Posted on 11/22/2010 8:27:17 AM PST by EBH
The shock of Ireland's decision to seek a bailout, after weeks of denying it needed one, has proved too much for the fragile government.
The junior member of the coalition, the Green Party, stunned Cowen and his Fianna Fail party by announcing Monday they want parliament dissolved in January for an early election. A Green withdrawal would destroy Cowen's three-vote parliamentary majority.
Green Party leader John Gormley said his party would support Cowen through the Dec. 7 vote on the 2011 budget as well as the related four-year plan and the expected flow of the bailout money in coming weeks. However, he expected Fianna Fail to concede Ireland needs a new government.
"Leaving the country without a government while these matters are unresolved would be very damaging and would breach our duty of care," Gormley said. "But we have now reached a point where the Irish people need political certainty to take them beyond the coming two months."
(Excerpt) Read more at finance.yahoo.com ...
These countries seem to be getting grants as don’t see how they will pay them back. Who are they getting this money from?
It is always fun spending other peoples money until it runs out.
I am reading claims that what you said is exactly why our market is down today.
looks like the Green Party is betting that the Irish electorate would respond to a bailout and attendant austerity strings by lurching to the left...would be interesting to watch
Thats really a crying shame the Irish people had a pretty good economic model going a fairly decent GDP, low corporate taxes but I suppose they will go that way (Socialist/Communist) because of their anger at being forced to bail out the banks who wrecked their economy. That might send the bail out down the drain which I think might be the reason they would do it. The people per se don’t owe the money what happened is the Banks socialized their losses. Sad either way Capitalist Communism (being forced to foot the bill for the banks) or Socialist/Communist Green Party seems to me the only choice they really have is which kind of Communism they want.
http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0
Ireland: Bailout Down The Drain?
http://market-ticker.org/akcs-www?post=172991
One of the stories behind the Irish experience of the last decade is that they really didn’t have a good economic model at all. Much of their growth was a complete illusion built on unsound lending standards (sound familiar?), which is why they ended up where they are right now.
Ireland just lost it`s sovereignty . You take EU money you do what they tell you, period.
Watch for tax rates to sky rocket first and then watch those who can,flee.
I don't think that's true.
My understanding is that much of the growth was real, and based on sound public fiscal policies -- if lending standards had been tighter growth would have been slower but the banks wouldn't have fed a real estate bubble leading to failure.
A Hey, IMF Pogue ma hone bump
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