The End of the European Dream | 276 comments (274 topical, 2 editorial, 0 hidden)

Re: This sounds like bullshit (4.00 / 2)

I'd very much like to see the expanded version. We have several claims here:

The IMF proposed a haircut plan

At a G7 finance minister meeting Geithner vetoed that plan

Osborne "spoke up" for the Irish. He was the only one to do so.

The ECB insisted on full repaiment.

The only positions we get are the US and UK. No one else had an opinion?

by generic on Mon May 9th, 2011 at 08:27:52 AM EST
[ Parent ]

Re: This sounds like bullshit (none / 1)

I can think of one explanation: No single European country can veto an IMF decision. The US can. Geithner could just have been the one who formally killed the plan. Not necessarily on his own initiative, but on behalf of the creditor nations.

by generic on Mon May 9th, 2011 at 09:12:23 AM EST
[ Parent ]

Re: This sounds like bullshit (none / 0)

But of course the EU and UK are not constrained to follow IMF recommendations either.

by rootless2 on Mon May 9th, 2011 at 09:51:45 AM EST
[ Parent ]

Re: This sounds like bullshit (none / 0)

Of course. But It would have been supremely embarrassing for everyone involved were the IMF to sing from a completely different hymn sheet.

by generic on Mon May 9th, 2011 at 11:07:29 AM EST
[ Parent ]

Re: This sounds like bullshit (4.00 / 3)

The G7 consists of the US, Japan, Germany, France, UK, Italy and Canada.

Three of the 7 (Germany, UK, France) are home to major creditor banks of the Eurozone, Italy is the in the PIIGS but not in the PIGS, and Canada and Japan presumably wanted nothing to do with the Euro policy mess. The US happens to be the single country which can veto the IMF and has no skin in the Irish rescue game, so its position can be sold to the outside world as disinterested.

Germany, the UK and France politely ask Geithner during the G7 conference call to veto the IMF position on Ireland, and he obliges.

Is that an implausible scenario?

All the same, Frank is right that he chose not to excerpt this part of the story in his diary and Geithner has been brought in by an American quoting Yves Smith...

Economics is politics by other means

by Carrie (migeru at eurotrib dot com) on Tue May 10th, 2011 at 02:05:40 PM EST
[ Parent ]

Re: This sounds like bullshit (none / 1)

At a G7 finance minister meeting Geithner vetoed that plan

The claim was that this occurred during a telephone conference of G7 financial authorities.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon May 9th, 2011 at 12:12:49 PM EST
[ Parent ]

Re: This sounds like bullshit (4.00 / 3)

Well, then the US government should have a tape that could clear things up for us...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon May 9th, 2011 at 02:06:32 PM EST
[ Parent ]

Re: This sounds like bullshit (4.00 / 2)

We may hear or see a transcript of that conference call yet, but not likely from the US government.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon May 9th, 2011 at 03:33:31 PM EST
[ Parent ]

The End of the European Dream | 276 comments (274 topical, 2 editorial, 0 hidden)

Top Diaries

Ireland 2023 Rugby World Cup Squad selected

Integrating Ukraine Into NATO Family

Leinster's demise and Munster's hope

Southern Irish disinterest in Northern Ireland affairs

The end is Nigh?

Joe Biden. America's Interventionist Hero

The law of conservation of transness

Recent Diaries

June 2023

Ireland 2023 Rugby World Cup Squad selected

Integrating Ukraine Into NATO Family

Southern Irish disinterest in Northern Ireland affairs

Incident Ukrainian War Display Gets Int'l Attention

German Climate Activists Group Outlawed

Leinster's demise and Munster's hope

Joe Biden. America's Interventionist Hero

Targeted Assassinations: a Bankrupt Strategy

The end is Nigh?

Hijacking Peace by Zelensky for War Escalation

UA Drone Attack On Moscow

Rightwing Operation New EU 'Enlightenment’

May 2023

The law of conservation of transness

US Provoked Conflict In Europe

U.S. Will Be Ousted From Middle-East

Settler Extremism Blessed by Jerusalem Leaders

Occasional Series