Ireland Pleads For Eu Flexibility And Meets Resistance

[interestrateripoff]

http://uk.reuters.com/article/2011/03/04/uk-eurozone-idUKTRE72360G20110304

Ireland's new prime minister in waiting pleaded with fellow European conservative leaders on Friday for easier terms on Dublin's financial bailout loans but was told there would be "no free lunches."

Enda Kenny acknowledged that many European governments opposed his wish to make senior bondholders in shattered Irish banks share with taxpayers the massive losses that forced his predecessors to seek an IMF/EU rescue last November.

.....

Ireland's attempts to ease its interest rate burden have clouded efforts by European states to forge a common position on how to address the debt crisis and boost competitiveness. Leaders had hoped to make progress towards this goal in Helsinki.

Earlier in the week, Merkel had questioned the idea of changing the terms of the 85 billion euro $119 billion (73 billion pounds) Irish package, saying interest rates could not be cut artificially.

Finnish Finance Minister Jyrki Katainen told Reuters before hosting the meeting that the European Union should not loosen conditions on rescue loans for Ireland.

"There are no free lunches," Katainen said in an interview. "Of course we have to take care that the Irish package really works, because it is in all our interests to ensure that Ireland will recover ... Therefore we have to look at the debt sustainability."

"I don't know exactly what will be the outcome because we have to at the same time look at the Irish sustainability development and be very strict. We don't loosen the package."

Ireland argues that the 5.8 percent interest rates set on euro zone rescue fund loans will worsen its debt woes.

European Commission President Jose Manuel Barroso told reporters: "I am sure Ireland will come out of this crisis stronger, but there are some painful measures to be taken. That is reality."

5.8% too high and inflation gathering steam. Ireland's only option is to default, why they are still playing this charade is hard to work out. Screw the bankers and default, Ireland clearly hasn't got the money.

[Giordano Bruno]

http://uk.reuters.com/article/2011/03/04/uk-eurozone-idUKTRE72360G20110304

5.8% too high and inflation gathering steam. Ireland's only option is to default, why they are still playing this charade is hard to work out. Screw the bankers and default, Ireland clearly hasn't got the money.

Why should the taxpayers be liable for the banks' losses. Cannot the present government not just renege on the promise made by the previous government to make taxpayers liable? And tell the EU to take a walk? And the IMF?

[Realistbear]

NO WAY JOSE

You ate the lunch so you get to pay the check.

Wo betide others who relied on HPI to turn their economy into a Tiger. Our lunch is yet to be paid for, even in part.

[leicestersq]

Why should the taxpayers be liable for the banks' losses. Cannot the present government not just renege on the promise made by the previous government to make taxpayers liable? And tell the EU to take a walk? And the IMF?

Why didn't they all vote for Sinn Fein? They were the one party that stated they wanted to default. Clearly the voters there want to pay.

[Scott Sando]

Here, here, get some balls Ireland go tell the EU and the IMF to F**K off! Is that enough rage for you dictator Merv.

Anyone in Liverpool needs to get themselves to this.

http://www.youtube.com/watch?v=GynacCX_Beg&feature=player_embedded

(UK) LAWFUL REBELLION - URGENT

Seismic event – Monday 7th March – 1pm - Hamilton Square. Birkenhead. Wirral.

Everybody please bring black umbrellas – this is not in anticipation of rain – this is for a high profile publicity

We cannot say too much... details of what is ‘going down’ will be released minutes before it happens... and we will have a team of co-ordinators on the ground to direct activities. But we must have large numbers. It is clear that the word is going around... but we need to keep pushing this event AS HARD AS WE CAN.

We need - NUMBERS – NUMBERS - NUMBERS

If there is one event that has the potential to wake the whole nation up – this is it. We anticipate national TV coverage - in fact the channels will be embarrassed if they do not cover it. The Aussies will be staying awake to watch as events unfold.

We will have our own TV crews covering events as they unfold... but everybody is encouraged to film, record to witness events.

