You are here

Policy issues concerning Bailout

A more comprehensive European approach to dealing with the region's debt crisis is needed to help Ireland regain access to debt markets, the International Monetary Fund (IMF) said on Friday May 20, 2011.    The IMF went on to say that Europe needed to address the risk of financial stress in its periphery through a more "comprehensive" plan. 

This revised version was published following completion of the quarterly review for the end of the first quarter of 2011.

  The review andd the ratification process will be completed by:

While the texts produced by the Irish Government and the ECB/IMF/EU following the latter's review of Ireland's progress in implementing the Bailout agreement contained little information on changes or adjustments to the agreement, the latter's statement contained one blatent claim that seriously insults Ireland's poorest and most vulnerable people. 

This is the information supplied by the Irish Government on the revisions to the EU/IMF Bailout negotiated at the end of the second quarter of this Bailout. It was supplied on April 15, 2011.

EU/IMF Programme of Financial Support for Ireland 

The following is the full text of the statement by the ECB/IMF/EU team on completing their review of Ireland's Bailout. The statement was issued on April 15, 2011.

Fiscal Measures in the Programme 
 
Taxation 
 
Lowering of personal income tax bands and credits or equivalent measures 
A reduction in pension tax relief and pension related deductions 
A reduction in general tax expenditures 
Excise and other tax increases 
A reduction in private pension tax reliefs 
A reduction in general tax expenditures 
Site Valuation Tax to fund local services 
A reform of capital gains tax and acquisitions tax 

The insult to Ireland’s poor and vulnerable people originally perpetrated by EU Commissioner for Economic and Monitory Affairs, Mr Olli Rehn (when he refused to meet representatives of these groups during his recent visit to Ireland) has been repeated and worsened by the terms of the bailout agreement. The bailout programme proposes to target unemployed people while they make no provision for any new jobs that unemployed people could take up to exit unemployment.

Ireland's negotiations with the European Commission, the ECB and the IMF were concluded on Sunday, November 28, 2010.  The bottom line is that Ireland's tax-payers, poor people and vulnerable people are to take the full impact of the 'hit' for bank losses.

Pages