Zombie Republic of Ireland (2010-2013)

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 … Read more

I share the Irish public’s dismay at the cost and unfairness of this policy

In this morning’s Irish Times, the Taoiseach, Enda Kenny, offered everyone the wisdom of his thoughts on the payment of a €700m unsecured unguaranteed Anglo-Irish Bank bond. The whole piece is worth a read. He states that: Part of the existing agreement with our external partners is not to allow any Irish bank, including Anglo Irish Bank, default on its debts to bondholders for fear of paralysing wider European financial markets. I share the Irish public’s dismay at the cost … Read more

Guido casts a cold eye on Anglo

Political blogger extraordinaire, Guido Fawkes has set the cat among the Dáil pigeons this evening with fascinating results. Guido has obtained and published a list of foreign Anglo-Irish bondholders as of the close of business tonight. The blogger states: Every child in Ireland is being bequeathed a huge debt at birth to protect the interests of foreign, mainly German, bondholders – why? Guido was once a bond trader, it was always understood that sometimes the bond issuer defaults. That is the … Read more

*Irish* bank guarantee is killing economic growth…

It goes without saying that no one in the Republic would want to start from where they are now. But Garrett FitzGerald returns to a favourite theme of his, that the tax settings were too low in the past and that, despite having a national debt of less than 25% of GDP, it is now lurching towards an open ended economic crisis as predicted economic growth rates fail to materialise. But Fianna Fail government is sticking with its steady as … Read more