Banks in Ireland 'on brink of collapse'

[Lars77]

Source: Mail Online

Ireland's biggest banks are facing collapse this week unless an immediate international bail-out package can be agreed, senior insiders have revealed.
Allied Irish Banks and Bank of Ireland have each suffered a multibillion-euro ‘run’ as foreign investors withdraw their cash amid fears that both institutions are effectively bust.
It was this secret ‘run’ that brought the IMF and EU bail-out teams to Ireland in an effort to prevent the banks collapsing entirely. If they do, it would trigger Ireland’s €440bn blanket bank guarantee – potentially leaving the State unable to pay the debt.



Read more: http://www.dailymail.co.uk/news/article-1331690/Ireland-bailout-Banks-brink-collapse.html?ito=feeds-newsxml

[xchrom]

1. oy. nt

[saigon68]

2. Hey boys pass the Dom Perrignon--- We are about to be BAILED OUT

Seen this before ---WHERE?? ----Oh AIG that's where

[formercia]

3. Rewarding bad behavior

It doesn't work with children either.

[saigon68]

4. THEY HOWEVER --don't drink Dom Perrignon

[rfranklin]

12. Yes, it is a transfer of private debt to the taxpayers....

and a consequent enrichment of the very people who caused the problem. This is what is going on in the USA and all over the world. It is the globalization of the "banksters."

[Starckers]

14. Drinks on the house

I'll have a Guinness!!!!!!

[dbt]

5. BBC: Ireland recommends bail-out request

The Republic of Ireland's finance minister has recommended that his country makes a formal application for aid to shore up its finances.

Brian Lenihan put no figure on how much may be needed, but told RTE radio it would be "tens of billions" of euros.

A bail-out from the EU, European Central Bank and International Monetary Fund (IMF) had been widely expected.

The government is meeting later to finalise a four-year plan to cut its budget deficit.

http://www.bbc.co.uk/news/business-11805529

[molly77]

8. I didn't think that Ireland wanted an IMF bail out.

They know a little something about debt bondage. A lot of Irish who came to America had to become indentured servants to pay for their passage. They tell the stories from generation to generation. Unlike US who do not know our history.

[grahamhgreen]

6. Let them collapse.

[idrahaje]

11. That'll start the IRA back up

not good

[bemildred]

7. Good. Start new banks with new management.

Let the failures spend more time with their families.

[originalpckelly]

9. Too rich to suffer. EOM.

[socialist_n_TN]

10. Ah yes. "The Shock Doctrine" comes to Ireland.......

The IRA might need to come out of retirement. This time for international capitalists.

Is next year the year for the USA?

THEY fuck up, WE bail them out, and then WE pay more with this austerity bullshit.

[hayu_lol]

13. I would imagine that executive staffs and Boards of Directors...

have been enjoying their high salaries, perks, and looking forward to the same gargantuan bonuses that their American counterparts have been enjoying.

Try and imprison the bastards.

[Odin2005]

15. Corporatism strikes again!

I find it sad that so many on the Left thing the EU is some great thing, it is not. The EU is a way the Corporatists can overrule popular democratic decision-making.

[Psephos]

18. Yes, good point. n/t

[Fool Count]

16. Reliable banking is way too important for a stable economy to leave it to

private enterprise. That's why banking industry should be owned and run by the state permanently, rather than go through
periodic nationalizations at a great cost to the taxpayer every time something goes wrong. Without their banking superprofits
during the "good times" the elite will be poorer, and without the enormous bailout expenses during the crises everyone else would
be richer greatly diminishing income inequality also. Private banking is the biggest scheme allowing the rich to steal from the
poor ever. And that's when almost any element of capitalist society can be considered such a scheme.

[JCMach1]

17. Self-fulfilling prophecies... talk of a bailout fuels a run on the Euro in Irish banks

Thank you EUCB and IMF!

[Safetykitten]

19. Lucky Charms banking system.

[boppers]

20. Lots of businesses bank in Ireland for their low corporate tax rates.

Whoops, now Ireland is out of money.

