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Christine Lagarde

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Reading the Telegraph Online, very early this morning I'm sure there was an article from the IMF where Ms Lagarde was calling for banks to write off some peoples debts.

Her reasoning for this was it would allow these feckless squanderers to start spending again.

I've tried a search, but the article has gone. Did anybody else read this? if so, and you can find it post a link. I'm sure it would be very provocative.

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Yep, I've had that dream as well... the high heels, the fishnets, the tight leather corset and the riding crop... that stern French look...

Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....

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It is as bad as you fear:

IMF backs scheme to let homeowners write off their debt

By Cormac Murphy

Wednesday April 11 2012

THE IMF's proposal for Great Depression-style debt relief for struggling homeowners has received support.

The fund hopes it could boost growth in countries such as Ireland where the economy is being hampered by huge levels of personal borrowings.

It cited the examples of Iceland today and the US during the Great Depression of the 1930s where massive amounts of mortgage debt was written off.

The action allowed consumers in both countries to spend again, rather than just focusing on reducing their crippling loans, it pointed out.

The IMF made the case in its latest World Economic Outlook report. It argued recessions become drawn out when relief was not applied to households, leaving them to put all their energy into paying off unsustainable borrowings.

"Because debt is acting as a brake on economic growth, it is important to 'unstick' the brake," author Daniel Leigh said.

While the IMF did not specifically refer to Ireland, the country is widely seen as a prime example of the problem.

Finance Minister Michael Noonan is being called on to take radical steps to help families in debt with 13pc of mortgages here in trouble.

At over 200pc of GDP, Irish household debt is the highest of any advanced economy and the property market is stagnant.

The latest effort to spark it into life has come from Bank of Ireland, which has announced that its new business fixed rates for owner occupiers will be reduced by up to 0.41pc. The lender said new mortgage applications on two, three and five-year fixed rate loan terms could avail of the new rates.

The IMF report stated that restructuring of household debt "can significantly reduce debt repayment burdens and the number of household defaults and foreclosures".

Mr Leigh said that in cases such as in Ireland "government debt cannot be increased". He added that restructuring can be effective, "especially if it is done case-by-case in the courts".

DCU senior economics lecturer Tony Foley said a relief scheme could mean a homeowner's mortgage being written down to be more in line with the value of the property. "The IMF argument is that if we transfer money from people who are better off to people who are worse off with negative equity and such like, we will improve expenditure in the economy."

The IMF report said that in Iceland a scheme was introduced where any household whose debt was more than 110pc of its assets was given a write-down.

It acknowledged the pitfalls in that one section of society would have to subsidise another, potentially causing friction.

Too fecking right :angry:

http://www.herald.ie/news/imf-backs-scheme-to-let-homeowners-write-off-their-debt-3077647.html

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Torches.

They ******ing know that we, the pasty faced, soft, pliant, middle, won't kick off in sufficient numbers.

That we will be happy with, or scared off by, the demonisation of a few rioters.

What will it take?

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Yep, I've had that dream as well... the high heels, the fishnets, the tight leather corset and the riding crop... that stern French look...

Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....

I just had my head in my hands watching prof Robert Winston give a party political broadcast for labour and thinking thats it the first PPB by Celebs, game over.

And you came along and made me smile, very funny my friend that did make me laugh.

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"Load up, load up, load up..." with debt, it seems, is the latest (same) message from our wise overlords.

We are not Ireland, Iceland, Spain or the US. I'm pretty bearish on the amount of crap in the CML mortgage books and we are in a real mess but in each case there is a reason why this is perhaps necessary for the these countries, though not for the UK

Ireland - massive, massive overbuilding, Eurozone

Spain - massive, massive, massive overbuilding, Eurozone

This is really partly an ex-Eurozone Finance Minister saying, "No seriously, it's a great idea, my new friends at the IMF agree!" whilst really angling to keep the Eurozone together at all cost. Vanity is a terrible thing.

Moving along...

US - massive overbuilding in some states, non-recourse lending - if you lean to hard they'll just walk

Iceland - great deals on prawns, debts outrageous compared to GDP and well who cares, it's Iceland.

Look at this way, be careful what you wish for, you may get it...

If the UK crash goes too far too fast - i.e. 75% off in a year - you create the need to consider bailing everyone out. I've been reflecting of late that the UK builders were actually quite cautious, and more cautious people who didn't leverage up may yet have much to thank them for on that account.

Edited by ChairmanOfTheBored

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They ******ing know that we, the pasty faced, soft, pliant, middle, won't kick off in sufficient numbers.

That we will be happy with, or scared off by, the demonisation of a few rioters.

What will it take?

FUUUUUUUUCCCCCCCCCCKKKKKKKKKKKKKKKK!!!!!!

If they do this and use my money to bail out some self entitled short sighted Labour voting new car every three year two holidays credit card maxing fecking feckless gobshitte kunting kuntfaced KUNT!! Then I will be ....

mushroom-cloud.jpg

But..... What do I do, refuse to pay my taxes and go to jail???

Punch a government minister in the face and go to jail???

Vote for UKIP and have absolutely zero impact on anything.

FUUUUUUCK THIS SHITTE!!!!!

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1. Hide all your money somewhere, probably abroad. A Virgin Islands company, say.

Don't be ashamed, you're in "good" company.

2. Max out on debt of all sorts, property and otherwise.

3. Await the outcome of this disgusting debate on whether the feckless should be paid for by the prudent.

4. If debtors are forgiven, you win although your stash is devalued.

5. If not, declare yourself bankrupt and skip the country to your stash.

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1. Hide all your money somewhere, probably abroad. A Virgin Islands company, say. In Gold and bury deep in the garden

Don't be ashamed, you're in "good" company.

fixed.

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people have been allowed to write off personal debt for years, only a matter of time till it was expanded to secured debts...

At the moment that happens i'll assume that this country is anything goes and its every man for himself.

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I loathe the way the journalist conflates homeowners with bank debtors. This is nothing to do with "struggling householders", but everything to do with bail-outs. What about struggling renters?

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Glad a link was found. I thought this would bring out the best in us.

A lot of the comments in the Telegraph, and most of them were spitting feathers.

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Ms Lagarde was calling for banks to write off some peoples debts.

Her reasoning for this was it would allow these feckless squanderers to start spending again.

They might as well legalise shoplifting and we can all loot our way to prosperity.

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Yep, I've had that dream as well... the high heels, the fishnets, the tight leather corset and the riding crop... that stern French look...

Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....

Fancy a bit of mature french cheddar, Gromit ?

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I just had my head in my hands watching prof Robert Winston give a party political broadcast for labour and thinking thats it the first PPB by Celebs, game over.

And you came along and made me smile, very funny my friend that did make me laugh.

That's "Professor" Robert Winston who, despite supposedly being a man of science, believes that a beardy man in the sky made the Universe in 7 days. The bloke's a grade A dickhead and it surprises me not one jot to see him aligning himself with the feckless idiots who presided over the financial collapse of our country.

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people have been allowed to write off personal debt for years, only a matter of time till it was expanded to secured debts...

At the moment that happens i'll assume that this country is anything goes and its every man for himself.

I'm rather assuming that right now.

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Just noticed the headline of the article:

IMF backs scheme to let homeowners write off their debt

Homeowners. Homeowners? ******ing homeowners? How ******ing dare they call these debt-laden sheep homeOWNERS? The day they OWN their homes is the day they pay the final installment on their mortgage - not a day sooner.

Hilarious how the very last statement is the grotesquely understated "It acknowledged the pitfalls in that one section of society would have to subsidise another, potentially causing friction." Friction? If our illustrious overlords try to pull off a scam such as this, it'll be interesting to see what form this 'friction' takes. How about an electric belt sander to Gordon Brown's lovespuds for starters?

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I loathe the way the journalist conflates homeowners with bank debtors. This is nothing to do with "struggling householders", but everything to do with bail-outs. What about struggling renters?

Sorry. Just saw you've picked up on this already. I suspect the hack author is up to the hilt himself so is putting a lovely veneer on it.

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Sorry. Just saw you've picked up on this already. I suspect the hack author is up to the hilt himself so is putting a lovely veneer on it.

Your rattled :lol:

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