Ireland - The bailout guinea pig!

BeeDI

Interesting take on the bailout in todays London Independent.

http://www.independent.co.uk/news/business/comment/david-prosser-irelands-defiant-stand-against-a-bailout-shames-the-bullies-in-the-eurozone-2137025.html

David Prosser: Ireland's defiant stand against a bailout shames the bullies in the eurozone

utlook One can't fail to be impressed by the stubbornness with which the Irish have resisted the efforts of their eurozone partners to force them to ask for a bailout they do not want and believe they do not need. But what's even more impressive is that in public at least, Ireland's leaders have managed to keep their temper, despite finding themselves in a storm not of their own making.

.....

What happens, wonder many in Brussels, if investors don't fancy buying those issues? Well, were it to be Portugal in need of the money – it has €4bn of debt due to mature before the end of the year – or Spain – the eurozone's third-largest economy – crisis could quickly turn into catastrophe. Ireland, though, has time on its side, so it might be the perfect test case for the efficacy of the new facility. This is not a fair fight. It may well be that the reluctance of EU officials to call publicly on Ireland to ask for help reflects their shame about the bullying that has gone on, rather than what they say is a desire to leave the decision to Dublin. Either way, one of the more remarkable aspects of this crisis is that the Irish have yet to come out swinging.

[MOD]Don't post other people's copyrighted articles in full.[/MOD]

Bob_Latchford

Was going ok until

Irish have yet to come out swinging

Bit of casual sterotyping ruins the whole piece

Fentdog84

A very generous article indeed written by an outsider who is unaware of the extent of the "biffoons" running the show here..

BeeDI

Bob_Latchford wrote: »

Was going ok until

Irish have yet to come out swinging

Bit of casual sterotyping ruins the whole piece

I guess so ............... oh and the real subtle dig in the middle of the piece

"To add insult to injury, having seen Germany drop the Irish in the drink,"
Biffo's most lasting legacy, will be to prolong the stereotyping the Paddy as a feckless drunk. Thanks Brian:(

keithclancy

Obviously doesn't read the German papers:

but Angela Merkel, with her ill-judged attempt to appease those in her own country who fear they are being asked to underwrite the debts of less fiscally responsible members of the eurozone.

Wasn't ill-judged, she came out looking quite good in Germany.

Scofflaw

It's hard for the British - they had to choose between blaming Continental Europe and blaming Ireland, and the conflict must have been awful for them. Looks like some of them at least have decided to plump for the traditional enemy over the neighbouring plucky little island race.

amused,
Scofflaw

waffleman

I think it doesnt matter what way you cut it - the only people being "shamed" are us not the bullies from the eurozone

anyone who can should "bailout" themselves to somewhere where the guvnors dont sell their citizens down the river for inflated wages/pensions, free cars/drivers for life and brown envelopes.

raymann

Scofflaw wrote: »

It's hard for the British - they had to choose between blaming Continental Europe and blaming Ireland, and the conflict must have been awful for them. Looks like some of them at least have decided to plump for the traditional enemy over the neighbouring plucky little island race.

amused,
Scofflaw

this is an idiotic view. there is no strong feeling towards blaming ireland from what i can see. the uk media offers a unique perspective because they never joined the single currency.

the irish and the french media (where i am now) are very much focussed from the currency member point of view.

it seems completely irrational to expect people and media that were vehemently opposed to joining the single currency, to not reflect on the fact that they were proved right.

say what you want about ff, but i dont think labour were any better. i cant image the mess if the uk had gone through the 00's with 3.5 % interest rates.

Dannyboy83

I like the Brits, but I've learned over the years that, as a general rule, when they are praising us for taking some particular stance about the EU, it usually means we have taken the wrong stance.

DeVore

Where are those bond traders and speculators sitting again? Who's lax regulation allowed them to roll them bones repeatedly and then demand that they not take any haircut on their losing bets?

Oh.