Please email, text, facebook, twitter this event... near and far.

Thank you

Directions. Driving: M56. M53 ... to Birkenhead – Hamilton Square. CH41 5HW

By train: Liverpool Lime Street – take underground (any train) to Hamilton Square.

Edited March 4, 2011 by Scott Sando

[leicestersq]

Here, here, get some balls Ireland go tell the EU and the IMF to F**K off! Is that enough rage for you dictator Merv.

Anyone in Liverpool needs to get themselves to this.

http://www.youtube.com/watch?v=GynacCX_Beg&feature=player_embedded

They forgot to say what this seismic event in Liverpool was trying to achieve.

[Georgia O'Keeffe]

Here, here, get some balls Ireland go tell the EU and the IMF to F**K off! Is that enough rage for you dictator Merv.

Anyone in Liverpool needs to get themselves to this.

http://www.youtube.com/watch?v=GynacCX_Beg&feature=player_embedded

lets hope the authorities dont mention the 4 letter word beginning with W, the protest will scatter to the four corners of the earth

[Scott Sando]

They forgot to say what this seismic event in Liverpool was trying to achieve.

We are in Revolutionary Times: Time To Act

We are approaching a truly historical moment. There is a process happening right in front of our eyes which should be no surprise to any of us. The entire system, funded by the globalist bankers, and established by the traitors in national governments right around the world is in a state of terminal collapse. Nothing can save it. It is dead.

The question is, will we follow it into its grave? Exactly what is going to replace it?

Here lies the next task, and if we fail, we will leave those who survive with a global fascist dictatorship of the worst kind imaginable, following a period of chaotic, probably extremely violent, "transformation."

So the choice is there in front of us. Are we going to cower in a corner somewhere while the Cameron-Clegg-Clone and its disgusting traitors to "dismantle" the UK (Cameron's word) and take us and the rest of the planet into a new Jacobin Terror, or are we going to grasp the spirit of rebellion, take back what is ours, and start to rebuild?

This is a call to action - lawful, peaceful action. And here's your first chance:

We are calling on ALL our supporters to meet us at the Brass Balance pub on the Wirral, at 1pm on Monday 7th March. We intend to shake the foundations of the establishment. Details of the nature of the event cannot be given in advance for obvious reasons, but we ask you to support this initiative, and spread the word by whatever means you have at your disposal. The maximum turnout is what's needed.

Remember, violence, chaos, these are the tools of our enemies. This is not a demonstration. This will be a calm, measured, peaceful action. An action which will shock, and a key example of the practical application of Lawful Rebellion.

Join us at The Brass Balance, 39 Argyle Road, Birkenhead CH41 6AB, 1pm Monday, 7th March.

[indirectapproach]

I've heard that a very large proportion of Irish debt, bonds, whatever it's called?, was bought by Irish pension funds, firemen, teachers, nurses, that stuff and public bodies, local councils I suppose.

Anyone know if this is true?

[wonderpup]

I've heard that a very large proportion of Irish debt, bonds, whatever it's called?, was bought by Irish pension funds, firemen, teachers, nurses, that stuff and public bodies, local councils I suppose.

Anyone know if this is true?

Seems unlikely the EU would be so concerned if this were the case- screwing the little guy is fine with them- it's the banks they want to protect.

I used to be very pro europe, but having seen them in action on the banking crisis it's clear that they are just another layer of banker shills- I will vote UKIP from now on.

[okaycuckoo]

Seems unlikely the EU would be so concerned if this were the case- screwing the little guy is fine with them- it's the banks they want to protect.

I used to be very pro europe, but having seen them in action on the banking crisis it's clear that they are just another layer of banker shills- I will vote UKIP from now on.

Europe, or the EU, is not the issue. It's the state, with its banking licenses and bank bailouts.

I voted UKIP last time out, corresponded with the candidate on the bank fraud and daft house prices, got the impression it wasn't high on the party's agenda.

