How soon before we go to the EU-IMF?

Broken Cross
Image by Lochinvar1 via Flickr

Yesterday I found this post on the Telegraph website (via Stephen Kinsella). Its quite a worrying read for those of us who are worried about Ireland’s future.

Ireland is funded until April but after that we will have to return to the bond market. Our auctions are currently suspended. As Colm McCarthy said in the Irish Independent

“The €1.5bn not borrowed in October plus the €1.5bn not borrowed in November represent borrowing postponed, not borrowing avoided,”

If we can’t raise this money, we may have to tap our pensions reserve of €12bn, but that is not a good idea as we do need that money.

The spreads over German Bunds are mimicking the action seen in Greece in the final hours before the dam broke.

This is a worrying sign. Are we about to the way of Greece?

Even if the government manage to win the Donegal South West election and pass the budget, we might still not be better off.

Its looking like sooner or later we will have to go cap in hand to the EU-IMF bailout fund.

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Author: Stephen

Cork born and bred, proud European and Irishman. Involved in many organisations and politics. Also writes for SpirtualityIreland.org and UCC Express.

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