Saturday, December 11, 2010

IMF holds back funds for Ireland.

The IMF which was due to advance the agreed bailout funds to Ireland yesterday have deferred such action until after the vote in the Irish Dail due to take place next week. The report in the Irish Times is linked here.

Democrats across the EU must hope that the package will be defeated as suggested may be likely elsewhere in the linked article. Home re-possessions in the USA are now running at 100,000 per month as reported here, although a two week break will be given by Fannie and Freddie over the Christmas period.

None of the emergency packages being put in place on either side of the Atlantic are designed to help the people most at risk from the disaster that was the initial credit crunch. Funds are all being devoted to prop up the banks for the sole benefit of the existing privileged classes who created this crisis. Joseph Stiglitz describes in the Daily Telegraph this morning the consequences of QE2, here but the bond buying by the ECB and deliberate disregard of the crisis by the EU's leaders will make the coming crash even more excruciating across Europe.



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