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Wednesday 8 February 2023 Dublin: 6°C


All time
# Austerity
'Moving away from austerity is the sensible action' - former IMF mission chief
Ireland needs growth and Ashoka Mody believes the only way to get it is to pull back on the “severe commitment to austerity”.
# Deficit Target
No more "difficult budgets" after this year – Taoiseach
That is as long as deficit targets are met and the economy does not deteriorate, but otherwise it “should be the last of the difficult budget”.
# Finance
Ireland "approaching best practice in fiscal reporting" - IMF
According to the IMF, Ireland’s general government fiscal data are “generally reliable”.
Strauss-Kahn: I'm still angry that I was treated as guilty
The ex-IMF chief says he should never have been paraded before TV cameras in handcuffs on charges of sexual assault that were later dropped.
# Bailout
Troika in town for review... just one more to go
The trio of the IMF, ECB and the European Commission return as Ireland’s bond yields continue steady fall.
IMF tells eurozone to fix the banks and sort out unemployment
The IMF has given four tasks for the eurozone to complete to ensure recovery.
# Greece
Greece to receive €6.8 billion rescue fund
Out of the total, €5 billion will come from Europe and €1.8 billion will be put up by the IMF.
# Every Little Helps
Debt deals mean we're borrowing €20bn less in next decade - Noonan
The finance minister gives his formal tip-of-the-hat to the news that the two European bailout funds are delaying repayments.
# Bailout loans
Eurozone bailout fund gives Ireland seven more years to repay loans
Good news for Michael Noonan this morning…
# Bailout loans
Ireland gets another seven years to repay its European bailout loans
EU finance ministers have officially signed off on a deal which means the average European loan will be repaid in 19.5 years.
# Bailout
Ireland gets another €1.6 billion in bailout loans from the EFSF
That’s on top of the IMF loans announced earlier today – and these ones will be on the books until 2042.
# G8
Videos: Enda takes a walk with Cameron and Obama... and then Lagarde
The Taoiseach is among the world’s most powerful leaders in Fermanagh again today.
# Bailout
The IMF wants Budget 2014 to ignore the promissory note deal
The Washington-based fund says we’ve completed our tenth quarterly review under the bailout, with a mixed outlook.
# Iceland
Icelandic PM vows to ignore IMF's advice
Sigmundur David Gunnlaugsson says he will ignore the IMF’s criticism of his government’s plans to reduce household debt following the country’s economic collapse.
# Money Money Money
IMF gives the ok for €1 billion bailout loan for Cyprus
The IMF said the money is intended to stabilise the country’s ravage financial system.
# Two-pack
EU will inspect Ireland’s finances for decades after bailout, under new rules
The ‘two-pack’ also means the Budget will have to be submitted to Brussels for its approval every October from now on.
# troika review
Troika want banks monitored after 'disappointingly slow start' on arrears
The conclusion of the Troika’s tenth review mission to Ireland will result in an estimated €2.4 billion being released.
Column: Are we proud that Ireland is the poster child of austerity?
Austerity has not worked in Ireland or across the eurozone, writes Joan Collins, who points out that even the architects of our bailout admit it was the wrong path.
Column: It's fanciful to think a wealth tax would make the rich leave Ireland
A former IMF head of the mission for Ireland has said an entire reliance on austerity was not the right move – yet we’re still following that road. David Cronin asks why.
# Portugal
Portugal: 30,000 jobs cuts, working hours increased and pension age rises
The cuts should save an estimated €4.8 billion by 2015.
# Troika
Talks on public sector pay likely to top agenda on latest Troika mission
Officials from the EU, IMF and ECB arrive in Dublin today to conduct their tenth review of Ireland’s bailout programme.
# Bailout
Troika wants Ireland to outline spending cuts for three years
The European Commission approves the latest €1.6 billion loan – but wants Dublin to say WHERE it will continue to cut back.
Austerity-only policy for Ireland was a mistake, admits former IMF chief
Ashoka Mody says the Troika chose to go down an austerity-only route instead of conceding on terms and conditions.
IMF: Bank losses and IBRC wind-down could cost taxpayer another €16bn
The IMF says NAMA may need to be compensated if it pays more than the market price for IBRC assets.
# Portugal
Portugal PM announces severe spending cuts
As the EU warned the debt-hit nation to respect the aims of its international bailout.
IMO votes unamimously against Croke Park II
The Irish Medical Organisation said their members would not be bound by the Irish Congress of Trade Unions by accepting the Croke Park II proposals
# make or break
IMF: European help, progress on mortgages crucial to exit from bailout
The IMF’s latest quarterly review of Ireland’s progress says progress on dealing with mortgage arrears is a make-or-break.
# Cyprus
With limits on cash withdrawals, Cypriot banks reopen calmly
The restrictions on withdrawals, cashing of cheques and taking money abroad will be lifted within a month, the country’s foreign minister said today.
# nicosia
Cypriot banks brace for reopening with cash withdrawals capped at €300
Armed security guards have been posted, but there was no sign of customers queuing early for access to their cash.
# Cyprus
Updated: All banks in Cyprus will now stay closed until Thursday
Earlier it had been reported that all banks, aside from the country’s two biggest financial institutions, would reopen tomorrow.
# Cyprus
Cyprus reaches last minute deal to avoid bankruptcy
A failure to reach a deal could have seen the country exit the Euro.
# Explainer
Explainer: Your 25-point crash course on what’s happening in Cyprus
Bailouts! Deposit levies! Leaving the euro? It’s all been happening in the last ten days.
# Cyprus
Eurozone finance ministers to meet in Brussels on Cyprus crisis
Ministers will hold a last-ditch meeting to decide whether Cyprus will get a bailout – or be forced to leave the euro.
# Cyprus
Merkel ally admits European authorities underestimated Cyprus 'mess'
Elmar Brok, the chair of the European Parliament’s Foreign Affairs Committee, has admitted he can foresee a situation where Cyprus could exit the single currency and said that authorities underestimated the current situation there.
# Cyprus
Cyprus president prepares for Brussels as parties debate 25pc deposit tax
The Troika are in Cyprus for intensive talks, while Nicos Anastasiades could yet lead a delegation to Brussels this afternoon.
# Bailout
IMF approves latest round of bailout loans for Ireland
The approval of nearly €1 billion in new lending means the IMF has handed over about 89 per cent of the total loan.
# Cyprus
Cypriot parliament approves first EU bailout measures
MPs voted in favour of a national solidarity fund meaning the nationalisation of public and private sector pensions and of capital controls to prevent a run on banks.