Lenihan confirms Ireland bail-out application

As the BBC reports, the Irish Minister for Finance, Brian Lenihan, has confirmed to RTÉ that, at the cabinet meeting today, he will propose an application be made for a financial rescue package from the EU, the International Monetary Fund and the European Central Bank.

From the RTÉ report

The Minister confirmed that discussions with the agencies had concluded yesterday evening.

Ireland would now be formally applying for a rescue programme and formal negotiations will begin.

He confirmed that the amount of money involved amounted to ‘tens of billions’ of euros but denied suggestions it would be as much as €70 or €80 billion.

He suggested most of the money would be used to cover the Government deficit for the next few years, while most of the money assigned to the banks would be from what he called a ‘demonstration of firepower’ that would only be drawn down if required.

Mr Lenihan added that there would have to be structural changes to the Irish banking sector as part of a ‘detailed resolution scheme’.

The BBC report adds

The Sunday Times speculated that the Republic’s bail-out package would be worth up to 120bn euros.

This compares with the 110bn euros Greece is set to receive over three years.

However, Mr Lenihan said the total would “not be three figures”.

He added that the “bulk of the money” would be “a contingency fund which stands behind the banking system” and said that any money borrowed would be at far lower rates than the country could get on the money markets.

The finance minister added that it would not be a criteria of the external assistance that it raised the country’s low corporation tax rate, which stands at 12.5% – much lower than the EU average.

Not a criteria?  Perhaps an added extra…

Update  The FT reports [free reg may be req] that eurozone finance ministers have approved the request in a conference call and that

An official said the precise size of the package would not be disclosed, unless eurozone ministers insisted on doing so.  Further, he added that the exact scale of the package would not be known until the experts in Dublin probing the accounts of the banks had finished their work, which he suggested could take “a number of weeks”.

And the FT also notes

Speaking on Irish radio [Brian Lenihan] declined to dosclose the interest rate the country would have to pay on any EU-IMF loans, but said it would be “a lot less than what we have to borrow at if we went to the world markets”.

Updated RTÉ report and Irish government statement

The Government today agreed to request financial support from the European Union and the Euro Area Members States. The IMF will also be requested to assist in the provision of support.

The Government welcomes the agreement reached at the Eurogroup meeting today that providing assistance to Ireland is warranted to safeguard financial stability in the EU and in the Euro Area.

In the context of a joint programme EU/IMF, the financial assistance package to the Irish state should be financed from the European financial stabilisation mechanism (EFSM) and the European financial stability facility (EFSF), possibly supplemented by bilateral loans to be negotiated by EU Member States. [added emphasis]

EU and euro-area financial support will be provided under a strong policy programme which will be negotiated with the Irish authorities by the Commission and the IMF, in liaison with the ECB.

  • Mack

    http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8148882/US-firms-warn-Irish-over-tax-move.html

    Intel, Microsoft, Merril Lynch Bank Of America, HP and (separately) Google warn on Corporation tax rises..

  • Mack
  • pippakin

    We are ‘rescued’ as will be the corporation tax…

    If anyone ever believed the lying gombeens in govt they know better than to believe now.

  • DC

    Why can’t the banks repay the loans themselves say over 100 years and leave the taxpayers out of it?

  • Itwas SammyMcNally whatdoneit

    If and when there is to a be a recovery in Ireland there will need to be a financial support for the government (whoever it is) to implement a sensible if unpalatable plan.

    It has been obvious for some time that Ireland’s problems were considerably greater than admitted by the government (whether tactically correct for whatever reason for them to deny it) and many people will be relieved that the daily reports on the bond prices will now slip off the news headlines.

    Although we dont know the terms,

  • Mack

    That’s still a technical default because you are forcing the bond holders to take a hit. What you’d be doing is restructuring their bonds into ones with longer maturities. Personally I think it’s a much better idea than what we’ve got but the government / EU have avoided this approach so far..

  • Itwas SammyMcNally whatdoneit

    cont.

    Although we dont know the terms it looks like 5% is a pretty good rate and this intervention is welcome news for the Plain People of Ireland once they consider the alternatives.

    It will present the Left(ish) parties ie Labour and SF with something of a dillemma being ideologically opposed to the cuts that will now be at least implict in any deal with the IMF/EU. I suspect the Plain People of Ireland will realise that they will have to swallow their economic medicine now and simply not believe Labour/SF suggestions to the contrary.

