IrishTimes: Ministers claim that fiscal plan and budget negate need for bailout

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Ministers claim fiscal plan and budget negate need for bailout - The Irish Times - Mon, Nov 15, 2010

GOVERNMENT MINISTERS remain adamant that the four-year fiscal plan and the budget on December 7th will avert the prospect of Ireland having to avail of any EU/International Monetary Fund bailout.
The European authorities are on standby as markets reopen today amid acute concern about the loss of investor confidence in Ireland .... The Department of Finance reiterated the case last night that Ireland has not applied for external support and said the Government continues its work on the four-year recovery plan and the 2011 budget: ‘‘Ongoing contacts continue at official level with international colleagues in light of current market conditions.’’
While in the Business Section John McManus asks: Why is the Government against accessing the European Financial Stability Fund?
 


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And meanwhile in Opinion, a rather appropriate OpEd by Ann Marie Hourihane comparing the british abdication crisis of the 1930s (and how the media stayed schtum on it) with the current economic situation.

We don’t want to be like the British during the abdication crisis in the 1930s, during which foreign newspapers wrote freely about King Edward VIII’s mistress, Wallis Simpson, while the British papers kept their own country in the dark. Such an impermeable news barrier would be impossible to maintain in this day and age, but that has never stopped a Government in denial issuing upbeat statements until the final death rattle.
Irony much? (And an excellent piece IMHO)

Please Brian, don't let us find out we're broke from YouTube - The Irish Times - Mon, Nov 15, 2010
 
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Who is to say they will pass the budget or that the people will except the budget?

Clutching at straws it seems.
 
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Normatively it works form the basis that a Government continues to govern because it has the support of Parliament. That continues to be the case.
 

Holy Cow

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A parliament missing 4 members because they deny byelections.
 

spidermom

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"We thought about sackcloth and ashes, but finally decided on a feather boa and a smile."


AYE..a touch of Zsa Zsa Gabour!!!
Love the call of reputational damage as some sort of excuse against a bailout...we had a "reputation"???
One of profligacy certainly.
Surely such a reputation does not need such staunch defense??????
 

nonpartyboy

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In other news today........mother tells child tooth fairy alive and kicking after bold classmate bursts bubble.......
 

MPB

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The budget is of no significance to the markets.

The Banks are the only thing that matter to the markets. They are not our responsibility.

Never were and never will be. Hand them to the ECB.

We do not need a bailout, we need to rid ourselves of the burden of Bank debt and FF.

Do both and we will have interest rates to match Germany.
 

picador

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I suspect this is less to do with the national interest and more to do with FF taking the long-view and hoping that the opposition bring them down before the actual act of national humilitation occurs. That way future FFers will be able argue FG/Lab are the ones really guilty of treason.
 

SKELLY

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Its the banks that are the problem. The markets are worried about our ability to cover the banks not the gov. deficit.

I fully expect the market to react badly tomorrow to all this misdirection and nonsense.
 


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