Written by Foras Teamhrach
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the statement below about the “agreement” with Ireland on the 28th November. What is interesting is the reference in the 2nd paragraph to “bold” policies carried out in recent years. An Bord Snip )1987 / 2008 springs immediately to mind. “The Irish authorities [...]
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Written by Foras Teamhrach
The head of the IMF’s mission in Ireland, Ajai Chopra, has dismissed claims that the terms of the country’s €85 billion rescue package are too punitive. On Morning Ireland, (29th November 2010), he defended the 5.8% interest rate, saying it lowers what Ireland will need to borrow, this was a good deal for Ireland, and [...]
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Written by Foras Teamhrach
Selected Paragraphs: “The Government today agreed in principle to the provision of €85 billion of financial support to Ireland by Member States of the European Union through the European Financial Stability Fund (EFSF) and the European Financial Stability Mechanism; bilateral loans from the UK, Sweden and Denmark; and the International Monetary Fund’s (IMF) Extended Fund [...]
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Written by Foras Teamhrach
“The deadline for Ireland to reduce its budgetary deficit to 3 per cent of GDP has been extended by one year to 2015 under the terms of an agreement on a €85 billion bailout from the EU/IMF. The terms of the deal, outlined in the Joint EU/IMF Programme for Ireland, sets out a number of [...]
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Written by Foras Teamhrach
The €85 billion EU-IMF bailout package for Ireland announced last night was roundly condemned by the Opposition parties who are now all likely to vote against the Budget on December 7th. Fine Gael, Labour and Sinn Féin attacked the intention to use the National Pension Reserve Fund to help provide a further €10 billion in [...]
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Written by Foras Teamhrach
Mr Ryan states that people should know who was negotiating with the IMF on Ireland’s behalf. The team, he said, included Department of Finance secretary general, Kevin Cardiff; the head of the NTMA, John Corrigan; the Financial Regulator, Matthew Elderfield, and Central Bank Governor, Professor Patrick Honohan. Patrick Honohan is an economist who was appointed [...]
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Written by Foras Teamhrach
The European Union has approved the €85 billion plan for Ireland. The Chair of the Eurogroup, Jean Claude Junker, has said that the €85 billion being made available to Ireland includes €10 billion for recapitalisation, €25 billion for banking contingencies and €50 billion for budgetary financing needs. Minister for Finance Brian Lenihan held meetings with [...]
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Written by Foras Teamhrach
“The main point of this bailout is not the bailout of Ireland but the bailout of the European Central Bank and of privately owned banks around Europe that have poured tens of billions of euro into the Irish banks. The plan is to lend money to the Irish State to pay back some of this [...]
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Written by Foras Teamhrach
Photographs of the protest at RTE News – Thousands march against austerity measures, Saturday, 27 November 2010: And BBC: Dublin protests against austerity plans. Guardian Newspaper: “More than 100,000 Irish citizens took to the streets of Dublin today to protest against the international bailout and four years of austerity.” Read More at the Guardian: http://www.guardian.co.uk/world/2010/nov/27/ireland-bailout-angry-demonstrators-dublin
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Written by Foras Teamhrach
€15 billion from the National Pensions Reserve Fund, is to be used to recapitalise three of Ireland’s banks. Anglo Irish Bank, which was downgraded to junk status yesterday, is expected to be closed swiftly, together with the Irish Nationwide Building Society, under the EU/IMF loan plan. Finance officials want to complete the €85 billion package [...]
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