    Potentially this deal is a big boost for FG with the thoroughlly undeserving Enda sitting very pretty indeed and SF lucky to be well away from it as the Labour party suffer l(ike the LibDems in Britian) for sharing a bed with FG amongst their core support.

  • pippakin

    Sammy

    Labour haven’t actually agreed to form a government with FG yet, at least not as far as I have heard.

  • Itwas SammyMcNally whatdoneit

    If Labour dont agree – FG and FF will have to go in together either as a coalition which would be fun or FG form a minoritygovernment with the support of FF.

    If Labour dont agree SF probably wont unless Grizzly is made Minister of a new department called the Ministery of Reunifcation.

  • pippakin

    Sammy

    I cannot see FG, already smeared with the same tar as FF agreeing to go into government with them. It may be there will be several ‘independents’ in play by then. As for GA I hope not! It would be nice if he and SF could turn their attention to the south. A learning curve is required.

  • Alias

    The European Commissioner for Economic and Monetary Affairs, Olli Rehn, has duly decreed that “Ireland will not continue as a low tax country, rather it will become a normal tax country in the context of the European Union.”

    Corporation tax rates will increase dramatically as a result of the government acting to bail-out the eurosystem, as will income tax other types of taxes.

    The government’s books are more dubious than those of Greece. For example, the 70 or so billion of eurosystem debt transferred to NAMA is not classed as sovereign debt and nor is the 100 billion of eurosystem owed by the Irish Central Bank. Add in the 50 billion pledged to the banks, and you’re already over the 200 billion mark for the cost of the bail-out of the eurosystem. Plus, of course, you now have to add another 100 billion of IMF loans, and you’re over 300 billion.

    That’s no where near what the final bill to Irish taxpayers of bailing-out the eurosystem will be, as the true scale of these eurosystem debts is being deliberately hidden from the taxpayers by the eurosystem banks, the EU, and the government.

    Apart from the direct capital costs, the devastation to the Irish economy of bailing-out the eurosystem will easily double it.

  • Jean Meslier

    “…If Labour dont agree SF probably wont unless Grizzly is made Minister of a new department called the Ministery of Reunifcation…”
    1st I thought lol very funny
    Then I thought. Why not?

    At least this terrible dilemna afflicting the south will focus ordinary citizens minds politically for the first time in 2 generations. This is the one thing the establishment always fears.

    When I saw this new thread by Pete, I initially thought it would be about the new Red C poll especially as FG was up 1%.
    But no I was only kidding myself.
    Wasn’t I Pete?

  • Itwas SammyMcNally whatdoneit

    Alias,

    “Corporation tax rates will increase dramatically as a result of the government acting to bail-out the eurosystem, as will income tax other types of taxes.”

    I will wager you a (borrowed) tenner that Corpo rates will remain as is – winner gives money to Slugger which itself is a shining example (like SF with their industrial wage) of how to get a job done with very competively priced staff.

  • Alias

    I’d take that bet under normal circumstances but it is against my code to take advantage of ‘special’ people, Sammy.

  • Itwas SammyMcNally whatdoneit

    pippers,

    Never, uderestimate the desire for power – Enda would sell County Mayo to the IMF with his own and and assortment of constituency Grannies to get into power – that is if FF hadnt already sold it and the other 25 already to international investors.

  • Itwas SammyMcNally whatdoneit

    Alias,

    “I’d take that bet under normal circumstances”

    It is refreshing to see the Plain People of Ireland exercising caution in relation to financial matters in these straitened times.

    Can we look forward to you acknowledging your mistaken prediction, should it come to pass, here on Slugger?

  • pippakin

    Sammy

    I don’t doubt it! but next time around I think both FF and FG will suffer serious wounds and perhaps desertions from the ranks before the election.

    I bloody hope so anyway!

  • Could SDLP supporters advise if it is still “number one aim” to unite Northern Ireland with the bankrupt Republic? Just wondering. Also, Mark Durkan used to drone on about why Northern Ireland should join the Euro, is this still policy? Thanks in advance…

  • Devil Eire

    >Not a criteria?

    No, a criterion. Or, as the report actually puts it, a condition.

  • Itwas SammyMcNally whatdoneit

    David,

    No insider knowledge of the SDLP but I suspect they might have same attitude as Unionists had to Britian when they called in the IMF or were booted out of the ERM mechanism.

    What is your estimate of the number of TUV seats in the Assembly elections? I would guess Jimbo will get in, any other likely winners?

  • Itwas SammyMcNally whatdoneit

    Get what you need now and then go for a rescchedule.

