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BY THE GUARDIAN ~ IRELAND ON THE BRINK : Ireland v the world: Time for geo-political hardball | Business | guardian.co.uk
BY THE INDEPENDENT ~ IRELAND ON THE BRINK : Tuesday 16 November 2010
BT THE INDEPENDENT ~ IRELAND ON THE BRINK : Leading article: The time has come for Dublin to change course – Leading Articles, Opinion – The Independent
BY BLOOMBERG ~ IRELAND ON THE BRINK : Ireland’s Cowen to Weigh EU Steps to Shore Up Banking System – Bloomberg
BY THE INDEPENDENT ~ IRELAND ON THE BRINK : Lenihan ‘to seek EU funds for the banks’ – National News, Frontpage – Independent.ie
BY THE TELEGRAPH ~ IRELAND ON THE BRINK : Contagion hits Portugal as Ireland dithers on rescue – Telegraph
BY THE TELEGRAPH ~ IRELAND AND EU ON THE BRINK : The horrible truth starts to dawn on Europe’s leaders – Telegraph Blogs
COMMENT BY WILLS ~ Interesting angle on *the markets* below and its machinations relating to Ireland and IMF and the global financial system.
ANON ~ IRELAND ON THE BRINK
Ireland, Belgium and Portugal cannot devalue their way out of debt and budget crises and move to a “new sustainable equilibrium,” as Walayat calls it, within a globalist euro block that demands “greater competitiveness by means of reduction in costs i.e. by deflating wages.” Ireland is caught between a rock and a hard place. If it fails to impoverish its citizens, the banksters will hit it with higher interest rates and a greater debt burden. The idea is to turn not only Ireland, but the entire world into a third world slave plantation.
The IMF and World Bank played the same game with Latvia it played with much of the third world.Nathan Greenhalgh is the editor-in-chief of the Baltic Reports news website and he explained that “the IMF has primarily insisted that Latvia continue with deep cuts to meet agreed-upon GDP deficit percentages. It’s been a bit of good cop, bad cop with the World Bank praising Latvia’s resolve to cut while the IMF insists it isn’t doing enough and must cut more.”
In other words, the IMF insists more people must be thrown into abject poverty in order to solve things. Retirement, pensions, education and other public services are to be deep sixed in order to pay off debt created out of thin air by predatory banksters.
In 2009, the Center for Economic and Policy Research discovered that a majority of countries on the hook to the IMF have experienced economic slowdowns, as planned. CEPR suggested more funny money be doled out in the form of IMF SDRs (Special Drawing Rights) and the “harmful conditions attached to other IMF lending facilities” be eliminated.
Not a chance. Might as well wish for a Christmas pony. Harmful conditions are part of the deal.
The Latvian government predicted 5% contraction in 2009 but the contraction in that year was actually 18%. In other words, the EU/IMF deal signed in December of 2008 made things worse — far worse.
“In the last two years, the austerity measures in Latvia’s budgets have seen massive cuts in the health and education sectors. The number of hospitals has been cut from 59 to 42 and 58 schools have been closed down,” writes McMorrow. “The unemployment rate tripled, hitting a peak of 22% in January before it fell back to 16% in June.”
As Ireland balks at submitting to the EU and the IMF, a far larger economic train wreck looms. “The only solution is for a costly European Union / ECB / IMF bailout of Ireland as they cannot allow the current crisis in Ireland to trigger a complete bailout of ALL of the PIIGS [Portugal, Italy, Ireland, Greece and Spain] which could cost as much as Euros 2 trillion. Therefore the Irish debt crisis has the potential to turn into the mother of all bailouts where today’s talk of billions turns into trillions if decisive action is not taken to finance the Irish budget deficit before they triggered a PIIGS debt collapse Euro-zone wide bailout,” notes Walayat.
Meanwhile, Ireland’s fellow PIIGs are furious. “Spain’s central bank governor, Miguel Angel Ordonez, lashed out at Dublin on Monday, calling on the Irish government to halt the panic and take the ‘proper decision’ of activating the EU-IMF bail-out mechanism,” reports the Telegraph.
But of course. It is always the “proper decision” to impoverish your people, at least according to the global elite.