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EUROZONE FINANCE MINISTERS may be forced to turn to the IMF for help, after the EU’s own bailout fund fell short of the level needed to provide serious assistance for troubled economies.
At a meeting in Brussels yesterday, ministers raised the possibility that the IMF could step in to provide firepower not available to the European Financial Stability Fund. It’s hoped that the IMF’s resources could be boosted by bilateral loans from individual countries, AFP reports.
The move could mean other countries stepping in to provide funding that would be used to bail out EU nations. Dutch finance minister Jan Kees de Jager said: “I think both European and non-European countries should be ready to increase resources through the IMF so that we have enough resources in total.”
One official told Reuters that national banks could print more money to loan to the IMF, suggesting nations “can decide to increase the resources of the IMF to provide money for the bailout, and they can do that through national central banks, who would simply print the money.” However, the official said this was a last resort.
It had been hoped that the EFSF, which currently has funds of more than €200billion, could be boosted to around €1trillion by leveraging it several times. However, Bloomberg reports that the fund’s head Klaus Regling suggested it would not reach its target.
The meeting has set out further options for leveraging the EFSF in a planning document.
Last night’s meeting did not result in the ECB getting the go-ahead for unlimited bond purchases from countries in difficulty, as many analysts had hoped. Luxembourg’s premier Jean-Claude Juncker said the issue was “too sensitive”, the Guardian reports.
This morning, ESRI economist Joseph Durkan said that markets would only be reassured if the ECB pledged to do “whatever is needed” to rescue distressed economies. He warned that Ireland’s economic situation would depend heavily on the unfolding crisis in the eurozone.
Ministers also signed off on an immediate €8billion lifeline for Greece, as the country struggles with a cash crisis, the AP reports.
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Increases in VAT..enforcing payment of wages during sick leave..banks freezing credit that are controlled by the government..increases in Prsi…any wonder there’s no confidence in the Kenny Circus.
Can’t believe you’re suggesting workers shouldn’t be paid for sick leave. It’s incredibly hypocritical to complain about the governmemt making it harder for you to get by when you’re complaining about something so basic that helps other people get by.
No problem with the State paying sick leave Evin but when you are trying to keep your chin above water during this economic sh*t storm, it’s ludicrous to expect a small business to pay someones wages when it can just about cover its weekly wage bill at best.
It’s not just SMEs Bell-Enda
Would it not be easier to report on those who are satisfied with the governments performance? That would be the Troika and who else?
There would be a bit of a problem there Kerry. Not enough of us speak German .
Do like the French do when they not happy, shut all ports in protest!!! everything must come to a complete stop!
we need the unions to support that . and. that won’t. happen
SME pay the unions fee to represent them. Time for the dog to start waging its tail, instead of the other way round.
The model of banking just isn’t working. The EU is making it worse. All the banks are foreign owned. The names are misleading and calling them pillar and state adds to confusion. I do have a question if Wilber Ross owns 9% of BOI, and BOI got 45 billion bail out, did FG/Lab effectively give an American billionaire 4 billion?
enda and co. never had to run a small business . thy don’t understand what its like to try and keep up wit there every increasing
taxes . rates water charges. and all the stealth taxes that. thy keep pulling out of. there Ass. . . yet we are ment to pay. all this while our turnover gets smaller . week on. week . . FACT. MOST SMALL SHOPS HAVE A TURN OVER LESS THAN ENDA AND GILMORES WAGES PER WEEK . AVERAGE CORNER SHOP HAS A TURN OVER OF. LESS THAN 5K now pay. all expenses from that
total left for shop keeper after expenses . jack SHITE .
Why would you expect thanks just a load of parasites living off your work. Time to stop being made a mug of join the Labour Party screw your neighbour and never do a days work again. Simples
Evin a lot less THAN your dole. and before you reply . do you own a shop . are you self employed . if. the answer is no then. don’t. comment we the shop keeper and self employed are the back bone of. this country . . we create the jobs we collect vat on. behalf of. the government . and get no thanks for it . except penalized for been late wit payment . . every month the miracle of. the 5 loafs and 5 fish takes place in every small business across Ireland.
John, lets not get all exclusive here in the pain party. Without the consumer, you dont have a business. Therefore you dont “create” jobs. What’s good for the consumer, i.e everyone in the state, is ultimately good for you. There’s other’s beyond the self employed that need a break too.
I’m not self employed and I’m not on the dole. I work and pay taxes and spend my money which helps create jobs. I don’t see why you’re the backbone. I’d say everyone that works and spends money in this country is the backbone.
I happilly pay any taxes I owe because I know people who don’t have money need me to. We pay some of the lowest taxes out of any developed country in the world and yet we still complain.
Maybe the problem isn’t with the government or with taxes. Maybe the problem is with how your business is operating, whether you’re catering to your customers needs, and whether you’re reinventing yourself enough to still be relevant to the current market.
You got no thanks and there is none coming your way either!!
have your say