China to the rescue??

petethebrick

What do you think about the deal struck yesterday between the NTMA and the China Investment Corporation (CIC)? Is this good news that will significantly help our liquidity problem? Or is it likely to end up with a massive sell off of state assets?
http://www.independent.ie/business/irish/cashrich-chinese-to-pump-billions-into-economy-3063145.html

touts

According to Newstalk this morning the Chinese were less than impressed with the spin the Irish officials were putting on this. It was nothing more than a cosmetic agreement to say the Chinese could look at investing in Irish companies and possibly bonds which they largely could already if they wanted to. Yet the Irish government were spinning it as the salvation of the country and an alternative to the EU/IMF/ECB. The Chinese were not impressed.

Dirk Gently

Enda certainly put some welly into the "acknowledgement" of the one china policy.

In the statement, Ireland reiterated what was described as its firm and unwavering commitment to the one China policy and its opposition to all propositions and comments aimed at undermining China’s territorial integrity.

Thats about as strong a statement as he could make.

spank_inferno

Dirk Gently wrote: »

Enda certainly put some welly into the "acknowledgement" of the one china policy.

I guess we are not so popular in Tibet so.

But I suppose Ireland doesnt have to whore itself for Tibetan money so it matters not.

OS119

spank_inferno wrote: »

I guess we are not so popular in Tibet so....

or Taiwan - for that is what the 'One China' policy is about...

i must admit its so edifying to see Ireland, so trenchant in its support for Palestinians and their quest for independance and self-government (except when it involves buying Israeli ammunition and UAV's) - whore its 'values' out for a promise of 'we'll see' from the Chinese.

Ireland, a country with a truly moral foreign policy...

Cork boy 55

OS119 wrote: »

or Taiwan - for that is what the 'One China' policy is about...

i must admit its so edifying to see Ireland, so trenchant in its support for Palestinians and their quest for independance and self-government (except when it involves buying Israeli ammunition and UAV's) - whore its 'values' out for a promise of 'we'll see' from the Chinese.

Ireland, a country with a truly moral foreign policy...

Name one country with a "truly moral foreign policy"

fly_agaric

petethebrick wrote: »

What do you think about the deal struck yesterday between the NTMA and the China Investment Corporation (CIC)? Is this good news that will significantly help our liquidity problem? Or is it likely to end up with a massive sell off of state assets?
http://www.independent.ie/business/irish/cashrich-chinese-to-pump-billions-into-economy-3063145.html

I dunno, I'm sure they won't be sold a pup. I would have thought (as article says/suggests) assets like land/infrastructure would be of most interest and they would look for full control [e.g. state lands - they would want to strip any trees and then farm/mine as they see fit, (hopefully employing locals)!].

If govt. sells off state assets in this way to pay debts it will not be popular IMO + could be something that might actually lead to a bit of unrest in Ireland.

Brussels Sprout

fly_agaric wrote: »

I dunno, I'm sure they won't be sold a pup. I would have thought (as article says/suggests) assets like land/infrastructure would be of most interest and they would look for full control [e.g. state lands - they would want to strip any trees and then farm/mine as they see fit, (hopefully employing locals)!].

If govt. sells off state assets in this way to pay debts it will not be popular IMO + could be something that might actually lead to a bit of unrest in Ireland.

There's a really good documentary by Niall Ferguson airing at the moment on Channel 4 called China: Triumph and Turmoil. In last week's episode he visited Zambia where they've bought mines and farmland and are basically cultivating both and sending all of the produce back to China whilst paying the locals Chinese salaries for Chinese working hours (ie 12 hour days, 6 days a week for a pittance).

If this sort of thing happens here in Ireland then our fall from grace will be completed.

AlmightyCushion

Brussels Sprout wrote: »

There's a really good documentary by Niall Ferguson airing at the moment on Channel 4 called China: Triumph and Turmoil. In last week's episode he visited Zambia where they've bought mines and farmland and are basically cultivating both and sending all of the produce back to China whilst paying the locals Chinese salaries for Chinese working hours (ie 12 hour days, 6 days a week for a pittance).