  • Comrade Stalin

    If Labour dont agree SF probably wont unless Grizzly is made Minister of a new department called the Ministery of Reunifcation.

    I would be very happy to see Gerry Adams in a department called Ministry of Reunification. It would keep him away from anything that would let him do serious damage.

  • cavanman

    David,
    If financial crises were the only reason to support a particular aspiration, then any nation state would just be a collection of craven scum.

    Happy if the Euro does get jettisoned but Irishness is not something that wavers in Armagh based on the FTSE Index.

  • pippakin

    David Vance

    Ireland is more than a currency, and you can wipe that grin off your face. I can see it from here!

  • iluvni

    Are we still getting the billions the Republic promised us to improve our roads n stuff?

  • Alias

    You can look forward to it in much the same manner as you can look forward to dating a beautiful Hollywood actress.

    I have been 100% accurate in all of my predictions about the consequences of bailing-out the eurossytem thus far.

  • DC

    Now is a good time for the SDLP to join Fianna Fail as well.

  • Alias

    Ireland isn’t even a currency. It gave up that hallmark of sovereignty and now has to ensure the consewuences of it.

  • pippakin

    Why is this the only new thread on Slugger today? Isn’t there something dreadful happening somewhere else. We need some light relief.

  • DC

    How about an old man giving his half-blessing on condom use?

  • pippakin

    DC

    Well it made me smile.

  • Itwas SammyMcNally whatdoneit

    Alias,

    Nice to know you what you think of your own opinions but the question is will you show up here on Slugger, suitably contrite, if you are shown to be in error?

  • Alias

    It’s the qualifying detail in his communication that makes it so comical.

  • pinni

    A rather realistic, sympathetic and quite British take on the current crisis in the ROI.

    ‘For the UK, this bail-out is about assisting a long-time friend and trading partner whose history, culture and traditions are tied to our own: for the EU, this bail-out is about saving the euro, and so saving ‘Europe’.’

    Read the whole thing:
    http://archbishop-cranmer.blogspot.com/2010/11/irish-sovereignty-1922-2010.html

  • Alias

    I’ll even wear sackcloth and ashes, Sammy. However, it is no longer a case of the EC forcing Ireland to increase corporation taxes. It has done that for itself by bailing-out the eurosystem. All taxes are going to increase.

  • Howe about an answer from those who DO know SDLP policy? Can we have an update on the desire for Euro- currency embrace. Ritchie keeps saying SDLP is “smart” on the economy so I was just curious but yet no answers from Slugger. How odd???

  • fitzjameshorse1745

    Ive never particuarly wanted to identify myself as a supporter of one party more than another. So Id have to answer in the third person.
    A SDLP supporter would say “yes” and while sharing the embarrasment at the situation in the South as much as any Irish citizen who loves Ireland. Thankfully not all British subjects look on the situation with such undisguised glee. They are better than that.

    The SDLP supporter would say yes…..partly thru idealism, aspiration and principle…..but more importantly thru the fact that it is an opprtunity of sorts as for want of a better expression the “First Republic” (already a cliche) was not an attractive proposition to the “unionists”.
    So…after the initial shock……..bereavement almost Id expect a SDLP supporter would reach the conclusion that the events of the last two years have reached a seismic proportion of Famine proportions (more hyperbole and cliché but largely true).
    This tests Irish patriotism as never before in the lifetime of a SDLP supporter, who might at least feel as “Republican” and “Nationalist” as anyone else on this island.
    As a SDLP supporter might recognise that deep down most Irish people (as indeed their British counterparts) are people of goodwill and can be motivated for the good.
    As an Irish government of any complexion is now in effect no more than the puppet regime of international financiers, I expect there will be a rise in patriotism.
    if the SDLP supporter has a background in say….History he/she might see striking parallels between the early part of the 20th century and the early part of this one.
    A cultural revival.
    A debate thru journals then and online now about the future.
    This the SDLP historian might see culminating in 1916.
    Now the SDLP supporter might not actually believe that Plunkett, Pearse etc in the GPO will be replaced by Liam Neeson and Bono attacking symbols of EU/IMF power in Dublin.
    The Irish Volunteers are not Bono and U2.
    And Connolly and his Irish Citizen Army ar not Michael Flatley and the Riverdance chorus line.