Something more interesting than UKIP is needed. Watching to see what comes out of the revolutions in north Africa - if it's more central control, then I despair.

[aussieboy]

Why didn't they all vote for Sinn Fein? They were the one party that stated they wanted to default. Clearly the voters there want to pay.

How much does Ireland receive from the EU each year again, net?

[Ash4781]

Well mortgage arrears are apparently at 6% and with the ecb set to start hiking well who knows how high that will go. http://www.independent.ie/business/personal-finance/struggle-to-pay-bills-is-about-to-get-much-worse-2567723.html

[VickieJo]

I saw a good blog post quoted on here last week which gave some suggestions as to what the author thought Ireland could and indeed should try to do to get out of its financial mess. In his opinion the current "rescue" is only liable to make things worse. First we get an analysis of what is wrong.

This morning voters in the Irish Republic will take to the ballot box and cast their votes in a general election. After the economic “perfect storm” that has hit their country they do need a change and I hope that it will show that the ballot box as well as the gun and revolution can lead to fundamental change. As we stand in spite of the “rescue” from the EU/ECB/IMF then Ireland looks insolvent as she goes forward. Her government bond market has if anything deteriorated since the date the “rescue” was announced. As I type this her ten-year government bond yield is 9.46% which we can compare with seriously troubled but unrescued Portugal at 7.64% or the UK at 3.72%. If you compare the relative situations then it is plainly unfair that Ireland has a rate 6% higher than that of the UK as there are as many similarities as differences. Regular readers will be aware that I often argue that the shorter end of the maturity spectrum also gives us insight into a country’s finances and here we find a bond maturing in April 2013 which yields 8.03% which to my mind has even worse implications than the ten-year yield. For those to whom this is unfamiliar you can learn a lot from what is called a yield curve but my point here is that the revealing part is the gap between the official central bank rate (1%) and a yield of 8.03%. Thus in two years the gap is over 7%!

http://t.co/6kxWr7i

The article then oges on to give some policy prescriptions for Ireland....

[Oliver Sutton]

They forgot to say what this seismic event in Liverpool was trying to achieve.

Bunch of loonies blaming everything on foreigners.

Can't bring it on to realise they've been screwed by their own.

[leicestersq]

Bunch of loonies blaming everything on foreigners.

Can't bring it on to realise they've been screwed by their own.

Liverpudlians don't have a great reputation for accepting blame, even when it is obviously their fault. This march won't have any sympathy from anywhere else in the UK.

[Bloo Loo]

I've heard that a very large proportion of Irish debt, bonds, whatever it's called?, was bought by Irish pension funds, firemen, teachers, nurses, that stuff and public bodies, local councils I suppose.

Anyone know if this is true?

of course...money only comes from people....if they have created a ton of promises that the people cant cash...then collapse is inevitable.

Bank credit relies on WEALTH to be created to pay it down... no wealth, no payment...

and who creates wealth?....the people...

[ShedDweller]

I've heard that a very large proportion of Irish debt, bonds, whatever it's called?, was bought by Irish pension funds, firemen, teachers, nurses, that stuff and public bodies, local councils I suppose.

Anyone know if this is true?

I believe this was a reason that the government gave for the guarantee "Well it's our money anyway" .. and it subsequently turned out not to be true .. As I understand it the main beneficiaries were foriegn banks .. especially German ones ..

[interestrateripoff]

http://uk.reuters.com/article/2011/03/06/uk-ireland-idUKTRE7250YS20110306

Ireland's new government will stick to the fiscal targets laid down in an EU/IMF rescue package, a source familiar with the coalition deal agreed between the two main political parties said on Sunday.

Ireland's prime minister in-waiting Enda Kenny is under huge pressure to persuade European partners to cut the cost of the 85 billion euro (73 billion pound) bailout and the coalition agreement, clinched after midnight, seems designed to curry favour with the fiscally conservative Germans.

Kenny's centre-right Fine Gael party has persuaded junior partner, the centre-left Labour party, to drop its demand that Ireland be given an extra year to get its budget deficit under control and to agree that the bulk of the adjustment should be achieved through spending cuts, said the source.

