“We get called in because the patient is sick,” she continued.
“We have some medicine, which is the liquidity and the funds that we can provide, but we also have to suggest some other measures that may sometimes be difficult for countries to implement.”
Although Ireland had positive growth for the first half of 2010, the IMF projects negative 0.3 percent growth for the year. For 2011, the IMF projects growth of 2.3 percent, but this is difficult to believe given the massive fiscal consolidation taking place. It is worth noting that when Ireland began its budget cuts at the end of 2008, the IMF projected 1 percent growth for 2009; the actual result was negative 10 percent.
I had a little discussion earlier about the use of anatomical and biological metaphors and analogies being applied to economic policy measures and their effect on populations. Of course, we should not accept such rhetorical tricks as in any way valid. But if they were valid, and if the IMF were a doctor, it would look something like this:
Or perhaps like this:
Or maybe this: