Lenihan tells Dáil that EU/IMF deal does not require approval of the Dáil

Holy Cow

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When FF are in a hurry to get something through I get worried. There is something else going on here.
 


Buddies

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I feel sorry for anyone who died in the name of giving Ireland it's own right of expression through parliamentary democracy.

We have indeed turned a corner.
 

adrem

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It's a memorandum of understanding.

The parties understand that Ireland is unable to secure borrowings in the external markets at the moment due to the cost of those borrowings. They further understand that Ireland has messed up it's economy by spending substantially more each year than it actually earns. In addition Ireland allowed its banks to grow to a ridiculous size and then allowed them to become over exposed through a combination of an excessive reliance on wholesale funding which disappeared in the credit crunch and an excessive exposure to a huge property bubble in Ireland. The collapse of the assets of the banks has created an additional burden on the State by virtue of their guaranteeing most of the liabilities of same banks.

Following on from the above the lending parties are prepared to make a range of funds available to Ireland should they wish to draw them down. The facilities will vary in term but will last no more than 7.5 years. The funds will be provided from a combination of sources and on a combination of different terms - however if all facilities were to be drawn down the combined average interest cost would be c5.8% at the moment. The funds will be available to draw down in tranches subject to satisfactory attainment of agreed goals.

The lending parties understand that Ireland will use 17.5Bn of its own funds as part of the resolution of its debt problem. These funds will come from the NPRF and other cash deposits held by NTMA. In addition a range of structural and fiscal measures will be taken by Ireland over the coming years with a view to reducing their fiscal deficit to 3% by 2015.

There is no obligation on Ireland to access this facility. There is no obligation on the lending parties to provide this facility. However both parties understand that this mou has been entered into in good faith.

Not a contract. Not a treaty. We don't have to take it up - but if we don't we are bankrupted and will need to cut a minimum of €19bn out of our budget next year (a minimum because when we go back into the market to roll over our existing €90bn national debt we will have to pay interest at rates of 10% plus. Alternatively we can default on everything and see how that goes.
 

Padraigin

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God i wish they would. Is Lenihan for real? It's amazing that not one economist has come out and agreed with all this rubbish he comes out with. Though I'm open to correction on that one.
Exactly right. All the economists are saying this Debt Enslavement Package is economic suicide for Ireland.

Lenihan has no clue - or he is working from a hidden agenda.

In either case, everything he says needs to be discounted as either self-deluded fantasy or cold, calculated lies.
 

Collegebhoy

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Are the Shinners the only ones who are going to stand up to this shower?
 

Catalpa

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In a statement to the Dáil on the EU/IMF financial arrangements, Minister for Finance Brian Lenihan TD has said that on the advice of the Attorney General, it does not require the approval of the Dáil.

Lenihan also told the Dáil that reaction to the "external assistance programme" was "hysterical and contradictory".
If we concluded an agreement with the EU then surely it is?

Acc to the Lisbon Treaty the EU is now a legal entity (polity)in its own right.

A single legal personality for the Union will strengthen the Union's negotiating power, making it more effective on the world stage and a more visible partner for third countries and international organisations.
http://europa.eu/lisbon_treaty/glance/index_en.htm

Thus this 'bailout' is an international agreement.

How can the Government not say this not require parliamentary approval under the terms of Bunreacht na hÉireann?
 
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Mushroom

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Is this the same AG that gave advise saying that the by elections should not be held? I would not be listening to his advise.

The real worry is that he may well be appointed to the Bench in the "dissolution honours" prior to Fianna Fail's exit from power.

Is he fit to be a judge?
 

Keith-M

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Well the ball is certainly back in FG'S side, if they abstain from the budget, they are giving the bailout the green light.

They should do more than that. They should demand that the terms of the bailout are published. They should then get the legal brains to review it. If it conrtravenes the constitution, they they should hightail it down to the High Court.

The deal is now in place so the urgency to put the buddget through is no longer the top priority, but FG need to show that they have the interests of the public as their top priority.
 

Padraigin

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The rest of them are all part of the cosy club.

Hopefully the Shinners can get this shower out.


If SF are the only ones willing to say no the Debt Enslavement Deal, then they deserve the support of everyone on the political spectrum - from the hard right to the left.

The stakes are high, and only one thing matters right now - finding political leadership that will stand up to the foreign imperialists and defend the Irish people.

If saving Ireland means causing economic distress to European markets, then that is exactly what needs to be done.
 
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When FF are in a hurry to get something through I get worried. There is something else going on here.
i suspect the NPRF is already long gone, and FF need to get this deal through in order to cover up their tracks (with the help of the EU/IMF of course)
 

ulsterscotnua

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My problem is that we the people had to vote twice, on Nice and Lisbon, neither of these contracts, agreements, memorandrums, articles or what ever we wish to name them have as much effect as what the two Brians signed up to on Sunday.
The deal they got was based on what the international opinion. Unfortunately much of that was formed by a B Cowen in Galway one morning when he became a laughing stock doing an interview on National Radio whilst obviously suffering from the effects of a late night partying. This did not appeal to the international community and without any say in the matter we, the entire population of Ireland have to pay for our leader's excess.
 

Q-Tours

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Lennie is probably right on the Article 29 point, at least going on the Crotty decision. However, it's a bit like Doherty's bye-election case in the sense that the strict letter of the law may not oblige them to do something, but the moral case requiring it is overwhelming.

Even if this is not "an international agreement" under Art 29, it is the most significant document that this benighted state has signed up to in decades. It should be debated and voted on in the Dáil.
 

EUrJokingMeRight

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The AG needs to go back to school. Poor performances of late.
 

flavirostris

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When FF are in a hurry to get something through I get worried. There is something else going on here.
+1.

They were the same with NAMA.. completely gung ho and anxious to stifle any debate over the issue.

Usually means they are up to no good
 
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