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Wolfgang Schäuble: Ireland Has To Bear The Consequences Of A Wrong-Headed Irish Government Policy


YouKnowWhatIMeanLike

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Tom Lyons only repeats the view of Germany's powerful federal minister for finance Wolfgang Schäuble. In a new documentary called "State Secrets and Bank Bailouts" aired last month in Franco-German TV network "arte" Minister Schäuble unambiguously articulates his understanding of the facts that caused the crisis in Ireland as something Ireland itself created – not Luxembourg, not France, not Germany, but Ireland – and it benefited from it for some time.

In the interview Schäuble concludes that Ireland now has to bear the consequences of its wrong-headed government policy in the past. Or with Richard Bruton words the problems buildup over years of government mismanagement and overspending as a results of exacerbated property fueled funding, where Irish people sold overpriced houses to each other now come home to roost.

In the interview Stephen Donnelly challenges Schäuble's widely accepted view in Germany for the causes of the crisis in Ireland and he blames primarily the ECB for Ireland's crises. Donnelly claims that it was actually the European Central Bank that held a gun to Ireland's head to force the country into its current predicament. And Donnelly now wants to force the German taxpayer to take on a much larger share of the Irish economic burden and pay more of Irish private and government debt.
 
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Analyzer

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What a pompous git !!!

Time for an investigation into who is funding his political party.
 

Happytolearn

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Never trust a man with a carnivorous animal in his name
 

RobertW

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It wasn't "Ireland" but the Galway tent brigade who are responsible - FF, friends of FF (the 180 or so property developers who's loans account for 62 of the 72 billion NAMA loan book), idiot bankers like Fingleton, Fitzpartick & Drumm (to name just a few) with a puppet financial regulator.

Schauble is right in that money found itself flowing in all corners during the false boom.

Irish banks borrowed it . . . But the taxpayer will pay every cent of it back (and more)
 

stopdoingstuff

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I love how he rejects the idea of publishing who bought which debts and who invested where.
 

EUrJokingMeRight

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I think it's fair to say that the country has really been let down by our politicians.

We badly need a real leader in this country. The flacid showboating of retired teachers is getting old and ruining the futures of our offspring.
 

Con Gallagher

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National debt due running deficits: €90bn
National debt due to bank bailout: €62bn.

We are planning to run deficits in excess of 3% for the next two years.
 

DownTheyGo

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Coincidentally (or not), anyone paying attention would have noticed a strong defence on P.ie over past couple of months concerning the role played by Germany in the funding fiasco. Why so resistent to publish the information?! Surely it would clarify the matter in Germany's favour were it not responsible to any great extent; aligned with the viewpoints shared by a few others on P.ie!
 

The Begrudger

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It wasn't "Ireland" but the Galway tent brigade who are responsible - FF, friends of FF (the 180 or so property developers who's loans account for 62 of the 72 billion NAMA loan book), idiot bankers like Fingleton, Fitzpartick & Drumm (to name just a few) with a puppet financial regulator.

Schauble is right in that money found itself flowing in all corners during the false boom.

Irish banks borrowed it . . . But the taxpayer will pay every cent of it back (and more)
The 'Galway tent brigade' were only as strong as the votes they could get in the elections that are periodically held in this republic. The fact is that the Irish people voted for them and if the polls are to be believed, a significant part of the electorate would elect as Taoiseach a man who was a senior member of those governments.
 

RobertW

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Coincidentally (or not), anyone paying attention would have noticed a strong defence on P.ie over past couple of months concerning the role played by Germany in the funding fiasco. Why so resistent to publish the information?! Surely it would clarify the matter in Germany's favour were it not responsible to any great extent; aligned with the viewpoints shared by a few others on P.ie!
What role did Germany play in the "funding fiasco"?
 

Hewson

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Poor Schauble. If the traffic lights were stuck on red for two weeks he'd still be sitting there in his Beemer . . .










. . . waiting . . .
 

ManUnited

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Tom Lyons only repeats the view of Germany's powerful federal minister for finance Wolfgang Schäuble. In a new documentary called "State Secrets and Bank Bailouts" aired last month in Franco-German TV network "arte" Minister Schäuble unambiguously articulates his understanding of the facts that caused the crisis in Ireland as something Ireland itself created – not Luxembourg, not France, not Germany, but Ireland – and it benefited from it for some time.

In the interview Schäuble concludes that Ireland now has to bear the consequences of its wrong-headed government policy in the past. Or with Richard Bruton words the problems buildup over years of government mismanagement and overspending as a results of exacerbated property fueled funding, where Irish people sold overpriced houses to each other now come home to roost.

In the interview Stephen Donnelly challenges Schäuble's widely accepted view in Germany for the causes of the crisis in Ireland and he blames primarily the ECB for Ireland's crises. Donnelly claims that it was actually the European Central Bank that held a gun to Ireland's head to force the country into its current predicament. And Donnelly now wants to force the German taxpayer to take on a much larger share of the Irish economic burden and pay more of the Irish private and government debt.
Like it or lump it YKWIML but Wolfgang is dead right. Every country has to bear the consequences of it's government policy, that is the nation-state system, good or bad.
The Irish don't seem to realise that what happened here has happened to plenty other countries down the centuries.
What do you think P.ie threads would be about if the shoe was on the other foot? For a bit of an idea look at the threads about debt forgiveness. See all the posts that say things like 'why should I pay for their mortgage?' 'nobody forced them to take the money' 'I didn't buy a house why should I help bail them out' ect. And they are about our own, imagine if they were Germans or English.
 

RobertW

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The 'Galway tent brigade' were only as strong as the votes they could get in the elections that are periodically held. The fact is that the Irish people voted for them and if the polls are to be believed, and significant part of the electorate would elect as Taoiseach a man who was a senior member of those awful governments.
I notice you're posting from Cork as well.

Very true - the SSIA scheme was a classic.

Bribery of the electorate by FF using taxpayers money to set up "savings schemes" designed to mature just before the 2007 election.
 

Clanrickard

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It wasn't "Ireland" but the Galway tent brigade who are responsible - FF, friends of FF (the 180 or so property developers who's loans account for 62 of the 72 billion NAMA loan book), idiot bankers like Fingleton, Fitzpartick & Drumm (to name just a few) with a puppet financial regulator.

Schauble is right in that money found itself flowing in all corners during the false boom.

Irish banks borrowed it . . . But the taxpayer will pay every cent of it back (and more)
You left out benchmarking as one of the prime causes of the bust.
 

Hewson

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And here comes the first one out of the traps . . .
 

RobertW

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You left out benchmarking as one of the prime causes of the bust.
No it wasn't.

There were many jobs available in the public sector during the so-called boom years. . . Many turned their noses up as the pay was not good enough.
 
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