    So the sdlp supporter might look to a new awakening, based on the essential patriotiotism and decency that many would choose to believe lies at the heart of believing in their nation and republic.
    With the next government hamstrung and actual economic policy futile, the best thing all Irishmen/women of good will in Dáil Éireann and beyond is look to a post-IMF Republic. Yes that debate includes Fine Gael, Labour, Fianna Fáil, Greens and yes Sinn Féin. And includes the SDLP and anyone else who chooses to join it.
    Never more starkly has there been a choice between the Future and the Past.

  • Munsterview

    “…….However, Mr Lenihan said the total would “not be three figures”.

    If he is correct in this, it will be the first set of figures that the supposed clever clogs got right since this whole bloody thing started !

    His radio performance to-day was far from impressive but when one thinks of the hapless Pat Carey and Dick Roach etc in his own side and then Enda and Co ! Some evenings back John Bruton was on TV and sounding solid and reassuring.

    Things have come to some pass when himself and Mick Noonan can are looking well and sounding good despite their past records! The only hope is that Labour will do the impossible and we have a sharp swing to the Left. They at least have sufficient talent for most of the cabinet posts. Lets hope that The Left, Sinn Fein included will have a good election.

    I said at the outset that the it would take the papers the weekend before the election before the entrails could be read on this election. The story from Donegall is no longer about Sinn Fein, it is about Labour’s showing, how far FF will fall and what Fine Gael pulls from the shambles.

    Because of the ‘ Cope shafting the Dope’ factor, the fall in the FF vote can not be taken as a National indicator of how things really are for them. Neither can SF go entirely local to national on these results, Pierce is an exceptional candidate and he has paid his union dues up there, the people know it.

    If anything it will indicate how the real Twenty Six county election contest will be, a variety of intensely fought local constituencies where each will be a law unto it self.

  • pippakin

    FJH

    A UI is not for today, but it hasn’t gone away you know…

  • Pete Baker

    Update The FT reports [free reg may be req] that eurozone finance ministers have approved the request in a conference call and that

    An official said the precise size of the package would not be disclosed, unless eurozone ministers insisted on doing so. Further, he added that the exact scale of the package would not be known until the experts in Dublin probing the accounts of the banks had finished their work, which he suggested could take “a number of weeks”.

    And the FT also notes

    Speaking on Irish radio [Brian Lenihan] declined to disclose the interest rate the country would have to pay on any EU-IMF loans, but said it would be “a lot less than what we have to borrow at if we went to the world markets”.

  • Greenflag

    There will be a need for a new Minister for Hardship ? Perhaps it could be combined with the Ministry for Reunification and the Ministry of Silly Walks . Yer man Adams can have the first two portfolios and former Orange/Purple/Black etc etc Grandmaster can stroll away with the Silly Walks portfolio ;)?

  • DC

    ‘Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don’t know how people who engage in that don’t commit suicide because frankly the only thing that motivates me is being able to actively change something,’

  • Pete Baker

    Updated RTÉ report and Irish government statement

    The Government today agreed to request financial support from the European Union and the Euro Area Members States. The IMF will also be requested to assist in the provision of support.

    The Government welcomes the agreement reached at the Eurogroup meeting today that providing assistance to Ireland is warranted to safeguard financial stability in the EU and in the Euro Area.

    In the context of a joint programme EU/IMF, the financial assistance package to the Irish state should be financed from the European financial stabilisation mechanism (EFSM) and the European financial stability facility (EFSF), possibly supplemented by bilateral loans to be negotiated by EU Member States. [added emphasis]

    EU and euro-area financial support will be provided under a strong policy programme which will be negotiated with the Irish authorities by the Commission and the IMF, in liaison with the ECB.

  • DC

    *Financed* from Europe, paid for by taxpayers.

    Wouldn’t it be great to be a politician, getting the policy written for you by Europe and agreeing it yourself in a nice suit and office and state pension when it’s over, but sadly having the public pay for the IMF bailout one way or indeed many others – lasting many many years when Cowen and Ahern etc will be drawing down nice state salaries in ‘retirement’.

    Time to ditch the biblical references around the notion of respect to such wholesome leaders because it is used against the Irish people to compel them to be dignified and deferential towards them – the ‘elite’; in my opinion better to look at things in a more secular way – the Irish taxpayers and voters have been completely had – the least the Irish populace can do is poke a party to produce a policy for next term that limits this current government’s state pension / retirement pension to those that were a part of this mess -make it so low a payout that it makes these feckers have to work on when bucked out onto the dole at next election. Just like the many many others that will come up short financially as a result of the way this government has handled the economy.