The new government will aim to shrink the shortfall from nearly 12 percent of Gross Domestic Product (GDP) currently to below an EU limit of 3 percent by 2015, a deadline already okayed by Brussels last year amid concerns spluttering growth would prevent Dublin meeting an original target date of 2014.

The source, who declined to be named because the two parties have yet to publish their programme for government, also said Fine Gael's finance spokesman, Michael Noonan, would be the administration's finance minister.

Looks like the Irish have been put in their place and the pretty please's haven't worked. Although to be honest if they cut the generous welfare payments I bet Ireland could soon tackle the deficit problem, although resolving the debt issue won't be as quick.

[interestrateripoff]

http://uk.reuters.com/article/2011/03/05/uk-eurozone-debt-rehn-idUKTRE7241WF20110305

Countries that share the euro currency must grant debt-strapped Greece and Ireland easier terms on loans they have provided, European Monetary Affairs Commissioner Olli Rehn told a German newspaper.

In comments to be published in Monday's edition of Handelsblatt business daily, Rehn recognised appeals from both countries that conditions on financial bailout loans be eased.

"There is a danger we could overburden both countries with overly strict credit conditions ... (The euro zone must) lower interest on loans for Greece and Ireland," he said.

The time frame of loans to Greece should also be doubled to seven years from three-and-a-half years, he added.

Ireland's attempts to ease its interest rate burden have clouded efforts by European states to forge a common position on how to address the debt crisis and boost competitiveness.

On Friday, Ireland's new prime minister in waiting pleaded with fellow European conservative leaders for easier terms on Dublin's loans, but was told there would be "no free lunches."

Prime Minister George Papandreou of Greece warned of a bond market backlash if European leaders failed to act decisively.

Turning to the euro zone's rescue fund in general, Rehn appealed to Germany's lower house of parliament, the Bundestag, to soften its opposition to expanding the fund's powers to combat Europe's debt crisis.

"I urge the Bundestag not to lose sight of the continuing difficulties in financial markets... several euro zone states are still in danger," he said.

Like anything political the crisis will have to get a lot worse before someone acts decisively. The only option for both Ireland and Greece is to default, they don't have the money and extending the loans is only dragging the inevitable failure. It's not just that deficits need to be brought under control the debt mountains need to be tackled at present I've heard no one in the ECB or EU talk about this.

It's all about the deficit.

[Scott Sando]

Bunch of loonies blaming everything on foreigners.

Can't bring it on to realise they've been screwed by their own.

You don't know what your talking about, and you know itUKcolumn

Big Society Scam

Bilderberger Ken Clarke claimed on Saturday that 'Brits don't realise the painfulness of cuts to come'.

I think we all have a good idea what the Cameroon Coalition have in store for us. The plundering of our public assets followed by DIY local services. The Big Society is nothing other than a fluffy label for the deliberate transformation of the UK into a third world state.

Already announced are 'a reduction of 10,000 Police Officers together with prison closures. Legal aid is to be slashed and County and Magistrate Courts closed. The doors to justice till be slammed firmly shut for the poorest in our society. Savage cuts to Local Authority budgets will see libraries, leisure centres and other public facilities closed unless taken over by local community groups.

Not to worry. Big Dave has relaunched his BIG SOCIETY idea today. 'Britons must take more responsibility for themselves, he insisted'.

I can't forget how the astronomical losses incurred as a result of speculative, high risk gambling by our private banks were transformed into public liabilities to be shouldered by the taxpayer, his children and grandchildren, can you?

'If there are facilities that the state can't afford to keep open, shouldn't we try to encourage communities who want to come forward and help them?, asks Big Dave.

Will there be huge reductions in Council tax for Britain's overtaxed public? I think not.

It was also announced today that the RAF is to 'sack one in four new pilots' and 'spy planes and fighter jets are set to go in £12 bn cuts'. Coming on top of the scrapping of much of our surface fleet, aircraft carriers and harrier jump jets we really are in a 'slash and burn' scenario. Never mind.

