Financial Times names Lenihan Europe's worst Minister For Finance

dixiefly

http://news.eircom.net/breakingnews/19023608/?view=Standard

Brian Lenihan was today named the worst finance minister in Europe in an annual ranking by a leading financial newspaper.

The Financial Times said Mr Lenihan was overcome by the scale of Ireland's crisis and failed to rescue the banks despite the massive taxpayer bailout.

"Some country's problems simply proved too great to handle," said the newspaper. "Brian Lenihan was overwhelmed by the crisis in Ireland's banking system and the implosion of the country's economic growth."

It is the second year in a row Mr Lenihan has been ranked the worst performing of 19 European finance ministers in the newspaper's yearly league.

Ministers are judged individually on their political ability, economic performance and credibility in the international markets and then given an overall score.

Mr Lenihan was ranked second worst on both economic performance and credibility.

He fared only slightly better on political ability, as third worst, but his overall score put him at the bottom of the table.

"Having taken responsibility for €74bn of their dud property loans and provided €50bn of recapitalisations, the 51-year-old has run out of policy tools and the sector is back where it started - facing a funding crisis and locked out of the debt market," the newspaper said.

One of the judges, Jacques Delpla, a member of the Conseil d'Analyse Economique in Paris, said Mr Lenihan had not thought through the €440bn bank guarantee scheme.

"In my view, the worst minister is Ireland's Brian Lenihan," he said. "He took the decision to guarantee his country's banks in September 2010 without thinking through the consequences. The effects of that decision on the country's finances have become evident this year."

Germany's Wolfgang Schaeuble topped the poll, with Poland's Jacek Rostowski in second place ahead of last year's winner, France's Christine Lagarde.

Britain's newcomer George Osborne ranked sixth, scoring highly for his political skill in "pushing through a bold fiscal austerity plan".

George Papaconstantinou of Greece came in eighth after being deemed to have shown panache in his handling of his country's crisis.

flutered

now who is suprised that he recieved this award, not many i recon.

starbelgrade

One of the judges, Jacques Delpla, a member of the Conseil d'Analyse Economique in Paris, said Mr Lenihan had not thought through the €440bn bank guarantee scheme.

And in Oslo, when interviewed about this issue, a pack of stray dogs also concurred with this statement.

Feeona

dixiefly wrote: »

George Papaconstantinou of Greece came in eighth after being deemed to have shown panache in his handling of his country's crisis.

Ha ha, the same guy who said 'IMF! What IMF?' while ushering them in. Gave Comical Ali a run for his money!

Mark200

flutered wrote: »

now who is suprised that he recieved this award, not many i recon.

Well considering that he got it last year too, I agree that not many would be surprised.

Son Of A Vidic

Surely now he will receive an honorary nomination to the 'Truly Incompetent Bastards' Hall of Fame.

Einhard

He keeps going like this and he'll need to build an awards cabinet! I wonder will he be accepting it in person? He can make a gushing Gwneth Parslow type speech, tearfully thanking all who made it possible.... Bertie Ahern, Brian Cowen, Fingers Fingleton, Seanie fitz and all his friends in the banking sector. Oh, and his mam and dad of course!

fontanalis

Corvus Maximus wrote: »

Surely now he will receive an honorary nomination to the 'Truly Incompetent Bastards' Hall of Fame.

Or as a TD/minsterial position they call it in Ireland.

eoinbn

Yet FF see him as their only hope in the next GE!

Einhard

In fairness though, weren't the likes of the FT and the WST effusive with their praise of McCreevy and Cowen as finance ministers when they were doing so much to create the bubble in the first place?

orourkeda

It's makes it all the more remarkable when you consider the fact that he comfortably topped the poll at the last election and will be re-elected again at the next election.

Boxoffrogs

Imagined response from Brian Lenihan, "No I don't accept that"

enda1

orourkeda wrote: »

It's makes it all the more remarkable when you consider the fact that he comfortably topped the poll at the last election and will be re-elected again at the next election.

Yeah, somehow I don't think he'll be running again.

Einhard

I wonder if he gets to keep the trophy if he wins again next year?!

Captain Darling

He's a great finance minister.

Now, where did i leave my crack pipe.....

Einhard

enda1 wrote: »

Yeah, somehow I don't think he'll be running again.

I think I heard him say the other day that he would definitely be running again, and that he was interested in the FF leadership. He has a high personal vote in his constituency, and despite what people say, he's not a bad man. Many better people than he would have been equally overwhelmed by the situation he faced from 2008.

It's also a tad ironic that many of the European bean counters having a go at him now, would have been the ones demanding that he guarantee the banks in 2008 in order to save their own investments and interests in European banks.

enda1

Einhard wrote: »

I think I heard him say the other day that he would definitely be running again, and that he was interested in the FF leadership. He has a high personal vote in his constituency, and despite what people say, he's not a bad man. Many better people than he would have been equally overwhelmed by the situation he faced from 2008.

It's also a tad ironic that many of the European bean counters having a go at him now, would have been the ones demanding that he guarantee the banks in 2008 in order to save their own investments and interests in European banks.

Just presumed he wouldn't because of his cancer.