Enda Kenny to demand burden sharing

ilovesleep

Wow - just read an artictle in the Mail on Sunday, so I don't know how true this is. Enda Kenny is going to demand burden sharing.

I cant provide a link because Im on mobile, but if this is true, If Enda can do this and succeeds - we have leadership that wants to do right for ireland. Its providing a little more hope. If Enda does good I want to give that man a big hug.

thetonynator

I honestly wouldn't say its at all credible if the mail on sunday is the only place its been reported.

Liam Byrne

While some credit would be due to Kenny if this is true, I don't think we should really be saying "wow" for a politician finally deciding to do what's in the best interests of the country (and, indeed, the only correct option in the interests of fairness).

We were shafted by FF with the worst decision in the history of the country, and whatever about paying our own way there is absolutely no way the state's taxpayers should be footing the bill for gambling pricks.

RachaelVO

Well, now as I was trying to find that particular article, I'm not sure if this is the same article you're referring to. But this does impress me about Enda... Who knew he had goolies! I'm delighted he will take a stance.

http://www.dailymail.co.uk/news/article-1368054/Irish-PM-Enda-Kenny-tell-EU-leaders-We-WILL-burn-bank-bondholders-spare-taxpayers.html?ito=feeds-newsxml

ilovesleep

Im hoping and praying hard that Mr.Kenny can do us good, not only on this but on seeking justice on those responsible for ruinning irelands economy and seek a fairer ireland for us. If he does good I'll carry the Mayo flag for life. If fact if he does good we should change irelands tri-colour flag to the mayo flag.

Red Alert

His job may be complicated by the fact that Lucinda Creighton appears to be the EU's chief propagandist in the country. She seriously thinks that everything the EU does is good and we should be enthralled to them. She should have been left in the backbenches, but instead was allowed ply the airwaves telling us we owed it to our european "partners".

Scofflaw

Red Alert wrote: »

His job may be complicated by the fact that Lucinda Creighton appears to be the EU's chief propagandist in the country. She seriously thinks that everything the EU does is good and we should be enthralled to them. She should have been left in the backbenches, but instead was allowed ply the airwaves telling us we owed it to our european "partners".

It may be that Fine Gael have a slightly more nuanced view of how we go about negotiating successfully with Europe than some of our posters do.

Appreciating that there is another side to a negotiation isn't actually the same as capitulation, and there's a little more to negotiation than the simple tactic of "growing a pair" and "giving the EU two fingers" so beloved of the vox pop.

cordially,
Scofflaw

jmayo

Scofflaw wrote: »

It may be that Fine Gael have a slightly more nuanced view of how we go about negotiating successfully with Europe than some of our posters do.

Appreciating that there is another side to a negotiation isn't actually the same as capitulation, and there's a little more to negotiation than the simple tactic of "growing a pair" and "giving the EU two fingers" so beloved of the vox pop.

cordially,
Scofflaw

Can I take it that you do appreciate that we do need to renegogiate the deal rather than just accept any deal, just because the previous Irish governments were inept and together with the incompetence of our banks landed us in the mess that requires a bailout ?

It will be interesting to view the demeanour of the leaders after the meeting(s) on Thursday.
I don't expect Sarkozy and Kenny to be anywhere close to each other in team photos. :rolleyes:

20goto10

They're only talking about the debt not covered by the guarantee. But it's still a good card to play. We need to show the world that this is a European problem and not a solely Irish problem. We can do that by dragging the euro down into the cesspit with us. Burning bond holders is a good start. Unfortunately I do not think he has the balls to go far enough. We need to start talking about pulling out of the Euro. Having talks with London about joining the Sterling, at least temporarily, would be another kick in the balls for the Euro currency to yet again show that this is a European crisis. Then maybe they'll start to listen to little aul Ireland.

Scofflaw

jmayo wrote: »

Can I take it that you do appreciate that we do need to renegogiate the deal rather than just accept any deal, just because the previous Irish governments were inept and together with the incompetence of our banks landed us in the mess that requires a bailout ?

I'm not sure why one would need to ask - unless, again, failure to adopt the "give 'em two fingers" mantra is mistaken for failure to have Ireland's interests at heart?

cordially,
Scofflaw

Red Alert

I don't think leaving the Euro is an option. But what's definitely an option is to threaten to pull down the European's into the mess here, and they need to play that card.

oppenheimer1

Demand? Enda isn't in a position to demand anything and its not how negotiation works. The press should really be more careful about how they report things and not be so simplistic...

galwayrush

oppenheimer1 wrote: »

Demand? Enda isn't in a position to demand anything and its not how negotiation works. The press should really be more careful about how they report things and not be so simplistic...

Yes he is, the people who voted him in gave him a mandate to get a better deal for out tax payers. The deal as it is will soon become an unbearable burden and we simply won't be able to pay it. Our overlords in Europe know this and the resulting default could bring the entire euro house of cards crashing down. We can't afford the current terms, and the German and French banks can't afford us failing. Up to them to compromise i think.

Liam Byrne

20goto10 wrote: »

They're only talking about the debt not covered by the guarantee.

IIRC that guarantee expired, and was extended ?

So whenever the new guarantee expires, doesn't that mean that all of the banks' debts should - in theory at least - be off our backs for good ?

yosemite_sam

galwayrush wrote: »

Yes he is, the people who voted him in gave him a mandate to get a better deal for out tax payers. The deal as it is will soon become an unbearable burden and we simply won't be able to pay it. Our overlords in Europe know this and the resulting default could bring the entire euro house of cards crashing down. We can't afford the current terms, and the German and French banks can't afford us failing. Up to them to compromise i think.

Enda supported the bank guarantee and the budget, why would they listen to him. They want the corporation tax for an interest change, what would they ask for if burden sharing is suggested?

Scofflaw

Liam Byrne wrote: »

IIRC that guarantee expired, and was extended ?

So whenever the new guarantee expires, doesn't that mean that all of the banks' debts should - in theory at least - be off our backs for good ?

I'm going to put a sticky up, I think!

There are two (or three) bank guarantees:

1. CIFS: the Credit Institutions (Financial Support) Act 2008 - this is the original "blanket guarantee" of September 2008. This guaranteed all the debts of the covered banks of all classes, however and whenever required.

However, this guarantee would only pay out on debt during the lifetime of the guarantee, and this guarantee expired in September 2010.

2. ELG: the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009. This is a subsequent guarantee covering only specifically named debt newly issued by the covered banks and accepted for guarantee in writing by the Minister.

However, this guarantee has not expired, and in any case guarantees the named debt for the lifetime of the debt.

(3. The Deposit Guarantee Scheme - this is totally separate, and guarantees your deposits in an Irish bank or credit union up to the value of €100k per person per institution. This scheme has been running since 1992 with an original limit of €20k - the limit was increased in 2008. It's an EU-wide scheme, so all other EU countries have similar cover for their banks.)

cordially,
Scofflaw