so, we think, would be greatly enhanced by the types of measures that we talk about in relation to the promissory notes and the legacy assets of the banks.

And on the part on accommodating weaker growth, we would think that within the year, it wouldn’t be sensible–especially within a few months of the end of the year--to try and offset an emerging revenue shortfall. We would prefer a medium-term focused approach, where in Budget 2013 the path towards the 3 percent deficit goal by 2015 would be reevaluated and a smoother approach to adjusting for any growth deviation would be taken.

[riposte]

The IMF and the ESRI are singing from the same hymn sheet calling for cuts to long-term welfare. When things get tough, the tough kick the underclass.

[PaddyJoe]

The DOF and NTMA are to kick off discussions this month with the IMF and the EU on a 'Enhanced Conditions Credit LIne' (ECCL) which will be designed as a safety net to smooth the transition to market funding as the current programme ends in 2013.
The ECCL will last for a year and is renewable twice, each time for six months, according to Brian Carey in the ST today. The ESM element may have conditionality build in and will probably require political approval.
Bailout lite, perhaps?

[Dr. FIVE]

Bailout lite, perhaps?

well they will have to think of some fancy name for it