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18-07-2009, 23:40   #1
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Germans against bailing out Ireland

We are on our own or is it IMF intervention?

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18-07-2009, 23:54   #2
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Can't really blame them to be honest.

If it was the other way around and it was us been ask to bail out another country, what do you think the people here would say.
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18-07-2009, 23:57   #3
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So there goes the EU bailout?
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19-07-2009, 00:44   #4
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I wonder could the European Central Bank print off bailouts for EU nations such as ourselves?
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19-07-2009, 01:03   #5
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Hardly a surprise. Why should the German's bail out countries that acted irresponsibly?
We have been one of the worst countries for personal borrowing over the last few years, egged on by our government of course.
So what's in it for the German's in giving us money. They have been quite generous to us for the last 20 years. So I dont think they have any moral or practical reasons for giving us a cent.
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19-07-2009, 01:45   #6
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This all assumes that what the average German thinks is important. Their government will not allow the Euro to be undermined by the incompetence of Cowen and Company.

I am waiting for the boards poster to show up and talk about how the Germans have no right to dictate to anyone given their history. I reckon that boards poster should be appointed ambassador to Germany for maximum hilarity.
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19-07-2009, 03:56   #7
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who might that be now?
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19-07-2009, 12:12   #8
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Originally Posted by gurramok View Post
We are on our own or is it IMF intervention?

Good on them. Whether at crunch time they do bail us out or not is another thing, but I'm glad that they are making it clear that we have to sort out our own mess. Puts pressure on the government to get its act in order, and on the people to get realistic. Also lets us know that Lisbon is not a game and we can't use it to extort money from the EU. German government ministers have said similar things before, but need to come out and specifically say that they will not be bailing out Ireland in any shape or form.
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19-07-2009, 12:31   #9
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why would they bail out a country that pays its hospital consultans twice as much as thier german counterparts , countries in need of bailouts dont do that
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19-07-2009, 13:22   #10
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German people != German government / EU government, tbh.
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20-07-2009, 02:17   #11
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The real question is would the German Government be willing to pay €1.5bn/yr in order to save the integrity of their currency. What the german people would like really doesn't come into it, the bailout would be the lesser of the two evils I would imagine in the eyes of the germans. €1.5bn isn't much in the German governments budget, their federal budget spend for 2010 €327.7bn with a deficit of €86.1bn

A german bailout would probably be worse than an IMF one in terms of the swinging cuts that it would impose. In order for the german people to be able to digest it, the bailout would have to be seen as addressing fundamental flaws in our cost base, and then Germanising it. This would be in order to protect the parties that approved of it at the german ballot box.

I hope it won't come to it though and we are able to get our affairs in order on our own.

Last edited by oppenheimer1; 20-07-2009 at 02:28.
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20-07-2009, 02:52   #12
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We might get excellent public transport out of it.
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20-07-2009, 09:54   #13
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What do you expect from a public poll ?

Go around Irish streets and ask the people if Ireland should spend a billion on bailing out the Faroer Islands, what do you think the answer would be?

No effen way ...that would be it .

What the EU bureaucracy will decide to do once they realise that the basket case that is the Irish finances severly threatens the integritiy of the Euro, that is an entirely different matter.

One thing you can be sure of though ...they won't ask us either if we agree or disagree with the severe cuts in public spending they are going to impose in exchange for any bailout.
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20-07-2009, 10:02   #14
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Our chancellor will make the correct decision for the glory and good of our 4th Reich.
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20-07-2009, 11:19   #15
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Originally Posted by the_syco View Post
German people != German government / EU government, tbh.
That is true, but some people around here, and probably government, think that an EU/ECB bailout would be much more preferable to the IMF.
I have my doubts because at this stage the EU, the ECB just like all foreign investors view Ireland as a very badly run corrupt tinpot country, that blew their economy on a spending spurgle, both in personal and state terms.
All they have to do is look at the mess we made of our regulatory authorities and the fact we still haven't imposed sanctions on the ones responsible for the meltdown.
In fact we rewarded them with early retirement and lump sum payouts.

Why should EU/ECB offer us better terms than the IMF ?
Why should they tolerate us spending huge amounts of money on social welfare, on high state employees salaries and on bailing out the incompetence of our bankers and developers ?

It would be a very brave Chancellor that told their people we are going to use your taxes to bailout another country's bunch of ungrateful, incompetents who want to continue to live in the manner they became accustomed to during the days of cheap credit.
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