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Pro-no Deal: "No windfall for Ireland" - Ollie Rehn declares Austerity must continue...


Dublin 4

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As the Weekend workers/Frontline Alliance rebel against the Weekend Overtime Pay Reduction Proposals/ CP 2 Proposals - heeeers Ollie :shock2:

The EU Commissioner on Economic and Monetary Affairs has said the €1bn in savings from the promissory note deal should not be regarded as a "windfall gain" for the Irish economy.
Speaking on RTÉ's Morning Ireland, Olli Rehn said the money should not be used to "soften" next year's Budget.
Mr Rehn said it was important that Ireland stick to the EU/IMF programme.


108-News Story

Just how much instability lies ahead now for Ireland on top of the €5.11B Bond due for 18th April & the €7.6B + in Jan?

What about Peter Matthews knife in Enda's back re the Banks needing another €60 B- will that effect today's debacle?

Maybe Italy's Election will take the attention away from our never-ending mess in Ireland.

Alternatively could we be looking at a new 3 way conflict between, Public, Private & Frontline workers?

That would be a tragedy for Ireland- worsened by Matthew Tentinfield's warnings of an upping of Repossessions....
 


robut

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We can catasthropize about all these thiings but to no end. Their is always the one solution that is used to solve any problem for the meantime & that is "Kick the can down the road", its always the answer. So when you say "how much instability lies ahead .. " somehow the solution will be to kick something down the road or long finger something.

If one takes an objective view of all the threads raised here over recent years the catastrophic result has not happened - not saying it wont happen, just that it is "put off for now" is the best way of saying it. It seems the EU has an endless supply of putting off problems rather than dealing with them head on .. welcome to our EU/EURO
 

seismic change

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As the Weekend workers/Frontline Alliance rebel against the Weekend Overtime Pay Reduction Proposals/ CP 2 Proposals - heeeers Ollie :shock2:



108-News Story

Just how much instability lies ahead now for Ireland on top of the €5.11B Bond due for 18th April & the €7.6B + in Jan?

What about Peter Matthews knife in Enda's back re the Banks needing another €60 B- will that effect today's debacle?

Maybe Italy's Election will take the attention away from our never-ending mess in Ireland.

Alternatively could we be looking at a new 3 way conflict between, Public, Private & Frontline workers?

That would be a tragedy for Ireland- worsened by Matthew Tentinfield's warnings of an upping of Repossessions....
How can we spend money that we don't have?

This is nonsense from Ollie, we haven't saved 1 billion we have simply saved from borrowing an extra 1 billion, of course cuts will still have to be made such as the CP2 deal today. But what we did achieve is a better future for our country and a path to recovery. The worst is over, just get over yourself or move to Greece where you would fit in better.
 

Dublin 4

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"Catastrophize" :shock2:

Record Unemployment, "Blue Flu" being threatened, Record Emigration, warnings about an "imminent Repossessions increase" etc...

Can't trivialise all that -with a bit of spin...
 

seismic change

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"Catastrophize" :shock2:

Record Unemployment, "Blue Flu" being threatened & warnings about, Record Emigration, "imminent Repossessions increase"...

Can't trivialise all that -with a bit of spin...
Agreed, your doing a very poor job at trying to spin a bogus false story. Must try harder.
 

Dublin 4

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This is nonsense from Ollie, we haven't saved 1 billion we have simply saved from borrowing an extra 1 billion, of course cuts will still have to be made such as the CP2 deal today. But what we did achieve is a better future for our country and a path to recovery. The worst is over, just get over yourself or move to Greece where you would fit in better.
"Nonsense from Ollie", "move to Greece" - priceless :lol:
 

Dublin 4

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Agreed, your doing a very poor job at trying to spin a bogus false story. Must try harder.
So that's all in never ever land & all is ok then- get yourself a life you moron...
 
