Liveblog: Ireland in crisis

With Brian Cowen about to make his address we will open the Liveblog for coverage. Live coverage on RTE.

UPDATE: No visit to Áras an Uachtaráin, yet. I’ll close the liveblog – I’m sure it’ll be back soon.

  • DC

    The day George Osborne lends you money is the day Ireland should default – British banks have been up to their necks in it as well. This is England’s difficulty, clearly. But the thing is – it will act as a reset button, rather than debt mountain for taxpayers to pay off ad infinitum.

    Time to default.

    Borrow dollars off China at better rates and let Anglo-European banks wither on the vine off the bust that comes after the private market boom.

    Unless Merkel can provide the haircut?

  • DC

    Finton O’Toole on BBC reckons current government can neither sell nor digest IMF cuts.

  • DC

    Only way this budget can go through if it is backed in a manner that strikes off this current government’s pension and wipes them out, so no privileges are afforded whenever they leave, I reckon.

    Cowen’s a coward, pride before a fall.

  • It looks to me as if Cowen is playing his last card: no election until the whole budgetary process is complete. That does not mean a General Election in December, or even (as was touted when Gormley went public this morning) in January. With the usual FF shuffling, we could be well into the Spring before the legislative process is complete, so an election might well not happen before late April or … the next crisis.

    Can we safely assume the majority is down to just two after Donegal South-East? If so, Lenihan will need deep pockets to keep sweet the likes of Jackie Healy-Rae (who has flip-flopped both ways, and that’s just today). Michael Lowry (North Tipp) looks to be going AWOL, too. Even so, turkeys don’t vote for Christmas (or even for an early Easter). The show is still on the road.

    Wilkins Micawber (“I have no doubt I shall, please Heaven, begin to be more beforehand with the world, and to live in a perfectly new manner, if — if, in short, anything turns up.”) had nothing on this shower.

  • Alanbrooke

    Why would China or any other country lend you money if you won’t pay it back.

    I’d love to see you try and default on China.

  • DC

    If they are looking to be ‘cute hoors’ and get it through, it should be backed in a way that strikes down any privileges of office to bare minimum. So they leave with nothing other than wages earned when in office.

    This should be the benchmark test, if in the future any other government intends to leave office with this amount of debt they too should automatically lose pension rights – except basic retirement pension.

    FF will need backing for this to go through across coalition, these are decent hardship terms to me.

    Cute hoor that one Fianna Fail, cute hoor your basic pension rights.

  • pinni

    With the ‘Republic’ already 140 billion euros in debt to the UK, and seeing the willingness of the UK government to help the Irish through this crisis with another huge contribution – £300 per British family – you would think that Irish nationalists would be expressing a little appreciation, instead of taking the cowards way out and talking about running away from your responsibilities, as DC is doing.

  • Greenflag

    The general attitude of the people now is -just get the budget over and done with – finish the IMF negotiations and then for fecks sake piss off -yiz would be an embarrassment to a nation of horse thieves , gangsters and con men . Go to Russia -do not pass go and do get off the train at Warsaw . Keep going till you reach Star of the East a.k.a Vladivostok . Don’t send any postcards and take Seanie , and Fingleton and Drumm with you as well .

    Here endeth my final rant on this shower of fat faced , overweight and greedy bas***ds . I hope the people of Donegal SW deliver a less than double digit percentage vote for the thickos come Thursday .

  • Drumlins Rock

    what is the point in passing a budget you havn’t a hope in hell of implementing?

  • Greenflag

    Not quite . The Irish banks are in debt to the UK banks who are in turn in debt to other banks worldwide . The Republic is getting a loan which will be paid back . The UK gives Northern Ireland a similar amount every year and has been doing so for decades and never gets any of it back 🙂

    I think as good neighbours and considering how weak the UK economy is at present the Irish Government should consider the Chinese and Swedes first and only use the UK’s offer as a last resort .

  • Greenflag

    Not too long ago a certain Bush left a whole lot of dirty laundry behind him for his successor . The point is the just as it was when Bush forced through his bail out in the US Congress and Senate .

    The real rulers of the Earth -the international financiers and bond markets want that Irish budget last week and they really don’t give a toss about who has to implement it . They now know that the IMF will be behind whichever Government is in power with the full range of financial tortures tools to squeeze the economy as close to death as they can without actually killing it . Viruses tend not to actually kill the host for if they do they kill themselves as well . Parasites are of course more flexible and when replete with what they can scour from one victim they will jump to another .

  • joeCanuck

    Fairly simple. When the new government introduces its budget and it fails to satisfy people and the crisis goes on, the cute hoors can say “If only our budget had been implemented, all of our woes would be over”.

  • GoldenFleece

    GF the British Economy is not weak, it is the 5th biggest in the world. We just have a f**k off big deficit.

  • Munsterview

    Pinni,

    When a street corner loan shark money lender is faced with a massive loan default from a client, he has two choices, he can physically disable or kill the defaulter as an example to others or he can re-finance the defaulter for a greater ammount over a longer period.

    There is nothing complicated about understanding how international finance works, just think street corner tug in a Pin Stripe suit and less bling but more attitude !

    Yes on the face of it, a generous offer from England and from a Conservative Government at that. However as Greenflag pointed out things are not quite that simple, in International Affairs, they seldom are.

    In the current contemporary maze that is the Western Financial World, inter bank loans are cut, mixed, fractured and re-sold in such a web of financial jiggery-pokery that most people, especially those supervising the activities of these people for Governments are most times as lost in the maze as is the ordinary lay person attempting to make sense of it all.

    However somebody sure as hell knows what is happening behind all this smoke and mirrors, the real owners of the carnival. These faceless people know exactly where their money is at any given time; they are the people who set up the ponzi scheme and control it all.

    Greenflag was right, Irish Banks had borrowed from English Banks who had Borrowed from American Banks….. who had borrowed from English Banks etc.

    One of the building firms to come before the High Courts had over ninety companies operating inside the pyramid, all borrowing, lending and guaranteeing loans to each other. The courts could not make sense of it but the man that set it up could and he made it work for him. It could have continued had not the cash flow dried up because of the Banks lack of liquidity !

    The unseen men in the top elections of society knew where their money was and how much of it was at risk.

    By having the English Government source make this offer, they knew those behind the European Project would be forced to act to bail out Ireland and save face. They would then have to go on and save Spain and Portugal where the real problems are and the real monies are at risk, not our petty pocket money debts.

    The Swedish offer was very intreating also. The King of Sweden is reputed to be head of the Ancient Irish and Scottish Order of Free Masons, the Swedish King of the day having been given custody of this by the dying Bonny Prince Charlie !

    Of course I do not make any claims to contemporary connections, I just note it in passing.

  • fitzjameshorse1745

    Fintan O’Toole….High Priest of the Overclass on with Pat Kenny tonight. He wants a triumvirate to rule Ireland on a temporary basis.
    They will be chosen by Fintan O’Toole.
    What a country.
    You cant trust the Church.
    You cant trust the Banks
    You cant trust the Politicians
    Luckily we can trust the Media 😉

  • Reader

    Drumlin’s Rock: what is the point in passing a budget you havn’t a hope in hell of implementing?
    It means that the election will take place against the background of a PLAN. The other parties can offer tweaks to the plan, but will look mad if they offer a painless option (probably SF). Any sensible party won’t have policies looking much different from FF’s plan. And that is a sound defensive campaign for FF to run.