Irish Bank Debt Negotiations : The Euro Area summit is 'a game changer' for Ireland

[MPB]

What's wrong with school teachers exactly?
I spent yesterday listening to that ***** for a FFer who spent ten minutes giving a De Valera hagiography and went on to call for more "entrepreneurs & industrialist" in the Dáil.

Didn't have the heart to inform him of the long fella's profession

Nothing wrong with schoolteachers, when they are teaching kids.

A lot wrong with schoolteachers running a country, especially teachers who seem to come from political family dynasties. It begs the question. Why teaching? If your ambition was politics and the family business, why teaching? Answer. Lots of free time. Guaranteed pay for the free time. Guaranteed job and pension, if elected to the dail and guaranteed job and pension if unelected or deselected.

This country is being run by a people without the intelligence, but with the background.

It is not a democracy. It is an inheritance.

[morticia]

....and allows idiot fathers to pass on dail seats to idiot sons and daughters.

Yep, we're the only country where politics is a family business. No such thing as the Kennedys, the Bushes and the Clintons, eh, they're figments of the imagination?? Tony Benn's son isn't an MP? Winston Churchill's father never held office??

Sorry, we ain't alone.. I'd agree that perhaps it's undesirable. But on the other hand, whether it's farming, medicine, the law or any number of other professions, people often choose to follow family members as familiarity with a given job makes them think they could do it. Should we have told Mozart to go find something else to do since his father was also a musician??

It's a tough one. And I hate to say this, but I actually think Hilary Clinton is a pretty good secretary of State.

[Dr. FIVE]

not convinced

[Dr. FIVE]

The nub of the problem is we keep electing politicians

[morticia]

Democracy is the worst form of government. Except for all the other ones. 😱😉

[MPB]

Yep, we're the only country where politics is a family business. No such thing as the Kennedys, the Bushes and the Clintons, eh, they're figments of the imagination?? Tony Benn's son isn't an MP? Winston Churchill's father never held office??

Sorry, we ain't alone.. I'd agree that perhaps it's undesirable. But on the other hand, whether it's farming, medicine, the law or any number of other professions, people often choose to follow family members as familiarity with a given job makes them think they could do it. Should we have told Mozart to go find something else to do since his father was also a musician??

It's a tough one. And I hate to say this, but I actually think Hilary Clinton is a pretty good secretary of State.

Let me ask you this.

When Royal families were running the World, what did they do? They fought. Why? Power and Position.

What did the ordinary people do? They fought on behalf of the royal families, died on behalf of royal families or lived to pay taxes to repay the debts, the royal families accrued.

It,s not the schoolteachers I have a problem with, it is what some schoolteachers do with their time. Becoming a substitute royal family is not a popular ambition in this particular citizens opinion.

I don,t like our political system or our politicians. I think we have a corrupt electoral system, that leads to corrupt Govt and inept leadership. I also think that our corrupt political system is worsened by our unelected, but equally corrupt and dynastical civil service.

Whatever about our political dynasties, our PS dynasties are far worse and far more dangerous.

[Dr. FIVE]

hmmm

http://www.independent.ie/national-n...t-3266157.html

Amid fears of a stand-off, the German government today issued a statement stressing it would work closely with Ireland to “improve the sustainability of the Irish programme”.

In response, a spokesman for the Irish Government said the German statement represented a “clear affirmation of support for Ireland's position”.

[Dr. FIVE]

would be interested to see this statement given the only source is the Taoiseach's dept

[Dr. FIVE]

http://www.taoiseach.gov.ie/eng/News..._meeting_.html

Statement from Government spokesman re European Council meeting

The meeting of the European Council of today and yesterday reaffirmed the commitments made in the Euro Summit Statement of 29 June.

In that Statement European leaders agreed to enhance Ireland's debt sustainability, and also agreed to break the link between bank and sovereign debt. Those commitments stand.

We understand that Chancellor Merkel was asked a direct question about the recapitalisation of Spanish banks and she replied in that context.

We will continue to work with our partners on the implementation of what was agreed in June.

ENDS

I don't buy it.

[Greengoddess]

http://www.taoiseach.gov.ie/eng/News..._meeting_.html



I don't buy it.

Why?

[Dr. FIVE]

only source is the Taoiseach's dept

[MPB]

Expect Kenny and Noonan to run around on Monday telling everyone that the Germans have singled out Ireland for special attention and have agreed to personally take on the Bank debt, plus a free holiday for every citizen in the country and a free 500 euro bet with Paddy Power.

[PaddyJoe]

http://www.taoiseach.gov.ie/eng/News..._meeting_.html



I don't buy it.

Its just a restatement of a few lines from the June 29th summit. Meaningless.

Statement from Government spokesman re European Council meeting

The meeting of the European Council of today and yesterday reaffirmed the commitments made in the Euro Summit Statement of 29 June.

In that Statement European leaders agreed to enhance Ireland's debt sustainability, and also agreed to break the link between bank and sovereign debt. Those commitments stand.

We understand that Chancellor Merkel was asked a direct question about the recapitalisation of Spanish banks and she replied in that context.

We will continue to work with our partners on the implementation of what was agreed in June.

ENDS

• We affirm that it is imperative to break the vicious circle between banks and sovereigns.
..The Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme. Similar cases will be treated equally.....

I notice that this sentence wasn't reiterated:

When an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could, following a regular decision, have the possibility to recapitalize banks directly. This would rely on appropriate conditionality, including compliance with state aid rules, which should be institution- specific, sector-specific or economy-wide and would be formalised in a Memorandum of Understanding

http://www.consilium.europa.eu/uedoc.../ec/131359.pdf

[DCon]

Good piece on zerohedge: http://www.zerohedge.com/news/2012-1...longer-suffice

Ms. Merkel has stated quite dramatically that Germany will not allow the new ESM to be used for old problems and that the individual nations will have to foot the bill for them. The "Muddle" is over in my opinion and the "Crisis" has now begun.

Let’s start with the bank supervisor. Germany said no money for the banks without a European supervisor for the banks. France, Spain and the rest responded by saying fine then let’s have a bank supervisor in place and functioning by January 2013. The German response was not so fast and maybe by 2014 and maybe the ECB is not the right instrument and maybe not for all of the banks. On the surface you might think that these points are all distinct and separate but if you do; you are incorrect. The translation here is that Germany does not want to fund the European banks and so has set up a road block, a diversion, to stand in between “we will not fund the banks directly” and the desires of France and the rest who want a harmonized Europe where every country pays for everything for all of them; a socialized Europe. You see, the diversion is the bank supervisor and it allows Germany to thwart the desires of the needy countries without having to address the problem directly.

Here is the issue of legacy liabilities. Here Germany has been fairly clear. The new ESM fund will not pick up the check and it is up to each country to pay for their own past problems. You may translate this piece of jargon into a “No” to Ireland that the ESM will not pick up the bill for the Irish banks and the same response for Spain. This new German definition puts Portugal, Greece, Spain and Ireland back at square one and effectively closes the door on any further negotiations. While all of this wrangling continues the tone at the summit was no longer the nicey-nice repartee of past meetings.

[PaddyJoe]

I don't suppose there's an audio clip of what this German spokesperson said, is there?