Ireland's reputation abroad in ruins, foreign capital leaving ...

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The Business Post has an article covering some of the foreign commentary on our predicament. It's not good. Our reputation as a country capable of good self-government has been traduced by the irresponsibility and immorality of the political, business, and banking class during the Ahern years..
The last few months have seen a deluge of bad publicity for Ireland in the world press. We have been referred to as “Reykjavik-on-Liffey” (the Economist), “Liechtenstein on the Liffey” (the Guardian) and “all washed up” (Daily Telegraph).

Leading international publications have queued up to use suitably appropriate metaphors for Ireland’s woes, from “a terrible bust is born” in the New York Times to “an Irish stew” in the Economist.

The coverage has generated anger in government circles among politicians who are concerned about the implications of such a bad image abroad. These concerns have spread from the Department of Finance to agencies like IDA Ireland, which is charged with attracting capital and jobs to the country. The Department of Foreign of Affairs last month sent envoys to key financial centres to counter some of the negative publicity.
Unfair, cry the Government. But based on facts, and the facts are the still unfolding revelations of the fraud, corruption, and wink-wink, nudge-nudge complicity of those we were told to laud during the pyramid scheme's height. The international press did not invent these things, they were there under the carpet just waiting to be found...

The newspaper article to cause the most outrage in business and government circles appeared in USA Today in January. Under the headline, “Irish stand united in hatred of banker Sean FitzPatrick”, the article quoted an elderly Anglo shareholder as saying, of Ireland’s economic success, that “the whole place has been founded on a lie”.

The article said FitzPatrick “now symbolises the crony capitalism that was an essential, if unacknowledged, aspect of the nation’s economic ascent”.

But while the actions of one man caused international embarrassment, further revelations about Anglo deposits coming through Irish Life & Permanent appeared to undermine the integrity of our whole banking system.

The government is concerned for a number of reasons. Deposits have been leaving the Irish banking system in recent months, despite the guarantee.

Central Bank figures for deposits in the Irish system show that total deposits from banks and other monetary financial institutions from countries outside Ireland and the eurozone fell by €57 billion - or 9.3 per cent - to €554 billion in December. There are likely to be several reasons for this, and not all of them would constitute a flight of deposits to other locations.
So, though capital can and does leave for all sorts of reasons, a large amount of capital is fleeing the country precisely because our reputation is in the mud, a reputation forged for us by those who must have known we were accelerating towards the wall. It all ties in with the damage done to the reputation of Irish politics by Ahern, Lawlor, Haughey and the like. The damage done when a Taoiseach is clearly perjuring himself before God and man, mocking the rule of law he is supposed to uphold, is as big if not bigger than the damage done by our late banking aristocracy with their deceit and greed.
Last weekend, the Financial Times ran a story which seemed to suggest that Ireland’s fortunes of the last 15 years were something of a blip - and it was now a return to business as usual.

Under the headline “Prosperity just a blip for old Ireland”, the report gave a tough assessment of the problems faced by towns where overbuilding had taken place. Referring to one property developer, the article said “he is seen as the epitome of the ‘cute hoors’, the deal-makers, duckers and divers who dominated the [Bertie] Ahern years”.
The German Government already refers to Ireland as 'the Wild West of the Eurozone' Our reputation is now of a basket-case again, a country that had a giant blow-out, had its 15 minutes of fun, and is now back to where it always was, at the door with the begging bowl ready. From Europe's shining light to Europe's whining sh1te in the blink of an eye. Thank you to Mr. Ahern, Mr. McCreevey, Ms. Harney, and Mr. Cowen, and to all those who took full advantage of what they created, and to those that cheered it all on. We owe you...

Sunday Business Post | Irish Business News
 


absconded

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Truth hurts I´m afraid.
 

eurosceptic

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I hadnt heard anything about lichenstein being in trouble? I would expect they were doing better than most.
 

anewbeginning

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When you have lying corrupt morons in government i'm not surprised...

And still their lies continue...

a shadow of Dev's party, he must be spinning in his grave....
 

bananarepublic.ie

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FT:

I kind sceptic about Financial Times now though, July 2008 idiot from Merrill Lynch energy analyst speculated oil will reach $200 a barrel with few weeks it started dipping. Funny these analyst will analyse whole world never could look back and see their ground is on fire(Merrill gone bust, darling of FT). Could we trust FT's creditability who believes Alan Greenspan as direct decent of god on the couple yrs back?
 

euroboy

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I hadnt heard anything about lichenstein being in trouble? I would expect they were doing better than most.

Lichenstein is very similar to Ireland. Once the EU and US start to tackle tax havens, Lictenstein will go from boom to bust, alla Irish style.
 

mmrebel

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I hadnt heard anything about lichenstein being in trouble? I would expect they were doing better than most.
i think the comparison with lichenstein has got to do with the lack of regulation in our banking system
 

geraghd

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When one votes them in Im not sure why the voters would be all that surprised.
 
