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Government must oppose Legarde IMF candidacy

25 May, 2011 - by Pearse Doherty TD

Speaking following the formal announcement by Christine Legarde of her candidacy for the job of IMF Managing Director Sinn Féin Finance spokesperson Pearse Doherty has said “the interests of the Irish people would be best served by the government opposing Ms Legarde’s nomination.”

Deputy Doherty said:

“French Finance Minister Christine Legarde has today formally declared her candidacy for the Managing Director of the International Monetary Fund.

“In recent months her approach, like that of the French government, has been particularly belligerent on the issue of Ireland’s corporation tax.

“She has also been particularly unhelpful in efforts by the Government to secure a reduction in the interest rate payments on the EU portion of the EU/IMF austerity loans.

“Most significantly she has been one of the key drivers of the EU’s austerity driven response to the growing Euro debt crisis, a response that has imposed enormous hardship on ordinary people in Ireland, Portugal and Greece.

“Irish and international economists, including Nobel Laureate Paul Krugman, are increasingly of the view that these austerity policies are not only failing to resolve the Euro debt crisis, but are imposing enormous social and economic costs on ordinary people and damaging the prospects for economic recovery.

“In light of all of this it is not in Ireland’s interests or indeed the interests of the European Union for Christine Legarde to become the IMF chief.

“The Irish Government needs to stand up for the interests of ordinary people in Ireland, and indeed across the Eurozone, and oppose Ms Legarde’s nomination.

“There are also growing calls for a Developing World candidate to be considered for the top job at the IMF. In light of the fact that many developing world economies have significant experience of dealing with debt crises, the Government should consider the merit of considering such a candidate.” ENDS

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