Merkel serves revenge cold

seabhcan

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We learn tonight that our EU friends are charging us 6.7%+ interest for the 'bailout' money. We know that Germay pushed for a 'punitive' rate of interest, and that the IMF and even Tory Britain is charging us less.

BBC - Peston's Picks: Germany wants punitive interest rate for Ireland

Why might the Germans wish to punish us? Well, there was the small incident with Depfa bank in 2008. In 2007, german bank Hypo Real Estate bought the IFSC bank Depfa. In 2008, Depfa collapsed, and took Hypo with it. This cost the German tax payer at least 50 billion euro in bailout, probably much more.

Depfa was special. Regulation was especially light. Depfa started out as a German bank in 1922 and was attracted to move to Ireland with the promise of special treatment. The German tax payer lost out and we gained. There was even a special law passed by Ireland to allow it to operate as it wished in the IFSC:

S.I. No. 470/2002

It wasn't reported a lot here, but the Germans were quite annoyed by the whole incident, and Merkel lost a degree of political capital by being forced into an unpopular bailout. Ireland's wild west banking culture was widely (and correctly) blamed.

So 2 years later, Merkel gets her revenge. Ireland is weakened by the fallout of other banking collapses, but ticking along, able to borrow. Merkel makes a move - announcing that bond holders will have to take a hit, nodding in the direction of Ireland. Rates soar, and Ireland is forced into a 'bailout'.

The Germans cut us off from other avenues of funding and then apply a 'punitive' rate to punish us. Revenge is served.
 


Holy Cow

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Cold dish? Of fish?

We gave those Germans loads of fish for nothing, and now they do this to us.

The Shinners were right all along.
 

Congalltee

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The EU is a fantastic idea and has been to all Irish people - excluding fishermen. But it remains a community of 27 nation states. The German system produces professors of chemistry as their leaders. Ours produced alchemists.
 

Doodah

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It's a brilliantly executed clinical annexation, a case study in the art of asset-stripping on an international scale.
In one week, Germany and allies have claimed the Irish pension fund, taxes and multinational industries and consigned this place to it's traditional role as a peripheral island of emigration & poverty.
Corporation tax must be doubled to service the debt. It will be interesting to see the beneficiaries of the multinationals' relocation.
On top of all that, the debt anxiety has assisted greatly in maintaining the euro at a competitive rate in the current global currency war, without quantative easing or risking inflation allowing German exports to power ahead.
Downsizing the banks is a priority, because when Ireland realises what has happened, defaulting will be tolerable for the EU and we will only hurt ourselves. We will be permanent mendicants.
The UK loan interest rate at 6% indicates their intentions, keeps them at the table with an eye on the multinational pickings.

The best that Ireland can hope for, is that the Brits pick up the lion's share and we can emigrate to Belfast and Newry.
United Kingdom of Great Britain & Ireland anyone?
It's Incredible that after this week, this may be a serious option for this country. Life is strange.
 

Fantasia

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Most Germans i speak to believe Angela Merkel despises Ireland and us Irish for not voting for the Lisbon Treaty the first time around. This is her revenge.
 

rubensni

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galteeman

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United Kingdom of Great Britain & Ireland anyone?.
I wonder would they take us? Has anyone seen a poll if this sort in the UK?
 

kerdasi amaq

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I despise Fianna Fáil for holding a second vote, and Fine Gael for calling for a YES vote.
 

cocopoppyhead

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United Kingdom of Great Britain & Ireland anyone?
It's Incredible that after this week, this may be a serious option for this country. Life is strange.
i find it sickening that people bring this up, whether seriously or as a joke..
As bad a situation we are in, we have many avenues to recover on our own,
to spit on the graves of our own ancestors is quite disturbing.
 

Doodah

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I wonder would they take us? Has anyone seen a poll if this sort in the UK?
Initially it would be ridiculed everywhere of course.
After what's happened this week, anything is possible, especially considering the complete absence of national leadership and the squabbling that has and will dominate what passes for politics in this country.

Look at RTE newscasters tonight - beseeching Chopra of the IMP to tell us what to do and asking him were we nice to him when he was here. How sad. This is Ireland.

The Brits could start with matching our ghost estates with their social housing requirements. Plantatation days again.
 

rubensni

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We were told the last one had jobs and recovery. Tell us how that worked out?
As you well know the actual document was about reforming the voting and administration structures after enlargement. Once we got to keep our commissioner and got the guarantee about taxes there was no valid reason to vote no based on what was in the text.
 

Doodah

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i find it sickening that people bring this up, whether seriously or as a joke..
As bad a situation we are in, we have many avenues to recover on our own,
to spit on the graves of our own ancestors is quite disturbing.
For what it's worth, I feel sick as well.
Better start coming up with alternatives and solutions then.
 

conservative green

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i find it sickening that people bring this up, whether seriously or as a joke..
As bad a situation we are in, we have many avenues to recover on our own,
to spit on the graves of our own ancestors is quite disturbing.
Irrational b.s. You probably hate the Brits because of some rubbish a priest taught you at national school, but the reality is we have far more in common with our neighbouring island than with the country who started two world wars and are now waging economic war against us.
 

CookieMonster

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As you well know the actual document was about reforming the voting and administration structures after enlargement. Once we got to keep our commissioner and got the guarantee about taxes there was no valid reason to vote no based on what was in the text.
So the jobs/economy thing was a lie then? :eek:
 

cocopoppyhead

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Irrational b.s. You probably hate the Brits because of some rubbish a priest taught you at national school, but the reality is we have far more in common with our neighbouring island than with the country who started two world wars and are now waging economic war against us.
I dont hate the brits, as a matter of fact i dont mind them at all. Especially the everyday person, Id have a pint and often do with anyone of them. I do have a bad taste in my mouth when thinking of those in power, and what many of them have done.

BUT..... Their history with us is fairly shambolic, horrific and oppressive.
Would you be so bold as to say that they were great to us, and that whatever teacher you had told you how saintly they were? Don't forget, this is not consigned to history from centuries ago, you only have to look across the border to see how they have treated certain sections of society in recent history. I've felt it first hand also up there, as have many many people i know..

anyway, dont derail this thread, this is my last post on this matter..
 


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