IMF taking control would cause untold social harm, warns economist

An Irish economist has today warned about the stark changes the International Monetary Fund (IMF) would introduce to the State, should the body be charged with running the country's finances.

Ciaran Mac an Bhaird, a lecturer in business and management in DCU, sais that it is of the utmost importance that correct budgetary decisions are made immediately by the Government.

Mr Mac an Bhaird warned that we must make cuts to social welfare if necessary, or we risk losing sovereign control of the State.

"If we don't deal with this now, fast, you could be looking at the IMF and EU telling us what to do," he said.

"If we've got to make cuts to social welfare, we'll make them. If the EU or IMF come in, they will top-slice everything. They will cause untold social harm."