I have a few suggestions of my own.

With £200 million to be placed in the Big Society bank we could always bolster Britain's defences by commissioning inhflatable aircraft carriers, paper planes & fibre glass frigates. Volunteer observers could always be sent aloft in hot air balloons.

Local & Regional justice could be dispensed by 'clowns sitting in marquees' releasing even more public assets to be sold off to the highest bidder. We could refer to them as 'Clarke's travelling legal circus'.

An even bigger taxpayer saving could be achieved by replacing all the liars, thieves and traitors in Westminister with cardboard cutouts.

Big Society Dave. What a joker.

I don't buy into your Big Society and neither should anyone else.

Edited March 6, 2011 by Scott Sando

[bogbrush]

They forgot to say what this seismic event in Liverpool was trying to achieve.

Happening today. 2-0 at half time, United losing their title at Anfield.

[bogbrush]

You don't know what your talking about, and you know itUKcolumn

Big Society Scam

Bilderberger Ken Clarke claimed on Saturday that 'Brits don't realise the painfulness of cuts to come'.

I think we all have a good idea what the Cameroon Coalition have in store for us. The plundering of our public assets followed by DIY local services. The Big Society is nothing other than a fluffy label for the deliberate transformation of the UK into a third world state.

Already announced are 'a reduction of 10,000 Police Officers together with prison closures. Legal aid is to be slashed and County and Magistrate Courts closed. The doors to justice till be slammed firmly shut for the poorest in our society. Savage cuts to Local Authority budgets will see libraries, leisure centres and other public facilities closed unless taken over by local community groups.

Not to worry. Big Dave has relaunched his BIG SOCIETY idea today. 'Britons must take more responsibility for themselves, he insisted'.

I can't forget how the astronomical losses incurred as a result of speculative, high risk gambling by our private banks were transformed into public liabilities to be shouldered by the taxpayer, his children and grandchildren, can you?

'If there are facilities that the state can't afford to keep open, shouldn't we try to encourage communities who want to come forward and help them?, asks Big Dave.

Will there be huge reductions in Council tax for Britain's overtaxed public? I think not.

It was also announced today that the RAF is to 'sack one in four new pilots' and 'spy planes and fighter jets are set to go in £12 bn cuts'. Coming on top of the scrapping of much of our surface fleet, aircraft carriers and harrier jump jets we really are in a 'slash and burn' scenario. Never mind.

I have a few suggestions of my own.

With £200 million to be placed in the Big Society bank we could always bolster Britain's defences by commissioning inhflatable aircraft carriers, paper planes & fibre glass frigates. Volunteer observers could always be sent aloft in hot air balloons.

Local & Regional justice could be dispensed by 'clowns sitting in marquees' releasing even more public assets to be sold off to the highest bidder. We could refer to them as 'Clarke's travelling legal circus'.

An even bigger taxpayer saving could be achieved by replacing all the liars, thieves and traitors in Westminister with cardboard cutouts.

Big Society Dave. What a joker.

I don't buy into your Big Society and neither should anyone else.

There is no money, the country cannot pay its way.

You are in denial of obvious facts.

[Scott Sando]

There is no money, the country cannot pay its way.

You are in denial of obvious facts.

Your right we gave the bankers the money.

[sun n sea]

Who cares if legal aid is cut? Perhaps the legal profession should learn how to survive without a government hand out.... that goes for a myriad of other "professional" state dependents..... f*ck off and earn your money in the free market.

As for cuts to local government..... these troughers have seen their income double inside ten years... what do you suggest? Band C council tax at 15 grand? If you look closely these "cuts" don't affect anything important like the council big wigs and their groaning pay packets.

This country has been hijacked by people who feel it's their right to have everything handed to them on a plate... with other people picking up the tab.... precisely the kind of people who stand around waving stupid placards on days when most of us are out working.