D

Dylan2010

irish people are as dumb as a bag of hammers. the loan sharks have been called off for a little bit, and the talking heads want any notional "saving" spent at once. These clowns would eat their own lifeboats if they were made out of cheese.
 

gijoe

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But but but Eamon Gilbore said that the €1billion would be used to reduce cutbacks!!!
 

robut

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"Catastrophize" :shock2:

Record Unemployment, "Blue Flu" being threatened, Record Emigration, warnings about an "imminent Repossessions increase" etc...

Can't trivialise all that -with a bit of spin...
Sorry maybe i didnt explain myself well. When I mention "Catastrophize" I meant we rightly ask the big questions and fear the worst but I have noticed that with all these fears, they seem to get "softened" via something being kicked down the road or long fingered by the powers that be. Then, for the moment, the situation is diffused until we catch up with the can again. Then its kicked further down the road .. and on and on and on we go.

So we get all flustered but are doomed to repeat again further down the road.

I am not belittling hardship and serious issues but I notice the end results never turn out the way we inagine is all. And sometimes not as bad as we think.
 

Taxi Driver

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I listened to the interview and I did not hear Rehn use the word "soften" yet RTE have put it in quotes as if he did. The exact quote from Rehn on this issue was:

"I have heard that this has been in some discussions, referred to as windfall gains from the deal on the promissory notes. I'm a bit surprised by that. It's very important to stick to fiscal targets and ensure the debt burden can be reduced in due course. It is essential that euro area member states respect the commitments that have been taken."
All he says is that "it's very important to stick to fiscal targets".

Under the Excessive Deficit Procedure, Ireland is required to have a deficit of less than 5.1% of GDP in 2014 and of less than 2.9% of GDP in 2015. These are the targets we have to stick to.

Under the current plan of €3.1 billion and €2 billion packages of cuts and tax increases for the next two budgets Ireland is set to have a deficit of 2.4% of GDP in 2015.

Rehn wants us to stick to the targets. As it stands we are set to be well below them. Taking what he actually said means there is some room to ease back in the next two budgets as we will still meet the fiscal targets laid out. But this is not necessarily a prudent course of action.
 

Passer-by

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How can we spend money that we don't have?

This is nonsense from Ollie, we haven't saved 1 billion we have simply saved from borrowing an extra 1 billion, of course cuts will still have to be made such as the CP2 deal today.
In fairness, I think from the quotes shown, Olli is trying to make the point that we don't suddenly have an extra billion in the kitty but that we can avoid borrowing a billion if we stick with the plan as it currently stands. As such he is trying to avoid ideas along the lines of "let's spend the billion" from taking hold.
 

Taxi Driver

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Per EDP rules "windfall gains" should be ignored when setting budgetary targets. If Rehn says the savings from the Pro Notes deal are not "windfall gains" then they should be included in the budgetary arithmetic, i.e. the savings count as part of the effort required to meet the EDP budget targets.

There seems to be a lot of jumping to conclusions on what Rehn said but his words don't seem to support those conclusions.
 

robut

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Under the current plan of €3.1 billion and €2 billion packages of cuts and tax increases for the next two budgets Ireland is set to have a deficit of 2.4% of GDP in 2015.
Under new ammendment to Croke Park Howlin has promised this is THE last time the public sector wage/costs will be touched?

So €3.1bn + €2bn = €5.1bn cuts and taxes over next 2 years?

Minus €1bn achieved through croke park ammendment?

Which brings the cuts and taxes over next two budgets to €4.1bn over next two years?

This €4.1bn then has to be bourne by the private sector as howlin has promised no more cuts in the public sector?

Steer me straight if i am wrong/confused please?
 

Crazy horse 6

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How can we spend money that we don't have?

This is nonsense from Ollie, we haven't saved 1 billion we have simply saved from borrowing an extra 1 billion, of course cuts will still have to be made such as the CP2 deal today. But what we did achieve is a better future for our country and a path to recovery. The worst is over, just get over yourself or move to Greece where you would fit in better.
"The worst is over" lol.
 

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