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I think the Liechtenstein reference is more down to the perception that Ireland, as that fellow on Prime Time put it last week, had become a haven for 'hot money'. Now, some of the barbs are motivated by jealousy over the years of Ireland's low-tax regime, and should be taken with a pinch of salt in that regard. But large amounts of the barbs are indeed justified, particularly the ones that concentrate on the cute hoor culture personified by Ahern, allowed to fester with the protection of the low regulation zealotry of McCreevey and co.
 

euroboy

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i think the comparison with lichenstein has got to do with the lack of regulation in our banking system

Yeah, Ireland is bad but at least we have more people than registered companies to 1 post box as a statistic.
 

anewbeginning

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Laughable to see DEmpsey deny FF are corrupt on the week in politics...he must think we have goldfish memories..

we all have it up to here with FF corruption...Their raison d'etre at this stage is being corrupt and protecting the corrupt in the banks and the developers.

When you have cowboy developers and bankers funding a political party, you know that party isnt going to be saints and you know corruption is sure to follow...

a bit like an alcoholic, the more they deny they have a problem with corruption, the worse it gets...
 
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McWilliams reporting on being in New York last week:
Scarily, some of the largest investment funds in the world spent a large chunk of the morning session talking about Ireland, our banks and our reputation. If you doubted the dreadful impact that bank cronyism and political mistakes have had on perception of our country, this conference would have confirmed to you the extent of the mess we are in.

Many of these fund managers had not invested in Ireland but those that had signalled “never again” without a moment’s equivocation. They spoke of the pathetic regulation and the appalling cronyism between bankers, developers and politicians.

Our story is now being discussed in the same way that Mexico was mentioned after the Tequila Crisis in 1994, or Thailand after the Asian crisis in 1997 or, indeed, Russia after its crisis in 1998.The problem for us is that our fall from grace is far from unique.

Last week, RBS and Citibank both flirted with nationalisation. But the crux of the problem for us is that these guys have seen what we are like when the financial Botox has worn off.

Without credit, we are back to being the gombeen - up to our elbows in stroke politics, in nods and winks, and doling out jobs for the boys.

There will be no recovery until this perception is changed and there will be no change until the entire top brass of the banks are given their marching orders.
Those who argue that we should not be calling for heads on sticks for what has been done to us, or that the time has now passed, should take note. Accountability and justice have not even begun to emerge yet...
http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=DAVID+McWilliams-qqqs=commentandanalysis-qqqid=39969-qqqx=1.asp
 

mmrebel

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Yeah, Ireland is bad but at least we have more people than registered companies to 1 post box as a statistic.
true true but the damage is done and we are now seen in the same light as leichenstein.
 

bananarepublic.ie

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Extracts from Shane Ross Column on Indo.


Denial is a happy, happy place. A year ago, Anglo was dubbed as "a building society on crack" by London research teams. If that fairly describes Anglo,
then Ireland was a nation on narcotics.
Are they just being Brits or what? Isn't Northern Rock is the English/European bank gone wallup before IMF bailed out Hungarian. London still has colonial ego/hangover hovering, if you scratch
the surface Brit economy it is rotten society in entire Europe. May be London club should show us one Anglo-Saxon economy who is very stable?? May be they
should teach their teengers sex education first and then lecture world later.


Elsewhere last week, Michael Somers of the National Treasury Management Agency skilfully raised €4bn for Ireland on the bond markets. Yet the revelation of
the week was a stellar performance from the Minister for Finance himself.
God knows how much interest it is, but should appritiate the skils.

Yes we have problems so does every body, but trust me Brits has big cover up then our croonies alone.. I am not Anti-Brit, their societ engineering problems are still worst then any where in Europe.
 
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Whether the British say these things for other reasons, or whether they should look at their own problems first, is largely irrelevant. We have given them ample ammunition. And it isn't just the British, it's across Europe and America - see David McWilliams account of what he was told in New York above - and it is entirely the creation of a politico-financial culture that is bent and cosy, where the rules, where there were any, were created by the same spiv culture that was what was needed to be guarded against. Nick a Mars Bar from a shop, be prepared for the full rigours of the law; Destroy Ireland as a viable economic entity while dragging its name into the slime, be prepared to walk away untouched, a hero even...
 

bananarepublic.ie

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Destroy Ireland as a viable economic entity while dragging its name into the slime, be prepared to walk away untouched, a hero even...
Agree, i was more fuming few days back unitil Gardai knock Anglo doors, i have little faith back in me. I remember these lads worked piece by piece got those notrious drug scum back in portlaoise, it just matter of time all the Anglo croonies will pay every penny they took.
 

powderfinger

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Whether the British say these things for other reasons, or whether they should look at their own problems first, is largely irrelevant. We have given them ample ammunition. And it isn't just the British, it's across Europe and America - see David McWilliams account of what he was told in New York above - and it is entirely the creation of a politico-financial culture that is bent and cosy, where the rules, where there were any, were created by the same spiv culture that was what was needed to be guarded against. Nick a Mars Bar from a shop, be prepared for the full rigours of the law; Destroy Ireland as a viable economic entity while dragging its name into the slime, be prepared to walk away untouched, a hero even...
Untouched Toxic?Perhaps enriched?
The more prolific the creative destructor,the increasing propensity for involvement "round-the-houses" with the dangling wads being waved in our direction going forward.
Even vultures need friends.
 


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