Vincent Browne tracks the history of Ireland’s banking crisis in yesterday’s Sunday Business Post, ending with what must be the biggest understatement of the new millennium (see title). He argues that the EU will not countenance a restructuring / default of debts run up Ireland’s banks. But getting rid of some or all Of the bank debt will not be a runner in the EU, according to a source that knows. And disowning it all would cause massive problems, not …
You were warned… RTÉ reports the people’s verdict on their chosen shortlist of candidates for the Eurovision Song Contest 2011. The Irish Times explains how it came to pass… Although the voting was originally supposed to have been an equal split between regional juries and a public vote, this was changed after a 30-second clip of the song was inadvertently leaked on the internet due to an administrative error by Universal Records, the twin’s record company. As a result the voting …
In the Irish Times, former deputy director of the International Monetary Fund, Donal Donovan, provides a timely, and useful, analysis of the various parties’ positions on the €85 billion IMF/EU bail-out ahead of the Irish general election. Here’s what he has to say on “burning the bondholders”. From the Irish Times article A major element in all parties’ programmes is the call to renegotiate the debt owed to bondholders. Implicit in the tone of the Fine Gael and Labour (and even …
The Irish Times‘ Arthur Beesley reports that EU Council president, Herman Van Rompuy, was accused by MEPs of being less than honest in his account of the Council’s discussion of Frau Bundeskanzlerin’s “grand bargain”. From the Irish Times report MEPs criticised Mr Van Rompuy’s positive tone, one of them saying it smacked of Soviet-era propaganda. “We’re getting feedback as if everything had gone swimmingly, that wonderful results had been achieved,” said German Green Rebecca Harms. “It’s a bit like the …
As The Economist’s Charlemagne columnist puts it, “Why Belgium’s unending linguistic disputes matter to Europe.” You may not be aware that Belgium has just set a new record for any European state operating without an elected government — now over 230 days. This [surpasses ed. why doesn’t strikethrough work? It does now] is on course to surpass the 289 days (source: The Economist) it took Iraq to form its current government. Belgium is the textbook case study of consociational power sharing …
The latest British challenge to the European Convention on Human Rights and its Court backed by a former law lord was sparked by the comparatively minor requirement to give prisoners voting rights. Behind it lurks a renewed Sun campaign fuelled by counter terrorism advisor Lord Carlile’s final report, warning that the UK has become a “safe haven” for terrorists. In opposition David Cameron called for the replacement of the UK Human Rights Act with a new British Bill of Rights but …
No agreement emerged on the details of Germany and France’s proposed “pact for competitiveness” for the eurozone at yesterday’s EU Council meeting. The Irish Times reports “a swathe” of opposition expressed at the meeting, while The Guardian editorialises against the German model – but accepts that the eurozone’s “economic rules do need an overhaul”. The EU Council press release is brief on the topic The economic situation The EU leaders discussed the economic situation in Europe and the eurozone. President Van …
An ignorance of certain sensitivities has got me into enough trouble in the past when referring to Our wee province / Northern Ireland / Our Occupied Six / OUR wee country / the North of Ireland / Here … er there. This may help, but I do think that there’s a gap for someone to make a similar video simply explaining … there …. to visitors. Paul EvansLiving in London, working as a trade union official in the film and …
EU leaders are meeting in Brussels today, including caretaking Taoiseach Brian Cowen, and the Irish Times‘ Derek Scally has had sight of a draft paper on Frau Bundeskanzlerin’s “grand bargain”. From the Irish Times report The draft paper is low on detail but high on ambition: “to create a permanent connection between European competitiveness, growth and viable financial politics”. After presenting the broad brush strokes today, Dr Merkel wants EU leaders to discuss the detail and fill in the canvas by …
I suspect that the tenor of the debate around the economy is going to take an ugly turn with the entry of various independents into the electoral race over the next week or two. Prior to the dissolution of the Dáil, there was the grotesque spectacle of Fine Gael and Labour facilitating the passage of a Finance Bill that they publicly stated they would vote against, but, by their actions clearly condoned. Collectively, their positions on the economy, or specifically, …
