Ireland in political chaos as bailout triggers election (after Green Party calls for it)

[Turborama]

Source: Sydney Morning Herald

Loic Vennin and Andrew Bushe
November 23, 2010 - 2:09PM

Ireland's political turmoil intensified Tuesday after Prime Minister Brian Cowen promised to call a general election in the New Year once parliament passes a budget at the centre of an international bailout.

It could take several weeks for the budgetary process to be completed and Cowen would then have to formally dissolve parliament and set an election date, meaning an election may not be held until February or March.

Two independent members of parliament on whom the government depends to pass legislation said they were likely to withhold their support, raising fears that the crucial budget might not be passed at all.

Cowen, who entered a coalition government with the Green Party in 2008, on Monday bowed to calls from its disgruntled junior partner to call an election in the wake of Ireland accepting a bailout worth up to 90 billion euros (122.5 billion US dollars).

Read more: http://news.smh.com.au/breaking-news-world/ireland-in-political-chaos-as-bailout-triggers-election-20101123-184za.html

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Ireland's Green Party calls for early general election
10:20 AM, November 23, 2010

Ireland's Green Party, a partner in the government's coalition, on Monday called for early general elections in the second half of January next year.

Irish Prime Minister Brian Cowen on Sunday night confirmed that the European Union (EU) has agreed to the opening of formal negotiations to allow Ireland to seek financial assistance. The move could result in "tens of billions" of euros being made available to Ireland to keep the country running and to stabilize its banks.

But Green Party leader John Gormley expressed anger. "The past week has been a traumatic one for the Irish electorate. People feel misled and betrayed," he said. "We have now reached a point where the Irish people need political certainty to take them beyond the coming two months."

He called on Cowen and his Party Fianna Fail to pass an emergency budget next month, then dissolve parliament early next year.

More: http://english.peopledaily.com.cn/90001/90777/90853/7207851.html

[xchrom]

1. Awesome. Look for the argentinian solution

And tell the IMF to stick it.

[rayofreason]

2. Ireland can't devalue...

..They are strapped to the Euro.

And with regard to a default, I hope that any funds you have in your IRA (or your pension fund) never bought Irish bonds or stock in a company that buys Irish bonds, because in a default, the people who would be holding the bag are those who held Irish debt.

[Dr.Phool]

3. They can unstrap from the Euro.

It's time to take power back from the banks.

[mackerel]

4. Reminds me:

Turning and turning in the widening gyre
The Falcon cannot hear the falconer;
Things fall apart; the center cannot hold,
Mere anarchy is loosed upon the world.

W.B. Yeats, "The Second Coming"

[Ghost Dog]

11. A terrible beauty is born.

[roamer65]

19. The new Punt will take a massive devaluation if they do drop the Euro.

Argentina's peso dropped by at least 2/3 when the Argentine gov't depegged from the dollar in 1999-2000.

Joining the EU's ERM2 and adopting the Euro is selling your national soul to the financial devil.

[Ghost Dog]

10. "... the people who would be holding the bag ..."

Relatively 'little' people, still, I predict. Certainly not the likes of Goldman Sachs.

[girl gone mad]

12. Sounds like you rented your money out to the wrong people..

schemers and dreamers, engaged in obviously foolish real estate speculation.

Irish workers, who were by all accounts responsible and rational actors, should not be forced to pay those gambling debts.

[rayofreason]

13. Fortunately...

...my 401K is not directly exposed (no pension - what I got is what I got), but there is no escaping the ripple. Regarding "rational actors", would those folks be like all the people in the US who loaded up on mortgages they could not afford and took out equity loans to buy the new flat screen TV and SUV? Take a look at what happened in Iceland and how "rational folks" spent the money. I don't know what the scene was in Ireland, but people are people, and primates have a consistency of behavior when confronted with abundance, even if it is ephemeral.

[girl gone mad]

14. Ireland ran a budget surplus during the bubble years.

Irish taxpayers should not foot the bill for the gamblers, period.

[lovuian]

20. yes Ireland voted for the Euro and now they are going to

get the Euro...thing is they are going to be asked to be slaves to the Euro
and No more Ireland

just a slave state

[truthisfreedom]

5. Might be time to re-think the name of that party.

I'm just sayin'.

[mackerel]

7. Biffo can get stuffed.

He saying he'll call for new elections in January. Piggy of him!

[KamaAina]

15. It's Gaelic

:-)

[Ghost Dog]

17. It's Gaelic and it's pronounced "Foil".

;)

[Tripmann]

18. As in 'Slan go fóill'??

[gristy]

6. The NY Times is now saying that "Cowen said he would dissolve the government

after passage of the country’s crucial 2011 budget early in December."

http://www.nytimes.com/2010/11/23/world/europe/23ireland.html?_r=1&hp

[mackerel]

8. Just heard Biffo

"The Government will face the enourmous struggle., etc., etc"

He's so full of it!

Biffo said it will be at the end of January, well implied it, but don't hold your breath!!!.... "My Govrnment and my followers, back me" he actually had the cojones to say on RTV!!!...AHHGGG

[Ghost Dog]

9. Note this advantage of a Parliamentary system in which

election timing can be chosen or forced, and of multi-party politics in which behemoth parties cannot often nor for long ignore the points of view expressed by alternative parties.

[mackerel]

16. Any questions:

http://www.wheelspinninghamsterdead.com/comics/0029-pravda.html

[StarsInHerHair]

21. great, another promise around New Year's

just wonderful