Listening to IMF chatter in the States

FEW COMMENTATORS on the box at home in Pennsylvania have the sophistication to unravel the issues surrounding the bailout of Ireland. They're not much different from Irish government ministers. Some financial analysts declare "solvency" is the real isue. Bailing out Ireland does not make the country solvent.

Several years ago, Brian Lenihan put Ireland's commitment to recsapitalising the country's banks above the countyry's commitment to State services. Now with the IMF running the show, Ireland's overspending comes into much sharper focus. And hopefully, so do the facts that Ireland simply cannot pay its debts, starting with continued cash injections into large banks. It is now time for Ireland to restructure its debts, to let AIB collapse and for the country to look beyond the mess that pro-cylical spending has created.

I'm no economist but I get my ideas from Irish and American economists who correctly read the false hype of the Irish property boom and from many of the same experts who accurately predicted the billions needed to deal with the Anglo-Irish contagion. I'm voting for politicians who understand restructuring.

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Sent mail2blog using Nokia E90 AT&T Typepad service in Lancaster County, PA. Image snapped from New York Times by a Nokia N86.

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