# Ireland 'in preliminary talks with EU on bailout'



## tiger (13 Nov 2010)

from the bbc
http://www.bbc.co.uk/news/business-11750676


> It is now no longer a matter of whether but when the Irish government  formally approaches the European Financial Stability Fund (EFSF) for a  bailout.
> The provisional estimate for EFSF loans is believed to lie between 60bn and 80bn euros



edit:
curious as to why this is happening now, if we supposedly have enough money for the next six months.
I suspect it's needed for the banks.


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## Marietta (13 Nov 2010)

All we need now is the announcement date of the next General Election.


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## bpb52 (13 Nov 2010)

Six  months is really a short time. We take in 31 B in taxes and spend 60% on public servants pay and pensions.

Can't continue like this, hence need for bailout.

Bond market is calling it right....

Country is sinking and Govt are going to fix the flag !


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## RonanC (13 Nov 2010)

bpb52 said:


> We take in 31 B in taxes and spend 60% on public servants pay and pensions.



More is spent on Social Welfare than on Public Sector wages and pensions. So let me ask you, who contributes more to the ecomony?


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## Marietta (13 Nov 2010)

well if you are a public sector worker you might find out the answer to your question in a very short while.


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## tiger (13 Nov 2010)

guys, time out on the public sector debate?


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## Marietta (13 Nov 2010)

European officials are encouraging Ireland to accept a bailout to restore confidence in its solvency and stop the spread of financial-market turbulence to other euro members, according to senior EU officials.

http://online.wsj.com/article/SB10001424052748703560504575612593174135232.html?mod=googlenews_wsj


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## PaddyBloggit (13 Nov 2010)

Talking to a friend of mine today ... he works in the Dept. of Finance.

He believes the IMF will be in by February.


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## The_Banker (13 Nov 2010)

Brian Cowan saying Ireland doesn't need a bailout is akin to a 5 month old telling his parents he doesn't need a nappy going to bed.


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## pudds (13 Nov 2010)

Were coming up to end game now...remember this,



> *Brian Lenehan*: We are not in the business of bailing out the banks



Thought the corruption in the era of Charles Haughey was *bad* but this takes the biscuit. 


Hate to generalise but were a nation of cute hoors and *now* were bankrupt


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## frankmac (13 Nov 2010)

I dont think you are allowed to slag off the public sector on here


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## pudds (13 Nov 2010)

frankmac said:


> I dont think you are allowed to slag off the public sector on here



Where did I say anything about the Public Sector?


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## Marietta (13 Nov 2010)

possible a case of 'bailoutanoia'


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## frankmac (13 Nov 2010)

pudds said:


> Where did I say anything about the Public Sector?


 
Sorry wasnt talking about you.


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## pudds (14 Nov 2010)

frankmac said:


> Sorry wasnt talking about you.



no worries


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## Shawady (15 Nov 2010)

Even this morning ministers are saying it is pure fiction we will need a bail out, yet talks have been taking place over the weekend about it.

http://www.rte.ie/news/2010/1115/economy.html


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## Locke (15 Nov 2010)

If the ministers are denying it you can be sure as hell it's going to happen.


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## censuspro (15 Nov 2010)

Locke said:


> If the ministers are denying it you can be sure as hell it's going to happen.


....


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## censuspro (15 Nov 2010)

Locke said:


> If the ministers are denying it you can be sure as hell it's going to happen.


 
Bear in mind that Greek politicians denied they were applying for a bailout days before they were actually bailed out.

Wall Street Journal, BBC and FT have all reported that Ireland are in bailout talks.

[broken link removed]


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## The_Banker (15 Nov 2010)

Does anybody other than Fianna Fail ministers and TDs believe we wont be bailed out?

What does it say about the country we live in that we had to find out about the bail out from the BBC and Reuters?


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## AndrewR (15 Nov 2010)

Sorry not allowed post a link but the Guardian have an interesting article on the reasons and reluctance for the "bailout" - title is "Ireland resists calls to seek EU financial aid" 
IMHO the EU big-guns (Germany and France) are seeing an opportunity to hit the 12.5% corporation rate, impose budgetary constraints on Ireland and send out a marker to the other € states. 
Would this be a bad thing? 
With their past history of waste and bad decision making, an imminent by-election and various government back-benchers and independents posturing for position in anticipation of a general election what sacred-cows will the government have to protect in order to make the budget palatable to the TD's who will vote on it. 
At least if the EU sent in the IMF to make some tough decisions there will be finality and direction to dealing with the difference between income and expenditure. The government has no moral or electoral mandate to make the tough decisions needed and with parish-pump politics still very much in evidence will not put the national interest first.

A
P.S. the "Phoney War" rumour that I've heard is that the IMF are already here - two Germans and an American!


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## Towger (15 Nov 2010)

The_Banker said:


> Does anybody other than Fianna Fail ministers and TDs believe we wont be bailed out?


 
They are just in denial. Can you blame them?  With any luck their salaries will be benched marked to those of our German Overloads and then compa ratio-ed down in line for a country of 4m souls.


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## tiger (15 Nov 2010)

The_Banker said:


> What does it say about the country we live in that we had to find out about the bail out from the BBC and Reuters?


 
Yes, the local media seems to be trying to avoid "scare mongering"

As for any real investigative journalism...


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## suemoo1 (15 Nov 2010)

The_Banker said:


> Does anybody other than Fianna Fail ministers and TDs believe we wont be bailed out?
> 
> What does it say about the country we live in that we had to find out about the bail out from the BBC and Reuters?


 

+1.. it says everything really doesnt it!!!!


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## Shawady (15 Nov 2010)

The_Banker said:


> Does anybody other than Fianna Fail ministers and TDs believe we wont be bailed out?


 
And yet for all the lies FF have spun us in the past 2 years, 20-25% of the population will probably vote for them in the next election.


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## Sunny (15 Nov 2010)

FG seem to think something is happening

12:55 15Nov10 RTRS-IRISH OPPOSITION SPOKESMAN NOONAN SAYS BELIEVES EUROPEAN  INTERVENTION FOR IRELAND IS "UNDER WAY"
12:56 15Nov10 RTRS-NOONAN TELLS BBC BELIEVES "THINGS WILL COME TO A HEAD IN THE NEXT 24 HOURS"
12:57 15Nov10 RTRS-NOONAN SAYS IRISH GOVERNMENT FIGHTING "REARGUARD ACTION" FOR SAKE OF APPEARANCES


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## Marietta (15 Nov 2010)

Any updates Sunny?????


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