In the event of a NO vote
This post was written by Frank Barry
Michael Moore of QUB raised an interesting point with me last week. A NO vote would not affect our membership of the IMF. Presumably, Michael asked, we could still turn to it if/when we need a second bail-out? And recall that the troika – the coalition of the willing – was just put together because it was considered demeaning for the EU that a member state should seek a bail-out from entirely external sources. Given all the indications of how much the IMF has changed in the wake of the Stiglitz critique, they might even have a better deal to offer than our EU partners.
Michael, of course, likes to lace his stews with chili. But still…
Then, though, it would be up to our American partners. A senior IMF official confirmed to me over the summer the veracity of Morgan’s account of the Geithner veto. Soundings to be taken over St Patrick’s Day at the White House?