The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[mayogodhelpus@gmail.com]

The untold story of this crisis, and one which may never be told, is...

...It seems likely that enormous pressure was put on the Irish government behind the scenes to underwrite these losses. The result was that the Irish taxpayer, who up to then was under the impression that the country had been running balanced budgets for the previous 15 years or so, found themselves with unpayable debts. And now the Germans and British whine about having to pay to protect Ireland, when it was the Irish taxpayers that were forking out to prevent the collapse of European banks.

Now have I got this right?

For 800 years, everything bad which ever happened to poor Oireland was the fault of Da Brits.

Now it's the fault of the Brits and the Germans.

And to think of how yiz stayed so neutral during World War II the Emergency, when half the rest of the world was ganging up agin the Huns.

Still, at least Irish hands are clean - no-one can ever accuse any of your own of doing anything which might screw the economy...

Well we where doing just fine until the Brits turned up 

[Zapatista]

Got this mail today


I don't see how any could disagree with the premise that the condition of the
government/state run balance sheets are presently of 'national importance'.

Article 27 of the constitution provides for 'proposal(s) of such national
importance that the will of the people thereon ought to be ascertained.'

Who doubts that the mechanism of debt relief will be written in a bill and quickly
passed by both houses in the 'national interest'.

The catch is that before signing the bill into law, a majority of the Seanad and
at least one third of the Dail have to sign a petition, present it to the President,
within four days of the bill having been passed.

The President can then decide that, yes, the people should be heard from and
the bill should go before the people.

In light of the IMF record on past national bailouts, this something the people
should know about and be required to consider.

We can expect cuts in government departments, primarily in those that look
after the public good. Socially, environmentally, agriculturally, educationally.

The people are to go through this because the government was instructed
to acquire the debt of about 850 borrowers at a pricetag of E73b.

People need to know that none of this is being done in their interest. In fact,
it is being done against their interest, without their full knowledge and
without their consent.

Is it possible to rally the country's thinkers to help people realize what is
going on?

This idea was put to the people for consideration for the NAMA legislation. IT wasn't entertained in the any of the main political circles, the media or in the living rooms or on the bar stools anywhere in the Country. It will not happen. Following Nice and Lisbon our rulers will not allow for referendum were the think they can by-pass the constitution without uproar. While it may be unconstitutional to implement NAMA and call on the IMF it is only a problem if they are callled to boot on it. If however, there was a concerned citizen who felt the Constitution should be upheld perhaps they could take the Government to Court over the issue as Pearse Doherty did with the By election. But, just like the By election, untill someone does this it will be at the whim of the Government to decide.

[fearbrags]

http://www.youtube.com/user/jbyeats

[stephenite]

http://www.youtube.com/user/jbyeats

Where's that man from?

[give her dixie]

The Republic of Ireland's finance minister has recommended that his country makes a formal application for aid to shore up its finances.

Brian Lenihan put no figure on how much may be needed, but told RTE radio it would be "tens of billions" of euros.

A bail-out from the EU, European Central Bank and International Monetary Fund (IMF) had been widely expected.

The government is meeting later to finalise a four-year plan to cut its budget deficit.

Only after this was approved by the potential lenders, could the bail-out go ahead.

Mr Lenihan said: I have no doubt the plan will be convincing."

The country has been coming under pressure from European neighbours to apply for a bailout - which they hope will ease pressure on other eurozone members facing mounting debts and deficits.

'Damaging impact'

Turning to the EU, ECB and IMF for help is a turnaround for the Irish government, which earlier this week denied such a package was being negotiated or was necessary.

The Republic is currently spending about 19bn euros (£16bn; $26bn) more than it receives in taxes and revenues, but its crisis-hit banks also need a massive injection of back-up funds.

The Sunday Times speculated that the Republic's bail-out package would be worth up to 120bn euros.

This compares with the 110bn euros Greece is set to receive over three years.

However, Mr Lenihan said the total would "not be three figures".

He added that the "bulk of the money" would be "a contingency fund which stands behind the banking system" and said that any money borrowed would be at far lower rates than the country could get on the money markets.

The finance minister added that it would not be a criteria of the external assistance that it raised the country's low corporation tax rate, which stands at 12.5% - much lower than the EU average.

The Sunday Telegraph reported that some of the biggest US companies had warned the Republic of the "damaging impact" if the corporation tax was raised.

Microsoft, Hewlett Packard, Merrill Lynch and Intel were among those to warn of the risk to the country's "ability to win and retain investment", the paper said.

Bank buyers?

Two key areas will form the basis of the cabinet's discussions of the four-year plan, says BBC business correspondent Joe Lynam - the country's precarious fiscal situation which has pushed the budget deficit to 32% of gross domestic product, and how best to prop up the country's enfeebled banking sector which has been frozen out of international markets and all but nationalised.

The Sunday Telegraph also reported that advisers for the Irish government had been talking to banks it felt may be in a position to buy large stakes in either Anglo Irish Bank or Allied Irish Bank - in both of which the government holds stakes.

On Friday, Allied Irish Banks said 13bn euros of deposits had been withdrawn this year, mostly from businesses and institutions - implying that the bank does not face a run by ordinary depositors.

Although the Irish government claims to be fully funded until the middle of next year, it has provided a blanket guarantee to the Irish banks, some of whom are now finding it impossible to borrow money in the markets.

On Thursday, the Irish government admitted for the first time that it may need outside help.

Previously the government had said it did not need any financial support from the European Union and IMF

[muppet]

http://www.rte.ie/news/2010/1121/economy2.html

Noonan expects dramatic IMF announcement


I hope it is more dramatic than Cowen's statement last week telling the world everything was ok.

[muppet]

David Davin-Power says on the news that An Taoiseach will make an announcement 'after this bulletin' probably around 1900.

He will probably tell us that the IMF are not coming nor does anyone want them to.

I would recommend sitting away from objects that might damage your tv if thrown at it.

Edit: and they are still claiming it is not a bailout but a rescue fund. 

[Main Street]

[muppet]

Websites, Sky and BBC reporting that EU ministers have approved a bailout for Ireland. Cowen's statement now delayed till 2000 as An Taoiseach is apparently having dinner. I hope he has some humble pie for desert.

It would be nice if an Irish media organisation would tell us what was going on.

[muppet]

Jodie Ginsberg (Reuters) on twitter saying a statement at 2015. Well done RTE.

Figure to be 'less than €100 Billion'.

[Square Ball]

BBC News 24 stating statement will be issued shortly

[pintsofguinness]

BBC News 24 stating statement will be issued shortly

surely Cowen is finished with the dinner by now!  or does he have to watch xfactor too?

[muppet]

BBC News 24 stating statement will be issued shortly

surely Cowen is finished with the dinner by now!  or does he have to watch xfactor too?

Giving statement now.

'We are doing what everyone knew we were doing and what we denied we were doing and we will all be grand. That is all"

€6 Billion budget coming. 4 year plan blah blah.

Can't tell us how much we are looking for or how long it will be for (EU say 3 years  )

[muppet]

Important people all say that we did everything right blah blah...........

blah blah blah stability............blah blah a 'facility' (bailout is a pejorative term) from the IMF.........serious issues to be addressed......

[An Gaeilgoir]

Vincent Browne is loving the international attention and is sticking it to Cowen now. Great Television, a pity about the context.