The BBC’s Europe editor, Gavin Hewitt, has the latest murmurings from Europe on Frau Bundeskanzlerin’s “grand bargain”. If true, it could indicate the price to be paid for renegotiating the terms of Ireland’s €85 billion bail-out… From Gavin Hewitt’s Europe blog Much of the detail is still being discussed. There are differences within the German cabinet and between eurozone countries. However, a broad outline is emerging. Germany will agree to increase the lending power of the main bail-out fund (the EFSF) so …
He has only just moved there, after all… but RTÉ’s 20 minute interview with the Crown Steward and Bailiff of the Manor of Northstead, Gerard Adams, is worth listening to in detail. Mick’s already noted the claimed introduction of a “warm weather payments” in the last (Stormont) budget. The Irish Times notes that… SINN FÉIN president Gerry Adams has said that telling the IMF “to go home and take their money with them” remained his party’s policy. His said his party, …
The Crown Steward and Bailiff of the Manor of Northstead, Gerard Adams, has defended his lack of knowledge of “the minutiae” of Ireland’s economic policies. From the Irish News …last night Mr Adams claimed he should not be expected to know the finer details because of his recent move from West Belfast to contest the Dail election for Louth. “I wouldn’t be expected – as someone who only moved here a week or two ago – to know the minutiae,” …
An update on the status of climate change legislative proposals after the collapse of the Fianna Fail-Green Party coalition government.
Politics.ie characterised it as a “ding dong” between Fine Gael spokesman Leo Varadkar and the still MP for west Belfast, Gerry Adams, on RTÉ’s Morning Ireland. But it’s probably not as bad as that 2007 debate… It’s towards the end of the 13 minute clip [RealPlayer audio file] that Adams displays what Leo Varadkar refers to as “his ignorance of economics”. “We would negotiate with the bond market after we have straightened out the crisis in our own economy,” [Adams] said. That would …
History has been knocking for some time… and, for good or ill, Angela Merkel “is perceived to set policy, pace and tone at every turn.” But has the public been softened up sufficiently for historic change? In the Irish Times Derek Scally reports from Berlin In recent off-the-record briefings, the German leader has shown an unusual determination for the task she has set herself. She wants “real harmonisation”, not just “closer co-ordination”. After months of silent backing for her euro zone strategy, leaders in Scandinavia …
The Irish Times‘ Paddy Woodworth reports on the latest developments following ETA’s declaration of a “permanent, general, and internationally verifiable” ceasefire. From the Irish Times report A document leaked to the Spanish newspaper El País at the weekend appears to confirm that Eta is still locked into the dogma that “armed struggle” will remain an essential element in the pursuit of Basque independence. According to the paper, a resolution passed by the group, following an internal debate after its initial ceasefire declaration …
While the euro crisis rumbles on, and with Frau Bundeskanzlerin promising that “We will do what is necessary, everything else will be discussed step by step”, the BBC’s Europe editor, Gavin Hewitt, wonders “what democracy in Europe means”… If the eurozone group of countries heads towards fiscal union then a further question will surely follow. Can you have fiscal union without political union? Slowly the public is being softened up for historic change. President Sarkozy was not a lone voice when he …
P O’Neill with a sharp observation of the Irish version of mañana, or ‘don’t do today, what you can do tomorrow’. Think of those late agriculture, regional development, education and OFMdFM draft budgets, if you’re getting all nordie and smug. But in the maelstrom of the Republic’s economic crisis, the consequences have been catastrophic, not least in the government’s ‘unaggressive’ dealings with the banks… He quotes Lorenzo Bini Smaghi, a member of the ECB: “Markets waited and waited and since …
In a lengthy interview in the Irish Times senior European Central Bank official, Lorenzo Bini Smaghi, makes a point previously noted here. From the Irish Times article A lean Italian in his mid-50s, Bini Smaghi is a ranking member of the ECB executive board and was a key figure behind the scenes in the drama that saw Ireland seek an EU-IMF bailout two months ago. He is the first senior European official to publicly describe in detail, from the perspective …
