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

[bcarrier]

Max Keiser from Russia Today gives a good spin on the crisis.

last Russian default ...1998 or maybe 2008.

[seafoid]

Dick Roche was very poor. It doesn't say much for FF that nobody else had the cojones to stand up and present the Government's case. Where were Dempsey or the minister for Foreign Affairs?   Very shoddy. Dick roche out of his depth like a junior C corner back marking Eoin Kelly in the all-Ireland final.   

[Declan]

What options are there though

Lets have a look and see what other countries that have had crises have done - e.g Iceland/Argentina etc. We are in awe of the bondholders and markets to an unreal extent for purely ideological reasons. The imbalance in the public pay bill and income has to be addressed but what people are forgetting is that this is manageable with a proper plan and co-operation but the fact that our bankers have fucked us over and are the source of the current situation has to be addressed properly. We do not have to bail them out!!!

It doesn't say much for FF that nobody else had the cojones to stand up and present the Government's case. Where were Dempsey or the minister for Foreign Affairs?   Very shoddy.

You're making the mistake of thinking that FF and their followers actually give a shit about the rest of us. They couldn't care less what we think about them and are only interested in protecting themselves and their fellow travellers. Why do you think Anglo was bailed out? Why do you the limit on NAMA was decided upon? They only care about feathering their own nests   


 

[bcarrier]

I think it is too easy to blame FF. FG have as many if not more lightweights ( pro-rata) . Would they have made better decisions ... I doubt it .

As a nation we continue to elect politicians who are publicans or former GAA players or both and reject the candidates who you couldnt have a pint with or missed a second cousins removal/wake. George Lee didnt fit the mould ( might have been einstein either).

Even when we elect someone seemingly intelligent it backfires ...Lenihan ( an honest man imo )  is perceived as the most popular FF'er but made the biggest errors and is the man celebrated on property pin as the lawyer who didnt read the small print. True BTW.

Above all the people who have let us down the most are the permanent government ...the civil service ...those working in the department of finance ...central bank etc. and still these cnuts lead us ever deeper into the hole.

We owe Irish bank bondholders nought.

[Shamrock Shore]

When Dick Roche is sent out to fight the good fight then you know you are bollixed.

20-50 people have brought this country to its knees. Less than were in the GPO in 1916. 20-50 fuckin people.

We haven't seen the half of it yet lads. Wait for the personal debt elephant to rouse from his slumber in the kitchen. With his even more grumpy colleague the professional debt elephant represeting doctors/barristers/dentists/accountants who were encouraged to get into the high leveraged property game by the spawns of Satan like Bank of Scotland (Ireland) and their ilk. At least we aren't liable for Ulster and BOS(I). Ye Norn Iron lads are 

I've had a stressful month filing tax returns and closing down businesses. Most punters have no money to pay their tax. Businesses are closing owing shedloads which have a knock-on affect.

At least we'll have the O'Byrne Cup in January. Like them feckin steeples in Fermanagh and Tyrone we'll always have The O'Byrne Cup.

[highorlow]

The Gov need to call for a Chinese 

[INDIANA]

I think it is too easy to blame FF. FG have as many if not more lightweights ( pro-rata) . Would they have made better decisions ... I doubt it .

As a nation we continue to elect politicians who are publicans or former GAA players or both and reject the candidates who you couldnt have a pint with or missed a second cousins removal/wake. George Lee didnt fit the mould ( might have been einstein either).

Even when we elect someone seemingly intelligent it backfires ...Lenihan ( an honest man imo )  is perceived as the most popular FF'er but made the biggest errors and is the man celebrated on property pin as the lawyer who didnt read the small print. True BTW.

Above all the people who have let us down the most are the permanent government ...the civil service ...those working in the department of finance ...central bank etc. and still these cnuts lead us ever deeper into the hole.

We owe Irish bank bondholders nought.

Not sure any other party has bigger skeletons in Anglo in FF. The dogs on the street know why that bank was saved. And it wasnt for anything as noble as the country.

