Economic Adjustment Programme for Ireland – Autumn 2011 Review

DG ECFIN’s latest report is here.


This paper reports on the joint fourth EU-IMF review of policy conditionality under the financial assistance programme to Ireland (updated programme documents are presented in an annex).

Ireland’s 2011 growth forecast has been revised upward, thanks to a stronger-than-expected performance in the first half of 2011, on account of strong exports (aided by progress in recovering the lost cost competitiveness), although domestic demand remains subdued, as much needed balance sheet repair continues. At the same time, the forecast for growth in 2012 has been lowered with risks tilted to the downside, reflecting softening global growth. Programme implementation remains strong: fiscal targets have been met or are on track to be met, ambitious consolidation plans based on sound measures have been announced for 2012-15, and important reforms are being advanced in the banking sector (e.g., the domestic bank recapitalization has been substantively completed) and other areas (e.g., presentation of bills to open up to competition hitherto sheltered sectors such as medical and legal professions and to strengthen the enforcement of competition law). The programme remains well-financed, and—thanks to the lower-than-expected fiscal cost of bank recapitalization—the programme envelope is now seen to cover financing needs until the second half of 2013, though the Irish authorities intend to re-enter the market sooner, to also keep a sufficiently large cash buffer for the post-programme period.

Going forward, continued strict programme implementation remains essential to buttress credibility in the policy framework and in the achievability of the programme consolidation objectives.

5 replies on “Economic Adjustment Programme for Ireland – Autumn 2011 Review”

When I look at this czech web site

and the 5th review of Greeeeeece

can you imagine the joy of a German seeing words like
“Ireland [..] revised upward”
“Irish authorities intend to re-enter the market sooner”
“Programme implementation remains strong”
that all the money was not wasted, that some folks can plot straight.

Makes me think of buying some of your debt.

You have got that Fiscal Fetish thing going again.
You would make a terrible financial lifeguard – unable to see the shadow bank rip current underneath the hapless victim.

Fiscal flows are small fry in Europe baby – its a Shark Infested Sea.

Mercantile surplus states suffer most in Depressions (we have a mercantile state withen a state thats in a state)
Without all those credit Bank Bonds funding German Bunds Germany would be toast and will be if ? /when ? they run out.
Yee will be screaming for a higher Gold price if you remain withen the Euro – just like the rest of us.
Germany must export boutique industrial hardware to import vital fuels & raw materials – never a good combination in a inflationary depression.

Berlin gets cold in Winter……………….. just saying like.
Anyhow when do yee guys financially grow up – do we have to go through the same sequence of events again maybe starting in 2014 , how tiresome.

Of course you may not be from Germany , maybe its Lichtenstein ? , I don’t think they are a Euro member or a EU member for that matter – strange one that.

Anyway at this stage its acedemic – who gives a toss……………..oh sorry you take this financial system seriously don’t you. hmmmmm yes well everything will work out in the end.
Europe will just not produce any money to pay debt – don’t worry we will sell you our cattle…….. have you met Daisey ?

Impressively Dark Report – vampiric almost.
The deleveraging graph really sticks out there – wow.

Glad to know he has recognized our little energy problem………… but he soon forgets that little gem and moves quickly on to the tooth extraction phase.
I am reminded of a Beautiful Lithuanian girl and her tale of her dying town.
You see the EU came in and said the plant was a bit dangerous like (its design had a bit of History behind it) and so closed it down – fair enough mind you.

But they just left the gaff then – no point in rebuilding it now when the workers have some skills in its operation.
No lets just expose the country to wild external energy swings for the laugh of it.
We will get our debt back with interest anyhow , no need to worry – we can guarantee that , it does not matter if the peasants starve or freeze for the want of a job or sustenance.

These guys are some piece of work.
They seem to specialise in deindustrialisation , just because they can.
I guess they feel they are worth it somehow.
What have we done to deserve this pestilence ?

@ DoC:

“What have we done to deserve this pestilence ?”

Nowt. But, it might focus a few sentient souls. I hope. Maybe not. Read on.

The Caps have a ‘refuge’ for some of the real folk, up here in Dubland. Turns out that lots of those folk need weatherproof footwear and socks: Dubland being a tad wet and all. They also kinda walk around a lot, not having a ‘home’ and all.

Now, how much would it cost (there we go, begging again!) to ship in a few container loads of top-grade military style boots + socks, and hand them out to these critters? Too much I reckon.

Just, please, please, please, DO NOT mention how much we (us tax, houshold charge, USC and debt slaves) are paying those pesky advisors! Yeah!

“What have we done to deserve this pestilence?” Nowt.


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