FG to pull a Green Party on us?

Shea O'Meara

Lenihan to suspend bank bailout funds until after election

Brian Lenihan said today that the Government is to postpone further capital injections for AIB, Bank of Ireland and the EBS Building Society until after the General Election.

The news comes after the Chairman of Anglo Irish Bank said earlier today that Anglo would need another €15bn.

:eek:

So it seems Lenihan has turned off the tap for the moment. Bless his cotton socks.

Fine Gael leader Enda Kenny said that if Fine Gael is in Government, they will not give another cent to Anglo Irish Bank

Finally! Some decent straight forward no nonsense cutting through the bull.

However, Mr Kenny said that any money committed to Anglo would be paid and more could go in, if bond holders cut a deal.
http://news.eircom.net/breakingnews/19242882/

Aww c'mon!

So if I've got this...FG will not give Anglo any more money, unless they do. Brand spanking clean house FFail Martin wants us to keep it down, debate wise lest we upset the neighbours.

Speaking in Claremorris in Co Mayo this evening, Mr Martin said some of the economic commentary has been unhelpful.

"I think that some of the commentary that has been made during the campaign left a lot to be desired," he said.

"Particularly ... the Labour way, kind of approach - the banging of the table and the display of bravado, was very superficial and shallow.

"I never believed any of that." http://news.eircom.net/breakingnews/19242846/

I for one don't give a flying f*** what any outside party may think of the Irish while trying to get some kind of leadership out of this disasterous mess. 'Table banging' is the sadest political slag off I've heard and if that's all Martin has well.... Does he expect people to calmly listen to his drivel?

Are FG going to pull a Greens? In that telling us they'll do one thing, (save Tara and such) then get into power only to say, 'Well it was like that when we got here and the contracts have our hands tied'?

Surely at this point Ireland needs a put up and shut up party, beholding only to the Irish public, who can amend any deals as they see fit?

later12

I think Brian Lenihan's stance on this is entirely understandable; although he is still acting Minister for Finance, it would be quite outrageous for him to inject capital into AIB, BOI and EBS before an election.

By the way, nobody is suggesting that further money be poured into Anglo above and beyond what has already been given to them, so I'm not sure where that suggestion is coming from.

edit: OP where did you initial headline come from? Dukes did not say that Anglo would need an extra 15 bn.

Shea O'Meara

later10 wrote: »

I think Brian Lenihan's stance on this is entirely understandable; although he is still acting Minister for Finance, it would be quite outrageous for him to inject capital into AIB, BOI and EBS before an election.

More outrageous than what has/is going on? As for understandable, it's the first decent thing he's done. At least put pause to the sanity of seemingly endless cash flow, while cutting minimum wage, which is unlikely to bring in, say 15bn.
I would guess it's legally set in stone somewhere and wan'ts to ensure the new crowd get lumbered so FFail can say, 'See? We were right to be doing it, even the new shower are at it!'

later10 wrote: »

By the way, nobody is suggesting that further money be poured into Anglo above and beyond what has already been given to them, so I'm not sure where that suggestion is coming from.

As quoted in the post, the Chairman of Anglo wants another 15bn.

later10 wrote: »

edit: OP where did you initial headline come from? Dukes did not say that Anglo would need an extra 15 bn.

All quotes prior to this link are from this link.
http://news.eircom.net/breakingnews/19242882/

later12

Shea O'Meara wrote: »

More outrageous than what has/is going on?

Possibly, it's hardly relevant. In itself, it would be a pretty outrageous thing to do. The opposition should be delighted with it, now is their time to burn the banks, the bondholders, and well.... anyone with a chequebook while they're at it. Somehow, I think that's not going to happen, and if Lenihan's move just shows them up for their hot air and hyperbole, all the better.

As quoted in the post, the Chairman of Anglo wants another 15bn.

Yes for the banking industry, not for Anglo. There seems to have been some confusion in the media over that point.

http://www.rte.ie/news/2011/0209/banks-business.html

Anglo Irish Bank chairman Alan Dukes has said that his bank will not require any further capital beyond the €29-34 billion range as outlined last year by the Central Bank [...] But he added that the banking system would also require a further €15 billion.

jmayo

Shea O'Meara wrote: »

:eek:

So it seems Lenihan has turned off the tap for the moment. Bless his cotton socks.
...

Are FG going to pull a Greens? In that telling us they'll do one thing, (save Tara and such) then get into power only to say, 'Well it was like that when we got here and the contracts have our hands tied'?

I find this funny because Kenny and Varadker were shouting about this yesterday saying "not one more cent".
I don't know if they can say that at this stage ?

I have a scary feeling that there is little FG, Lab or anyone else can do as we are gone so far on this course and the tiller has been broken by ff.

As for later10 and one of his ff heros outing the fact that the other parties can't burn the bondholders, ff have created such a mess that it may be impossible for anyone to adopt that course going forward.
So maybe less of lauding lenihan and that he is somehow doing something good.

The best we can do is negogiate a deal with any bondholders that have not been paid already and the fact that other ones have already been paid makes that harder I believe.

Shea O'Meara wrote: »

Surely at this point Ireland needs a put up and shut up party, beholding only to the Irish public, who can amend any deals as they see fit?

Ehh sorry to rain on your parade, but if you think any party can amend any deals any way they see fit you are seriously deluded.

We need to get others to agree to those amendments.

The best we can do is hope to persuade others to agree to us amending deals.

Kenny even went on about this the other night in Carrick, talking about the necessity to get other EU countries to agree to change in ECB/EU deal.
There are already proposals put out there about changing interests rates, turning deal into long term mortgage, etc.

Failing getting others to agree then we can threaten Mutually Assured Destruction of the Euro, but the others would have to back down on our threats and it would definitely make us some very big long term enemies.

Ireland would be destroyed if we carried through on that threat, but we are probably destroyed anyway if this deal continues.

If you believe in the nonsense being put about by the likes of SF then IMHO you are seriously deluded.
You can't burn someone one day and expect them to loan to you the next.

And borrowing we do need unless we find someway of having a current budget surplus and that currently runs at upto 20 billion of a deficit per annum.
Funny the parties claiming we adopt this stance with ECB, bond markets etc are also the very ones claiming we reverse the existing cuts.
It is pure nonsense and fairytales for the gullible.

There is another possibility coming down the track and that is that one of the big euro players, Italy or Spain, go into meltdown and need a bailout.
That throws the whole euro into confusion.
These countries would have to get new more favourable deals and we could then demand the same.
Then again there are probably no deals that could save either of those countries as they are have too big an economy.

aDeener

Shea O'Meara wrote: »

:eek:

So it seems Lenihan has turned off the tap for the moment. Bless his cotton socks.


Finally! Some decent straight forward no nonsense cutting through the bull.



Aww c'mon!

So if I've got this...FG will not give Anglo any more money, unless they do. Brand spanking clean house FFail Martin wants us to keep it down, debate wise lest we upset the neighbours.



I for one don't give a flying f*** what any outside party may think of the Irish while trying to get some kind of leadership out of this disasterous mess. 'Table banging' is the sadest political slag off I've heard and if that's all Martin has well.... Does he expect people to calmly listen to his drivel?

Are FG going to pull a Greens? In that telling us they'll do one thing, (save Tara and such) then get into power only to say, 'Well it was like that when we got here and the contracts have our hands tied'?

Surely at this point Ireland needs a put up and shut up party, beholding only to the Irish public, who can amend any deals as they see fit?

fairly accurate description of gilmore now to be fair