In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘Ireland’

Is Irish bailout a back door bailout of City of London?

Posted by seumasach on November 18, 2010

Cailean Bochanan

18th November, 2010

When Obama announced his latest quantitative easing scheme I assumed Britain would follow suit. Surprisingly they didn’t. Usually we move in tandem with our American partners but here there was a divergence. I had argued in the past that the pound functioned in much the same way as the dollar as a global reserve currency though very much under its wing. What was going on?

QE2, the latest quantitative easing programme was an attempt to run another free ride at the expense of the rest of the world: in fact, the culmination of thirty years of doing exactly that. Wasn’t Britain interested in the same racket: we could do with it since we have nothing else to fall back on. Unless, that is, we have our sights on a free ride off the European Union.

Tonight’s Channel 4 interview of the Irish Minister for Europe, Dick Roche, gave a strange impression. Presenter Jon Snow seemed absolutely desperate to get Roche to admit that the bailout was on the way whilst the latter remained fairly laid back about it all. It all aroused my suspicion: are the Brits are using all their influence to bounce Dublin into this? Why?

The rationale behind the bailout is that it is necessary to prevent contagion specifically of the European periphery, notably Spain and Portugal. It is here , it transpires that UK bank’s exposure is massive: so there is more at stake than just £143 bullion invested in Ireland. Surely, this explains why the British response to this bailout is so different from their response to the Greek bailout. That was poo-pooed as, on the one hand, a sign of the imminent demise of the eurozone and on the other an attempt to shore up French and German banks exposed to Greek debt.   But this time the mood music is much more positive. We are even happy to contribute to it ourselves- a nice touch when you consider the likely beneficiaries- whilst allowing our eurosceptics to run a simultaneous moaning campaign. Incidently, David McWilliam, an Irish eurosceptic, anglophile economist and also a sudden enthusiast for EU bailouts has pointed the finger again at French and German banks notably neglecting to admit to the British interest. Is this the elephant in the room?

Let’s wait to see how this unfolds but I have a sense the Brits have pulled off a coup here. The implications are rather disturbing- already the EU seems to have shown weakness in dealing with the City of London’s hedgefunds.  Now Merkel has backed down precipitately over the issue of a haircut for Ireland’s creditors.The EU’s exposure on their western flank to City wrecking operations hasn’t been dealt with. Can the City really rerun a neo-colonial racket in Ireland courtesy of the EU?

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250,000 Irish workers strike

Posted by smeddum on November 24, 2009

250,000 Irish workers strike

Tuesday 24 November 2009

Morning Star

Unions have caused massive disruption across Ireland as public services shut down in a national strike over pay cuts.

More than 250,000 public workers joined the walkout – thought to be the biggest in 30 years. Read the rest of this entry »

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Ghost Towns May Haunt Ireland in Property Loan Gamble

Posted by smeddum on September 17, 2009

Ghost Towns May Haunt Ireland in Property Loan Gamble (Update2)

By Dara Doyle

Sept. 15 (Bloomberg) — The skeleton of an eight-story Dublin office block lays deserted on the north bank of the River Liffey, just next to the financial district that less than two years ago was the heart of Ireland’s economic boom. Read the rest of this entry »

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Quiz top bankers on live TV, says Snip boss

Posted by smeddum on August 18, 2009

Irish Examiner

By Paul O’Brien, Political Correspondent


SENIOR bankers should be hauled before a televised Oireachtas inquiry to explain how they made such “a mess” that they required a State bailout, said the chairman of An Bord Snip. Read the rest of this entry »

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“Give us some peace” Abuse Survivor Of Irish Catholic Institution Pleads

Posted by smeddum on May 29, 2009

Also see

Abuse Survivor Of Irish Catholic Institution Pleads 

“Give Us Some Peace”

Video and transcript by – Thank you.May 28, 2009 “ICH” — Michael O’Brien, former councillor and Mayor of Clonmel attended the RTÉ programme Questions and Answers on 25 May 2009 and, after Minister Noel Dempsey, the sponsoring minister of the Ryan Commission report in to Child Abuse allegations spoke, Mr O’Brien spoke to the minister and to the panel.

I’ve done the transcript of the video clip below mainly because audio indexing does not work that well for video clips. And video clips have a habit of disappearing off the web. Read the rest of this entry »

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Leading economists urge full nationalisation of Ireland’s banks

Posted by smeddum on April 19, 2009

Temporary nationalisation is fairer to tax-payers than taking on €90bn of toxic loans, they argue
Julia Kollewe


17 April 2009 


    A group of leading economists is urging the Irish government to ditch its “bad bank” plan in favour of a temporary nationalisation of the financial sector.

    In an opinion piece in The Irish Times, 20 of Ireland‘s leading academic economists argue that the government has got it badly wrong. Read the rest of this entry »

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    Merkel says Germany may come to Ireland’s aid

    Posted by smeddum on February 27, 2009

    Friday, February 27, 2009

    Irish Times


    DEREK SCALLY in Berlin

    GERMAN CHANCELLOR Angela Merkel has said Germany will consider assisting Ireland and other euro-zone members in financial difficulty, but only if they lay plain the true state of their banks’ finances at Sunday’s EU summit. Read the rest of this entry »

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    Irish govt fears rising anger after bank “treason”

    Posted by smeddum on February 24, 2009


    Mon Feb 23, 2009 9:05pm GMT


    DUBLIN (Reuters) – Anger is growing among Ireland’s population over financial crisis and deepening recession, ministers said on Monday, with one describing the country’s banking scandals as “economic treason.” Read the rest of this entry »

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    Full text of Gerry Adams’ speech

    Posted by smeddum on February 23, 2009

    “The day of mé féin politics have failed. Now is the time for the politics of Sinn Féin. Bígí linn.”

    Irish Times

    Saturday, February 21, 2009

    The following is the full text of the speech by Sinn Féin leader Gerry Adams to the party’s Ard Fheis today. Read the rest of this entry »

    Posted in Financial crisis | Tagged: , , | 1 Comment »

    120,000 Protest in Dublin

    Posted by smeddum on February 22, 2009

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    Speech at the Grave of O’Donovan Rossa

    Posted by smeddum on January 6, 2009

    Recent Belfast mural {enlarge}

    The recent barbarism in Gaza has caused me to recall the words of Patrick Pearse for O’Donovan Rossa, the words run in parallel from Ireland’s darkest hours to those of Palestine

    It has been thought right, before we turn away from this place in which we have laid the mortal remains of O’Donovan Rossa that one among us should, in the name of all, speak the praise of that valiant man, and endeavour to formulate the thought and the hope that are in us as we stand around his grave. And if there is anything that makes it fitting that I rather than another, I rather than one of the greyhaired men who were young with him and shared in his labour and in his suffering, should speak here, it is perhaps that I may be taken as speaking on behalf of a new generation that has been re-baptised in the Fenian faith and that has accepted the responsibility of carrying out the Fenian programme. Read the rest of this entry »

    Posted in Palestine | Tagged: , , , , , | Leave a Comment »

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