  • pippakin

    It adds insult to serious injury when the worthless RTE cut the press conference to go to two RTE reporters!!! and they found time to do the sports segment.

    Perhaps the cuts should include the funding to RTE.

    And I hope the solitary protester thrown to the ground by the gards sues the pants off the lot of them.

  • Munsterview

    Pip,

    get used to it ! Even if he do take legal action, who is going to try it ? The very same judges who refused to take pay cuts while their Easern European chambers cleaning staff had their minimum pay cut even further.

    The cops will hold the line and swing the batons and all in the establishment ‘Law Enforcement’ will lock in behing them.

    It may be belt tightning for the rest of us but if the State Gravey train of unjustifable salaries and pensions is to continue to rool, then it is the selfish ‘ F*** you Jack, I am all right’ attidute that will prevail.

    All those tactics perfected against protesters in the ‘Shell To The Sea’ campain will now be used against anyone protesting with plenty Maskeys on the sidlines to urge them on. In the Old Days it took a good riot to sort out the men from the boys…… those batoned either ran home to Mamma and there was no more seen of them or they were there for the long haul.

    As a friend of mine used say a good pick ax handle is twice the lenght of a riot batton and it is just the right size for a poster. You aint seen nothing yet !

  • pippakin

    MV

    It was one middle aged man committing the, apparently, unforgivable sin of standing in front of a ministerial car. The poor devil may have lost his job and even his home but my goodness he must not get in the way of important people!

    As for the blatant bias of RTE. I have just this to say: there is not one other broadcaster would have got away with it.

  • Munsterview

    Pip,

    If it was in the interest of the Government to have that conference go out live until midnight, RTE would have done so ! In the Old Days the ‘National Handlers’ had a word with the powers that be in RTE and right through the Northern Troubles we see on Southern TV exactly what the Government wanted the public to see.

    Senator Eoghain Harris in his Senate contribution on the garda using unnecessary force on peaceful protesters, left all the Montrose Mandarins know that they were under observation and could expect consequences for portraying the State, its agents or servants in a poor light.

    Do you think that Cowen and Lenihan wanted the Irish people watching them spluttering on to the end of that press conference this evening ?

    RTE had their grants and subsidies trimmed before by and they know what side their bread is buttered on. They will do as required and that includes timing the press conference to run close to the evening News. More mushroom management of the Irish People, keep them in the dark and throw shite at them !

  • pippakin

    MV

    Time has moved on! It was shown live, in full, one BBC and SKY, even CNN had it!

    We still have no confirmation of the interest rate but a SKY news expert said the norm would be around or just above 5%.

  • Laughing (Tory) Unionist

    Slabbery, I do believe that your coy way of saying that you’d like me to refresh your mind about some of your jibbery-jabbery predictions. Where oh where shall I start?

  • Laughing (Tory) Unionist

    Slabbery, I do believe that’s your coy way of saying that you’d like me to refresh your mind about some of your jibbery-jabbery predictions. Where oh where shall I start?

  • Mack

    Ireland should go bankrupt

    http://www.youtube.com/watch?v=1tk2IFsUtJc

    Jim Rogers on Russia today. Irish taxpayers shouldn’t be paying bankers debts..

  • Alias

    Cowen was the last to know about the ‘bail-out’ with Belgian finance minister letting it be known that the EU had already agreed that Ireland would apply for the additional funding required to bail-out the eurosystem before they had even bothered to tell Cowen.

    That poor europhile fool Biffo genuinely believed that the Irish state was the sovereign power and so the decision would rest with him, and had already been made by him in the negative. In theory it did rest with him, of course, as the Attorney General isn’t going to explain to the muppet how the EU can make his limited sovereign power impotent by directing policy in the areas where it holds exclusive sovereignty if said muppet doesn’t see the light and do as his master tell him.

    So he wasn’t lying when he told the Dail that there would be no bail-out: he was just ignorant of how the EU actually operates.

    So some of these europhiles, such as Fitzgerald, are calculating traitors to the Irish nation but others are just ignorant muppets who don’t know any better.

    Most of the public fall into the latter category too, since they voted to give their sovereignty away. It’s not like no one told them how disastrous a single currency would be or what it means to derogate sovereignty and allow others to determine your affairs in their interest and not in your interest. They were told, but they still gave it all away.

    I wouldn’t worry too much about state pensions since they’ll be cut to subsidence level with the cuts needed to repay the wealthy eurosystem bond traders in Germany and France that the state has retrospectively guaranteed. The IMF isn’t known for its love of big government.

