Slugger O'Toole

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Zombie Republic of Ireland (2010-2013)

Wed 6 February 2013, 11:34pm

Tonight, on #promnight, the winding-up has been announced of the Zombie Republic of Ireland, formed in 2010 when the former sovereign state became a ward of the Bundestag’s finance committee.

The end-of-life processes of the former Republic were accompanied by rushed late night decision-making and ill-considered legislation. The death notice, issued from ECB President Jean-Claude Trichet, has never been made public.

The zombie successor state was artificially kept in an animated state as a toxic repository where 1% of the EUs population has been assigned 42% of the European banking debt. Tonight, this European banking debt is poised to be consolidated as sovereign debt in late-night rushed legislation, completing the end-of-life processes began in 2010.

Next week, Expressions of Interest will be sought by the ECB for the right to tender for the use of the space formerly occupied by the Republic of Ireland. These proposals will not be eligible for structural funding. The remaining population will be infected by 42% of toxic European bank debt and its half-life is expected to be 20 years, with all traces gone by 2053 when the Trichet letters will finally be released.

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Comments (18)

  1. Mick Fealty (profile) says:

    Decent briefing on the detail of the deal: http://feedly.com/k/VIUgf2

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  2. John Ó Néill (profile) says:

    Transfer of debt from IBRC to Nama means Central Bank will now owe it to ECB which legally cannot write it down, so there is no deal.

    So much chaos at the moment that it will be couple of days before the full picture is clear. Tonight there is only need for emergency legislation to protect Irish assets in IBRC, so scope of legislation is bizarre. VinB currently dismantling it.

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  3. SK (profile) says:

    Another bloody leak. Cheers Frankfurt.

    This kind on on-the-hoof legislating doesn’t inspire confidence. Watching Vincent Browne there and there’s already a few talking heads sugeesting that it may even be unconstitutional.

    Meanwhile, back at the ranch, the prospect of closing the Dail bar early to facilitate all of this is leading to “shouts of derision”

    http://www.irishexaminer.com/breakingnews/ireland/chaotic-scenes-in-dail-as-tds-consider-anglo-bill-583888.html

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  4. tacapall (profile) says:

    Now we’re just like America who has been bankrupt since the 1930s, its sovereignty and government being run and owned by a group of private bankers, like America’s debt it will never lessen but increase, our children’s children will be slaves to the whim of parasites who care nothing of human suffering. Being shackled to the British will make no difference as Britain will soon be in the same boat we need a world wide revolution to rid ourselves of this disease and if need be return to a system of bartering. I would rather squander my soul than beg for scraps at a masters table, we should do what Iceland did and tell the EU and the parasite bankers to take their usury elsewhere.

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  5. Lionel Hutz (profile) says:

    Just reading through the bill and there’s a provision limiting the inherent jurisidiction of the court. I’m not well up on law in the republic, but how can that be constitutional? Section 8. i think that is strange. Its

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  6. SK (profile) says:

    According to the Journal.ie, it might contravene article 43, pertaining to property rights..

    If you read the 23.40 update here, it has the relevant extract:

    http://www.thejournal.ie/live-dail-debate-ibrc-anglo-liquidation-785669-Feb2013/

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  7. Lionel Hutz (profile) says:

    Still though, this kind of deal is surely a good thing. They would pay little interest over what seems to be an average of 25+ years. That’s got to ease the burden in balancing the budget over the next few critical years.

    I’ve heard many economists say that this kind of idea is a good thing because you dont really have to pay back the bonds. You just have to pay the interest. Or something like that. But can you trust economists. it seemed a little bit wierd to me.

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  8. Lionel Hutz (profile) says:

    SK,

    but thats only Article 43 (1).

    43(2) states:

    2. 1° The State recognises, however, that the exercise of the rights mentioned in the foregoing provisions of this Article ought, in civil society, to be regulated by the principles of social justice.

    2° The State, accordingly, may as occasion requires delimit by law the exercise of the said rights with a view to reconciling their exercise with the exigencies of the common good.

    Its a bit crude but the reference to the common good would appear to be an attempt to sort of align the action with this exemption. Constitution proofing, i believe its called.

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  9. Lionel Hutz (profile) says:

    http://static.rasset.ie/documents/news/ibrc-resolution-bill.pdf

    Noonan’s speech

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  10. SK (profile) says:

    I defer to your legal expertise Mr Hutz.

    German duplicity has put us in a position where our representatives are voting on legislation that they haven’t even had the time to read.

    Come back Brits, all’s forgiven.

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  11. Lionel Hutz (profile) says:

    the behaviour in the dail is pathetic.

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  12. Lionel Hutz (profile) says:

    SK,

    I have no expertise with regards to the constitution. Thats just a thought. But it still has not been explained why such an important bill is rushed in at midnight. Its embarassing.

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  13. SK (profile) says:

    I assumed that it was because investors could start pulling their cash out in the morning.

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  14. wee buns (profile) says:

    Maybe David Hall’s plan to a appeal to supreme court on the legality of the promissory notes has created some jitters. The bill gives too much power to the finance minister, as Stephen Donnelly says, it’s a wide reaching and dangerous piece of work. But FF seems to be ready to agree to it no probs! What an unholy mess.

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  15. Lionel Hutz (profile) says:

    you are probably right. But it just does not feel right.

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  16. wee buns (profile) says:

    A sad night (again) for Ireland.
    Agree with that ecconomist who said this is checkmate.

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  17. Mick Fealty (profile) says:

    Alphaville: http://ftalphaville.ft.com/2013/02/07/1375122/and-we-go-live-to-the-dail/

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  18. Comrade Stalin (profile) says:

    I’m still not clear (having tried to read the above articles) exactly what the legislation is doing and why it is necessary.

    In general terms, I’d have thought that a pragmatic person would admit at this stage that this government like the previous one is determined to repay the bondholders in full to the EU. Locking the debt in in exchange for a lower interest rate which will in turn enable the deficit to be cut seems like a sensible way to begin taking the brakes off the economy.

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