Political assessments of ESM

[Captain Con O'Sullivan]

'Damage to trust'. Is he some sort of schoolboy or what? I'm sure the Germans and the French give a fried shyte for anything Enda Kenny says. Kenny is one of the 'photo-op' leaders in Europe- ie the one who are only needed for the photos.

If Kenny was a leader or that other pissed buffalo Cowen they'd have threated to default and got a deal.

[Dr. FIVE]

[PaddyJoe]

Placeholder?

[Dr. FIVE]

eh?

[PaddyJoe]

eh?

Post just above. I only see a placeholder and no image

[Dr. FIVE]

how's this

[PaddyJoe]

how's this

Spot on...
In another sense that isn't so great either..

[Dr. FIVE]

More warnings on the way for Karl Whelan Id say

http://www.forbes.com/sites/karlwhel...ieve-the-hype/

[PaddyJoe]

More warnings on the way for Karl Whelan Id say

http://www.forbes.com/sites/karlwhel...ieve-the-hype/

Oh dear. He never quite got the hang of that green jersey thing, did he?
Never mind. We can always count on Alan Ahearn and John McHale for a more balanced view.

[C. Flower]

More warnings on the way for Karl Whelan Id say

http://www.forbes.com/sites/karlwhel...ieve-the-hype/

He's only trying to help.

Start with public debt. Ireland in 2011 was indeed staggering under an enormous debt load. In 2011, the ratio of debt to GDP was 106.5%. However, this year it is projected to be 117.5% and next year it is projected to be 120.3%. So whatever you might say about Mr. Kenny, the country is staggering under an even heavier burden today than when he took over.
What about the rising unemployment Mr. Kenny inherited? The unemployment rate was 14.1 percent when he took over in February 2011 and is now 14.8 percent. The increase would have been larger were it not for a return to significant levels of emigration among young unemployed Irish people.


Surely the return to growth is a good sign, right? Actually, a limited return to growth that began under Mr. Kenny’s predecessors has now sputtered out. The latest national accounts show Irish real GDP in 2012:Q2 is 1.1 percent lower than a year earlier.
None of these facts are cited in order to criticize Mr. Kenny, a palpably decent man doing a difficult job. But the constant repetition of the “Irish success story” soundbite has two negative impacts.
The first is on the wider European debate about the impact of fiscal austerity. There are many European politicians who prefer their own version of macroeconomics to the one taught in textbooks. In this alternative universe, tax increases and spending cuts don’t have negative effects on the economy because the fiscal consolidation acts to “increase confidence”.


All across Europe, in Greece, in Spain, in the UK and elsewhere, this story has proven to be flawed. It turns out that fiscal contractions are contractionary. This has pretty clearly also been the case in Ireland but you can be sure that Time’s Celtic Comeback story will be widely cited as an example of the benefits of fiscal contraction.
The second negative impact is on Ireland itself. Ireland is engaged in complex negotiations with other Euro area countries about the possibility of getting relief on the part of its public debt stemming from its enormous bank bail out.

[C. Flower]

More warnings on the way for Karl Whelan Id say

http://www.forbes.com/sites/karlwhel...ieve-the-hype/

He's only trying to help.

Start with public debt. Ireland in 2011 was indeed staggering under an enormous debt load. In 2011, the ratio of debt to GDP was 106.5%. However, this year it is projected to be 117.5% and next year it is projected to be 120.3%. So whatever you might say about Mr. Kenny, the country is staggering under an even heavier burden today than when he took over.
What about the rising unemployment Mr. Kenny inherited? The unemployment rate was 14.1 percent when he took over in February 2011 and is now 14.8 percent. The increase would have been larger were it not for a return to significant levels of emigration among young unemployed Irish people.


Surely the return to growth is a good sign, right? Actually, a limited return to growth that began under Mr. Kenny’s predecessors has now sputtered out. The latest national accounts show Irish real GDP in 2012:Q2 is 1.1 percent lower than a year earlier.
None of these facts are cited in order to criticize Mr. Kenny, a palpably decent man doing a difficult job. But the constant repetition of the “Irish success story” soundbite has two negative impacts.
The first is on the wider European debate about the impact of fiscal austerity. There are many European politicians who prefer their own version of macroeconomics to the one taught in textbooks. In this alternative universe, tax increases and spending cuts don’t have negative effects on the economy because the fiscal consolidation acts to “increase confidence”.


All across Europe, in Greece, in Spain, in the UK and elsewhere, this story has proven to be flawed. It turns out that fiscal contractions are contractionary. This has pretty clearly also been the case in Ireland but you can be sure that Time’s Celtic Comeback story will be widely cited as an example of the benefits of fiscal contraction.
The second negative impact is on Ireland itself. Ireland is engaged in complex negotiations with other Euro area countries about the possibility of getting relief on the part of its public debt stemming from its enormous bank bail out.

[MPB]

Ireland either revokes the private bank debt and ignores Germany and the ECB and receives credit from the markets or Ireland defaults on sovereign debt and suffers the same fate as Argentina.

How the bloody hell can a country like us be run by a country like Germany?

[Dr. FIVE]

Klaus Regling says question of legacy bank debt has "not been discussed" in terms of ESM by "any European body"

[disability student]

Klaus Regling says question of legacy bank debt has "not been discussed" in terms of ESM by "any European body"

Link please!

[C. Flower]

Have we paid in the €1.2 billion yet ?