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The revolution will not be hurried

Read more about: Economy, Europe     Print This Post

IMF statement on the US$3 billion loan for Egypt –

A number of fundamental structural reforms, including the transition to a VAT-like consumption tax and reform of the highly inequitable and costly system of subsidies, are needed to improve the efficiency of public spending and help reduce the fiscal deficit in the medium term. We share the government’s view that immediate implementation of such reforms is not feasible in the context of this arrangement as additional preparatory work is needed to ensure that an effective safety net is in place to protect the low income households. The government intends to prepare a road map to facilitate implementation of these reforms in the future.

Is it possible that if the people of Ireland, Greece and Portugal seemed angrier, the countries could have gotten to kick to touch on “fundamental structural reforms” as conditions of their IMF loans?

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2 Responses to “The revolution will not be hurried”

  1. # Comment by Veronica Jun 6th, 2011 14:06

    P,

    You’re comparing apples and oranges. Egypt is in the middle east and ensuring its stability is an important goal of US mid-east policy. Ireland, Greece and Portugal – for now,anyway – are member states of the eurozone and part of a euro crisis. Besides, Greek citizens have been rioting for the past two years, for all the good it’s done them. And a few ‘fundamental structural reforms’ in our own neck of the woods would be very welcome indeed, since our political class have chosen to avoid any reforms or any confrontation with vested interests in our society since the foundation of this state. Shaking our fists at the EU or the ECB or the IMF might make some people feel a bit better. But it’s a misdirected gesture. We’d be better off shaking fists and sticks and whatever else came to hand at our own self-styled lords, masters and mistresses closer to home.

  2. # Comment by Betty Jun 6th, 2011 22:06

    Is there even a token mention in our document of understanding (or whatever it is called) of any need for fundemental structural reform or has it been accepted that the lower paid and dependants pay first and maybe a little token from the elite , but nothing to drastic.

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