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Departing IMF economist slams fund for eurozone “failure”

Peter Doyle, a former adviser to the department that runs Ireland’s bailout program, says he was “ashamed” to work for the financial institution in a resignation letter.

IMF Director General Christine Lagarde was
IMF Director General Christine Lagarde was "tainted" said Doyle
Image: Dita Alangkara/AP/Press Association Images

A TOP ECONOMIST at the International Monetary Fund has slammed the institution responsible for spearheading Ireland’s bailout for its failure to tackle the eurozone crisis decisively.

In a resignation letter dated 18 June and obtained by CNN,  Peter Doyle says he is “ashamed to have had any association with the Fund at all.”

Doyle, a 20 year veteran at the fund, said that the institution’s lack of decisive action had left “the second global reserve currency (the euro) on the brink. The fund for the past two years has been playing catch-up and reactive roles in the last ditch efforts to save it.”

He especially criticised the selection process for the IMF directorship, which has gone to a European for every term since its foundation in 1946.

“Even the current incumbent is tainted, as neither her gender, integrity, or elan can’t make up for the fundamental illegitimacy of the selection process.”

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Comments (31 Comments)

  • Everyone is missing the point..He is saying the the I.M.F and the E.C.B are corrupted.

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    • JTHM 20/07/12 #

      True…-ish. He says the selection process is corrupt, but there’s so little detail that it is impossible to tell if he means that there’s illegal activity taking place or that it’s simply morally / ethically corrupt, according to his own personal benchmark. I’m not attacking your comment,I’d just like some more concrete information to be made public…

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    • Said nobody ever. We all know that!!!! Bet his pension is humungous!!!!! Bless him! He can retire now!

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  • Its all well and good this man making these comments as he leaves the IMF. Why wasn’t he more vocal while in his role? Its a cop out if you ask me…

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  • The ECB needs to buy the bonds and force down the yields like any other central bank.

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  • Are we surprised , as the resurgence of the economy of our Country or its Citizens was never ever a priority.

    Our biggest export nowadays again are our people!

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  • I work for a German company and without a shadow of a doubt they are by far the best I have ever worked for. It’s an irish thing. Anyone managing there finances or economy better than us must be evil for lending us money and bailing us out. The IMF isn’t German which is a pity because they might have sorted this unholy mess out sooner if they did control it. We fooked up, there bailing us out for our governments mistakes. Deal with it

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    • And who do you think had a BIG hand in making Ireland Fook up chuck? You got it the big guys in London, Paris and Frankfurt. All the money that flooded the country where do you think it came from? Irelands bank problems is from Europes greed just to make more money. If Ireland did not take a bailout to pay back Europes banks, they would have collapsed along with the Euro.

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    • Why focus on nationality. A minority of businessmen and politicians in Europe made decisions that hurt the majority of people in Europe. Some nations hurt more than others. But why is the nationalities of the decision makers important? It is an economic crisis caused by greed and self-interest, why push to make it look like a war between nationalities. Nothing good will come from doing this.

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    • The people that done this have no affiliation with any country, their only affiliation is with money. Germany is just a scapegoat with history.

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    • Mark, who had a BIG hand in this? Brian Lenihan, Brian Cowen, et al. The Bankers did what bankers do (lie, cheat, steal) but those clowns are the ones responsible for our current situation. All the rest of us, including “The Germans” are just trying to clean up the mess they created.

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    • Yes those clowns are a big part of why Ireland is fooked, but who do you think gave them the cash to do so? Germany, France, the UK, they where the big lenders. If they did not throw money at banks and developers, Ireland would not be in the situation it is today. And the Germans are taking way to long to sort out the mess. They are only acting now because spain is in trouble, the 4th biggest economy. They ignored Ireland for the last 2 years, now maybe Ireland could get a better deal in October. They could have made it alot easier on the irish people 2 years ago with the terms and conditions on the loans and the high interest. And what about paying unsecured bondholders, Europe insisted Ireland does so and they have, now with Spain in trouble they now say maybe we should burn the bondholders especially unsercured bonds. I wonder will Ireland get the billions back it paid out in unsecured loans. LOL. definitely not.

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    • But Derek was correct. The big lenders gave the cheap credit which caused this problem. Their nationality is not important. Censored is correct. The Irish government did not protect the Irish people. They did not do their job. Yes, Merkel did not make decisions that lowered the problem, her decisions heightened the problem. But Merkel is not the 90 million German people, just how Enda Kenny is not the Irish people. If the world is “them” and “us”, we must be careful to correctly define the “them” and the “us”. There was no referendum in Germany to decide on bail-outs, bank debts and crisis management.

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    • Klaus i am not blaming the German people or French, it is the leaders at the top in Europe, the ECB, the I.M.F

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    • I agree. I apologise if I misunderstood. I have read many abusive and unfair things about German people on this website, and I have received abuse on this website because I am German. It is only from a small amount of people, but it worries me if this is now acceptable in Ireland. I lived in Dublin for 8 years when I was young, and people were not so abusive as this then.

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    • It is very unfair to blame the German people and to be abusive towards them is wrong. Ireland is a very different place today compared to 10 years ago. The majority of Irish people are angry towards the people at the top in Europe. Maybe some of the comments they leave may come across as if they are against the ordinary German people, but im sure that is not the case. I have a german neighbour from Munich she is the nicest person. Ireland is not against the people of Germany, it is the leaders at the top & the ECB they are angry towards.

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    • This is good to hear. Thank you.

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  • Where’s has he departed to? Another financial institution?

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  • I honestly scrolled really fast past this article and thought it was a photo of Nelson Mandela…

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  • Agree with the poster who asked why he hadn’t said anything before. He’s been working there for 20 years. He also was quoted as saying that there were lots of good people in the IMF including himself. Talk about an inflated sense of one’s own importance.

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  • Twenty years is a long time to take to realize that the organization you work for is corrupt. Sounds to me like Peter Doyle was annnoyed that he didn’t get the big job and maybe also irritated that a woman got it. n

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