  • Fianna Fail save the Irish and the Sinn Feiners attack gardai outside Leinster House. I wonder how many of these Sinn Fein louts also infiltrated the student protest, where they were clear;y filmed donning their masks, wearing their stupid “Fuck Police Brutality” t hirts and smashing up tax payers’ property. Time for the gardai to take the gloves off against these lawless, reactionary thugs.
    Thwere should be no quarter given to them. Sinn Fein have caused nothing but wanton trouble.
    The euro has risen, indicating an intenrational vote of confidence in Ireland’s stewards and the green light to really get stuck into the violent reactionaries.

  • Quite so, Mack. And now the indebted bankers are going to screw the nation again with an arbitrary punitive interest rate hike above the nominally zero base rate for the fiat currency/magical QE funding-which-appears-out-of-nowhere facility, which they cynically provide as if a great saviour but will use and abuse for mass population and virtual slavery to invented debt control ….. with all of their personal pleasures taken at their leisure and in full view of your ignorance, at your expense.

    No wonder their arrogance renders you as idiots to them whenever you are too stupid to not see the Bigger Picture and ITs Greater Games.

    But here is an Irishman and TD who would can a spade and spade, and to hell with the idiots banking on banking, and banking’s idiots banking on banking providing answers and intelligence to be followed, whenever all they provide is imaginary credit which their shenanigans then transform into crippling debt ….. http://www.zerohedge.com/article/irish-member-parliament-foresaw-truth-we-are-screwed-country-because-wrongdoing-others

    “”With all due respect, in the most unparliamentary language; Fuck you, Deputy Stagg, fuck you!… We Are Screwed As A Country Because Of The Wrongdoing Of Others.” “

  • Munsterview

    Pete,

    Two items : first, good coverage on the subject of this thread so far, my thanks and complements for your efforts.

    The second is in your other area of interest, space and astronomy. There is an equivalent of your good self on the Daily Grail site, friday the 19th was his page edit and carried over a dozen interesting space items. It was still the current page up to a few minutes ago.

    I keenly follow your space items and that of the Daily Grail as I am attempting to aquire information on Maskeys home planet. However I may be on the wrong track, I am beginning to consider the possibility he could be from a black hole and pure anti-matter !

    The Daily Grail…… http://www.dailygrail.com/ is an excellent daily news digest with an electic mix of subject matter.

    STOP PRESS : Joe duffy instant polll on next Fianna Fail leader , over 3,000 polled just carried out !

    Micheal Martin 37% Hanifan 25% Lenihan 24 % Ahern and some others under 5% ( Did not get the figures clear as I was in the next room ) Suggest you and others google RTE Joe Duffy Liveline for exact figures.

  • Munsterview

    About time Mick, keep the deck handy, you are going to need them all.

  • pippakin

    MV

    Isn’t it a pleasure to see? I’m tempted to go over every thread for the fun of counting them!

  • Greenflag

    It’ll be the red card for FF in Donegal SW on Thursday . I’m beginning to think that Doherty may get over 50% first preferences and FF maybe 10% or less . The plain people of Ireland hate the bankers , the government , the property developers and the monkey no see spivs of our mandarin class of so called public policy makers more so than they dislike SF and it’s policies . Thursday’s election is almost set up for FF to fail so miserably that a general election will have to held soon after Christmas .

    Of course the election result will hardly matter for we all know that the IMF & ECB will be the ‘real ‘Government for at least the next several years – shameful indeed.

    In hindsight would allowing Anglo Irish to default have made a difference and could it have rescued the country from the path it’s now forced to follow ? Probably not for it now appears that AIB were /are also in serious straits and ditto BOI .

    Crony capitalism has failed the country and trickle down capitalism has failed the USA this past decade or more as Warren Buffet has admitted . Both the USA and UK are heading towards 1930 style depressions and the fat cats who created this world crisis will be well insulated from the privations which will once again be exacted by the minority of rich against the weakest sections of societies everywhere 🙁

    ‘To them that hath it shall be given and to them that hath not even that which they haven’t got -will be taken from then “

  • pippakin

    Greenflag

    But at least we are approaching a fresh start. This crisis has been so drawn out, so many lies have been told, that the chance to begin again, even with EU etc oversight is almost a relief.

    I think the SF rep will win in Donegal. He has put effort and energy into the constituency and if SF can’t win there in this situation GA needn’t bother packing his bags for the move to Louth.