If this sort of thing happens here in Ireland then our fall from grace will be completed.

Well, they wouldn't be able to pay people less than the minimum wage here so how could it happen?

thethingis

fly_agaric wrote: »

I dunno, I'm sure they won't be sold a pup. I would have thought (as article says/suggests) assets like land/infrastructure would be of most interest and they would look for full control [e.g. state lands - they would want to strip any trees and then farm/mine as they see fit, (hopefully employing locals)!].

If govt. sells off state assets in this way to pay debts it will not be popular IMO + could be something that might actually lead to a bit of unrest in Ireland.

I look at Irish forests and think that one day they will be chop sticks.
So sad to loose our forestry

maninasia

They can invest in forestry but it will all be licensed from the Irish govt. Forestry rights do not confer any other rights including mining rights. It's all hot air.

OS119

Cork boy 55 wrote: »

Name one country with a "truly moral foreign policy"

none, but i'll name you one that tells itself that it has a moral foreign policy, and rarely misses an opportunity to pat itself on the back and congratulate itself on how much more advanced it it is that all those uneducated yobs elsewhere...

nothing quite smells like hypocracy...

fly_agaric

maninasia wrote: »

They can invest in forestry but it will all be licensed from the Irish govt. Forestry rights do not confer any other rights including mining rights. It's all hot air.

Not completely. The Chinese will want something of value if they are to invest. It is a balance; if Irish govt. places too many restrictions on what they can do with their investment, Chinese will not be interested at all; if govt. sells something (e.g. Coillte) and does not put enough controls in place people will probably be unhappy with the result!

whatisayis

There was an article in Sundays Independent - it was April 1st but I don't think they would name the firm involved if it was intended as a joke. The China Investment Corporation have previously signalled an interest in Coillte.

State-owned Chinese firm Cosco paid €3.4bn for a 35-year lease on the port of Pireaus, the largest in Greece, in 2010. It immediately laid off a fifth of the workforce and halved the wages of those who kept their jobs. And in 2011 Chinese energy firm Dongfang agreed to invest up to €2bn in Greek solar energy projects.

However, one of the conditions of the deal was that all of the equipment will have to be purchased from China.

Greek shipowners are to receive up to €4bn in loans for new ships, all of which will be built in China.

http://www.independent.ie/business/irish/chinese-will-want-savage-deals-on-any-buyouts-3067663.html

maninasia

State-owned Chinese firm Cosco paid €3.4bn for a 35-year lease on the port of Pireaus, the largest in Greece, in 2010. It immediately laid off a fifth of the workforce and halved the wages of those who kept their jobs.

What is the context? Maybe the workers were significantly overpaid? Perhaps the port had gone bankrupt?

And in 2011 Chinese energy firm Dongfang agreed to invest up to €2bn in Greek solar energy projects.

And the problem is?

However, one of the conditions of the deal was that all of the equipment will have to be purchased from China.

China produces the vast majority of solar equipment used worldwide. Not a surprise. I doubt the Greeks produce anything substantial.

Greek shipowners are to receive up to €4bn in loans for new ships, all of which will be built in China

.

Do Greeks still build ships? If they did could they afford to pay for them?

maninasia

fly_agaric wrote: »

Not completely. The Chinese will want something of value if they are to invest. It is a balance; if Irish govt. places too many restrictions on what they can do with their investment, Chinese will not be interested at all; if govt. sells something (e.g. Coillte) and does not put enough controls in place people will probably be unhappy with the result!

Coillte is in charge of forestry and actually is dependent on government legislation. Anybody who wants to take over the license also depends on that. There is no need for them to give any other 'special' deal. Anyway it's not neccessarily true that they would be anything more than a silent partner.
This thread is a load of hot air, it's our own government that have ended up making the whole nation in hock to others.