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Foreign Trade. Company Corporate Trends. Defence National International Industry. Ireland then declined IMF assistance, for a number of reasons. One concern was that to seek IMF assistance in isolation would break ranks with the rest of the euro area. The Commission was going to handle the situation all by itself without any mechanism, without a backstop, and with no financial backing.
It was very distressing, as it seemed a hugely high-risk strategy was being followed, when better alternatives were available readily.
For the first Greek programme, the IMF brought crisis management expertise that, at the time, was in short supply at the EU level, and it provided one third of the rescue loans. The arrangement was transactional, on the expectation that the Greek rescue would be a one-off event. Debate over the institutional line-up intensified when plummeting markets forced the establishment of the temporary EFSF, and European officials began thinking out loud about a permanent successor.
After all, people trusted the IMF — it was seen as responsible, reliable, and neutral in the way it interpreted the figures. We wanted to have the IMF on board because its expertise in helping highly indebted countries is unrivalled, and because it does not pull its punches when it comes to exposing the need for reforms in these countries. Troika drivers train from a young age and need to be physically fit—at times enduring up to 50 kilograms of weight while maneuvering the horses.
Each horse has a specific set of straps and reigns—the shaft horse is harnessed in a horse collar and the duga and directed with two reins, while the outer horses, or trace horses, wear a breast collar harness and have one rein each. The trace horses gallop smoothly with outward bent heads, though each must gallop with a right or left lead which hoof initially lifts for a movement that corresponds to their position in the troika.
The shaft horse moves at a trot or a canter, and stands erect and confident. This harmony of movement and direction between each horse and the driver provides the speed and stability necessary to maneuver through the Russian terrain, a characteristic of the troika that evokes comparison to the grace of a three-headed bird in flight.
To achieve this effect, specific horse breeds are chosen—most notably, the Orlov trotter, with a long stride, speedy trot, stamina, beauty and elegance. In addition, each horse must meet specific requirements: the duga horse is stronger and five to ten centimeters taller, with a well formed neck, proud carriage, and decent ground cover at a walk and trot.
The careful choice of horses and driver, specific alignment, and years of special training gives the troika unmatched speed, endurance, cargo capacity, maneuverability, and stability—each characteristic of the values and nature of Russians. With the development of trains, the use of troikas diminished in postal service, but became popular in festivals and weddings due to its beauty and grace.
Races have two forms—one determined by pure speed, and the other held at winter festivals judged by driving style, beauty of the horses and harnesses, dress, and figure driving on a ten-point scale. The most important features of the festival races are perfection of dressage and harmony of movement. Races are held on icy courses lined with wooden fences, with the stands and embankments lined with cheering people.
The US exerts a veto, for example. It is currently undergoing a review of the voting structure, its biggest change since its founding. In practice, this means that emerging nations like China and Brazil are likely to get a bigger voice. In the first Greek bailout, 30bn euros has come from the IMF. Many of the goals for deficit targeting and restructuring the Greek economy have come from the IMF, which has experience with bailouts.
But with the minority of the money coming from them, they can only do so much. IMF officials were most recently suggesting that the eurozone rescue fund should be boosted five-fold if Europe is to avoid defaults by any of its members. The final member of the troika is the central bank of the 17 nations that use the euro - perhaps the most reluctant member. Until last year, the ECB was content to leave the European governments to solve the repercussions of the global financial crisis through political means.
In May , the ECB started to buy Greek bonds in an effort to bring borrowing rates down and calm markets. Since then, it has bought the bonds of all the countries whose yields have shot up on debt fears - Irish, Portuguese, Spanish and Italian debt.
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