DeV.

stackerman

60% of all EU reserves are in US dollars. The US dollar, as the worlds global reserve currency will take us all down, because of their non stop printing of US dollars.
The MARKETS now nibble at the little roots of the Euro tree (Ireland) to try to take the Euro Down first, which will buy them time before the inevitable destruction of the dollar.
You must Understand the US dollar first, then you understand the Euro.. When they finish with us they will move on to another Euro country.
Our defecit is just the excuse not the cause.
Wake up. RTE

We are responsible for our own situation, greed, fat unions, incompetent politicians (who we elected :eek:) etc etc

But it is not all at our own door we should look, for what its worth

ArtSmart

BeeDI wrote: »

Interesting take on the bailout in todays London Independent.

http://www.independent.co.uk/news/business/comment/david-prosser-irelands-defiant-stand-against-a-bailout-shames-the-bullies-in-the-eurozone-2137025.html

David Prosser: Ireland's defiant stand against a bailout shames the bullies in the eurozone

utlook One can't fail to be impressed by the stubbornness with which the Irish have resisted the efforts of their eurozone partners to force them to ask for a bailout they do not want and believe they do not need. But what's even more impressive is that in public at least, Ireland's leaders have managed to keep their temper, despite finding themselves in a storm not of their own making.

.....

What happens, wonder many in Brussels, if investors don't fancy buying those issues? Well, were it to be Portugal in need of the money – it has €4bn of debt due to mature before the end of the year – or Spain – the eurozone's third-largest economy – crisis could quickly turn into catastrophe. Ireland, though, has time on its side, so it might be the perfect test case for the efficacy of the new facility. This is not a fair fight. It may well be that the reluctance of EU officials to call publicly on Ireland to ask for help reflects their shame about the bullying that has gone on, rather than what they say is a desire to leave the decision to Dublin. Either way, one of the more remarkable aspects of this crisis is that the Irish have yet to come out swinging.

[MOD]Don't post other people's copyrighted articles in full.[/MOD]

I've great respect for the English Indo (as opposed to the Irish Indo rag) but this article is mis-informed and plain ridiculous.

when large deposits are leaving your banks, when the mkts will not lend to your banks and when those banks are dependent on a limited ECB well, - there's need.

By God, there's need. The mkt only feed on the wounded. And although a feeding frenzy is no help, the sharks have first to be drawn.

and what draws them is the smell of blood.

to say the banks were not wounded and haemorrhaging is pure nonsense.

(in this case the sharks targeted the shepherd, that crazy foolhardy nutter).

ETA Prime Time suggesting assets will be required by Rhen...

ArtSmart

keving wrote: »

60% of all EU reserves are in US dollars. The US dollar, as the worlds global reserve currency will take us all down, because of their non stop printing of US dollars.
The MARKETS now nibble at the little roots of the Euro tree (Ireland) to try to take the Euro Down first, which will buy them time before the inevitable destruction of the dollar.
You must Understand the US dollar first, then you understand the Euro..



But it is not all at our own door we should look, for what its worth

It certainly will be interesting to see what the outcome of the G20 summit will be.

I wonder will they be able to step outside of their respective boxes and see the bigger picture. Hard to know.

stackerman

ArtSmart wrote: »

It certainly will be interesting to see what the outcome of the G20 summit will be.

I wonder will they be able to step outside of their respective boxes and see the bigger picture. Hard to know.

Doubt it, can you see them telling the US to stop

Only hope is that the US realise theyve got it wrong

ArtSmart

well there's more there than the US

Scofflaw

raymann wrote: »

this is an idiotic view. there is no strong feeling towards blaming ireland from what i can see.

More schadenfreude, really, and there were a number of other articles from the UK media saying the Irish had been irresponsible, feckless, etc - around the time the UK media discovered just how exposed to Irish debt their banks are.

raymann wrote: »

the uk media offers a unique perspective because they never joined the single currency.

the irish and the french media (where i am now) are very much focussed from the currency member point of view.

it seems completely irrational to expect people and media that were vehemently opposed to joining the single currency, to not reflect on the fact that they were proved right.

say what you want about ff, but i dont think labour were any better. i cant image the mess if the uk had gone through the 00's with 3.5 % interest rates.

The thing is that the UK is in a mess, and their interest rates weren't vastly above ours:



They're currently hiding their bank bailouts off the national balance sheet, too.

cordially,
Scofflaw