[NetNitrate]

Thank God for the foreign media for telling us what was going on. Fianna Fail and RTE might as well hire Comical Ali to be their spokesman, such was the bullshit they've been spouting and peddaling all week. A disgraceful shower.

[Declan]

This front page sums it up



As SS said it was a relatively small number of people who were directly responsible for our current position and listening to the reports of that b**tard Drumm's court case in the states makes my blood boil.

Here's the IMF statement:

Press Release No. 10/441

November 16, 2010

A spokesperson for the International Monetary Fund (IMF) issued the following statement today on Ireland:

"We welcome the intention of the Irish authorities to implement a decisive multi-year fiscal plan and measures to bolster and strengthen its financial sector.

"At the request of the Irish authorities, an IMF team will participate in a short and focused consultation, together with the European Commission, and the ECB, in order to determine the best way to provide any necessary support to address market risks."

[Lecale2]

Would it be any different with FG/Lab in power?

[delboy]

I still find it surprising how many people in the south just don't realise how bad things are.

I find it surprising how many people in the north don't realise who close behind us they are.

We're tied into the UK as a whole (thank god), time will tell but certainly the bond markets seem much happier that the UK isn't going to default (running around the 4 % mark on 10 year bonds).
That the UK is going to go cap in hand like ireland is largely wishful thinking on your part.

I was a being a bit dramatic I agree, but it's quite annoying to hear northerners constantly talk with great glee about the situation down here, seemingly ignorant of the fact that they had a worse bubble that was equally as badly handled and the people behaved in a similar way as that witnessed in the worst excesses of the celtic tiger and that without the UK backing up the north it would have been in Ireland's position long ago.
In the long term you are probably right, the UK will probably not need to resort to the EU for funding, but it's definitely not certain, stranger things have happened.

http://www.guardian.co.uk/commentisfree/2010/nov/16/ireland-globalrecession?intcmp=239

see this article

Anyone talking about the souths position with glee is a potato head, and i agree with you that things could get a lot worse in the UK, only time will tell though, i hope both economies come out of it in reasonable shape!! 

[Declan]

Would it be any different with FG/Lab in power?

We don't know but Labour did vote against the bank guarantee.

Punching above our weight!!!
http://www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html

Bear in mind we have the highest average private sector dept per capita in the world

[seafoid]

Shamrock Shore

I reckon the second home mortgages an semi commercial property will be the next problem.  A lot of people got in way over their heads on overpriced "investment" property in Ireland and the 4 corners of the world. I remember an uncle of mine telling us all in Christmas 05 that what we should do was get into Bulgaria. My father asked him what sort of apartment. He said "no apartments, you build a block of them with 4 retail units on the ground floor.."   

[Bogball XV]

With his even more grumpy colleague the professional debt elephant represeting doctors/barristers/dentists/accountants who were encouraged to get into the high leveraged property game by the spawns of Satan like Bank of Scotland (Ireland) and their ilk. At least we aren't liable for Ulster and BOS(I). Ye Norn Iron lads are 

I've been hearing a few stories regarding the professionals and their leveraging too - big firms, small firms, it made no difference, partners on their own and syndicates of partners and doctors etc.....
We'll see how the PG's stand up.

[Declan]

Was only discussing this with a mate this morning; Here's a mail he sent me

Build it and they will come...or maybe not

And the owner of one of the biggest shopping centres in Riga? xxxxx of xxxxxx..made a fortune opening oysters in Clarenbridge , bought near the top of the market in 2005 – funny thing is : Latvians have gone right off oysters since the IMF went in.

There is a great monument in Riga to Latvian hardship under the Germans in WW2 ..might get a grant from the arts council to put a styofoam version in the new €1bn Convention Centre.

And as you mention Galway, I know a guy down there whose company borrowed from 2005 to 2007 on QUARTERLY revaluations of their property "portfolio".....to invest in more property – and they expect us to bail them out....Bentley and Ferrari driving, nothing quite like the free lunch.