IMF
in Ireland
Wants Faster
Repossession,
Ignored
Fall-Out from
Austerity, Qs
By
Matthew
Russell Lee
UNITED
NATIONS,
October 4 --
The idea of a
kinder and
gentler
International
Monetary Fund
under
Christine
Lagarde was
belied again
Friday with
the release,
first under
embargo, of
the IMF's
staff report
on
Ireland. Among
other
recommendations,
the IMF calls
for faster
foreclosures
or
repossession.
From Paragraph
24:
"Strengthening
Ireland’s
repossession
framework
could further
support
progress in
durable loan
modifications...
Court
proceedings
and
enforcement of
court orders
can be
lengthy,
adding to
resolution
costs where a
change in
ownership is
the only
available
solution, and
underminingborrowers’
incentives to
engage on
concluding
loan
modifications
and to adhere
to the revised
debt service
schedule....
Based on a
terms of
reference
agreed with
EC, ECB, and
IMF staff,
they will also
appoint an
internal
expert group
to review the
length,
predictability,
and cost of
proceedings,
including
relative to
peer
jurisdictions,
and to propose
remedies by
end 2013."
So:
faster
evictions,
reduction in
borrowers'
leverage. On
the embargoed
press
conference
call, on which
it was not
clear how
questions were
selected, the
IMF's Ireland
Mission Chief
Craig Beaumont
also called
for faster fiscal
consolidation:
that is,
merger. Where
will it
lead?
In
the IMF's
biweekly media
briefing on
September 26,
Lagarde
spokesperson
Gerry Rice
answered a
question about
the
depreciation
of
the rupee in
Pakistan by
saying not
only is it not
the IMF's
fault,
the IMF will
solve it.
A
journalist
down from the
UN asked Rice
about the view
that the rise
of "Golden
Dawn" in
Greece is
related to
austerity
policies. Oh
no. Of course
not.
From
New York,
Inner City
Press has
asked the IMF
about Sudan
(and South
Sudan, and
Palestine) --
On
Sudan and the
deadly
protests there
of the
elimination of
fuel
subsidies,
does the IMF
have any view
if the
elimination
was
implemented
too quickly?
What is the
status between
the IMF and
Khartoum,
including on
any debt
relief?
On
South Sudan,
what is the
status of
discussions on
a Rapid Credit
Facility and a
government
program to be
monitored by
IMF staff?
On
Palestine,
what is the
IMF's view of
yesterday's
Communique by
the Ad
Hoc Liaison
Committee?
Watch
this
site.
, 