Imagine that!

My solution to this repeating, global, problem is twofold:
1. No bailouts, in any nation, anymore.
2. Free emigration and immigration to, and from, any nation.

TPTB don't like this, of course, because it would annihilate the funnel from the poorest to the richest. Heck, many Americans would balk at living like most of the world does.

[rfranklin]

21. Ireland confirms reports it will seek bailout

Source: Marketwatch

Nov. 21, 2010, 11:38 a.m. EST

Ireland confirms reports it will seek bailout
By MarketWatch
TEL AVIV (MarketWatch) — After weeks of insisting that it needed no bailout, Ireland conceded Sunday that it will need a financial rescue package from the European Union and International Monetary Fund, according to media reports.

Ireland’s finance minister, Brian Lenihan, declined to specify a figure except to say that it would be less than 100 billion euros ($136.7 billion), the reports say.

The Sunday Times of London had reported earlier that Ireland would seek a package valued at as much as 120 billion euros.

Lenihan said Ireland was running a deficit of $26 billion and could not finance that amount at current market rates, the reports say.

Lenihan also said Irish officials also were seeking backing for Ireland’s debt-burdened banks.

Earlier in the day, the Sunday Times of London report said the IMF, EU and European Central Bank were preparing a 120-billion-euro ($164 billion) bailout of Ireland, requiring the country to raise taxes and nationalize more banks.

Such a plan would have exceeded the 110-billion-euro bailout created for Greece earlier this year.

Ireland may request the rescue package as early as Monday, reports say.

Ireland’s cabinet was also meeting in an emergency session this weekend to complete a four-year budget. The Wall Street Journal said the cabinet will be looking for $20.5 billion of cuts in the budget over the four years.

The Sunday Times had reported that the package would include a property tax of 500 euros a house plus more public-sector cuts.



Read more: http://www.marketwatch.com/story/story/print?guid=DF735362-F548-11DF-8066-00212804637C

---

The last line about the property tax says it all. The public is being asked to bail out the banks and assume debt they never incurred. The bankers will walk away scot free (ha ha) with gigantic bonuses and congratulate themselves on a job well done.

[RUMMYisFROSTED]

22. O'sterity.

:think:

[muriel_volestrangler]

23. Ireland confirms EU financial rescue deal

The Republic of Ireland and the EU have agreed a financial rescue package, Irish Prime Minister Brian Cowen has confirmed.

Mr Cowen said the amount and terms would be negotiated in the coming days with the EU and the IMF.

http://www.bbc.co.uk/news/business-11807730

[Dappleganger]

24. My Irish Mafia Wars friends are livid...

learning a few new swear words today, lol.

[Robert Oak]

25. agenda to "reduce minimum wage" in Ireland

As soon as the "details" are found on this "deal", over on The Economic Populist, I will post it. You get bet they will be going a Greece style austerity.

Quotes on the agenda to reduce Ireland's minimum wage here:

http://www.economicpopulist.org/content/ireland-goes-loving-arms-imf-bail-out

[girl gone mad]

26. Kicking the can down the road.

The Irish government has sold out its people, and for what? More debt to delay the next leg of the crisis for a few more months. Why do I think this won't go over well?

[bossy22]

27. maybe its time for the euro

to just die already....in theory it was a great idea but in reality it was not.

[CountAllVotes]

28. Ireland should have stayed out of the EU

They have not only lost a lot of money, they have lost a large chunk of their identity. Hitler would be proud dare I suggest? :grr:

The EU did a real nice job tearing up ancient Ireland and built toll roads/freeways everywhere. There is no one to drive on these roads now much less pay a toll. :dunce:

As for the alleged 30,000 vacant homes (or is it really 300,000 vacant homes Mr. Cowan?), the plan is to perhaps bulldoze them under being there is no one to buy and live in these places.

What a fine job the great EU has done to Ireland.

Rot in hell Fianna Fáil!

:dem: