UPDATE: Thousands March In Dublin Demanding Irish Default, Election

[bemildred]

Source: WSJ

DUBLIN (Dow Jones)--Thousands of people marched through Dublin Saturday, demanding the Irish government default on the country's debts, call an immediate election, and reverse plans for tough budget cuts and financial support from the International Monetary Fund.

Police said about 45,000 took part in the demonstration organized by the Irish Congress of Trade Unions, an umbrella group for unions representing some 800,000 workers across the island of Ireland that wants the government to do more to generate growth and jobs.

Blowing whistles, and to the sound of a marching band and drummers, the protesters chanted "Burn the bondholders" and "They say cut back, we say fight back," as they made their way to a gathering at the city's General Post Office, the site of an uprising in 1916 that served as a catalyst to events that led to Irish independence.

"We should be having an immediate election. I think they should default on the bonds," said Valerie Whelan, a 58-year-old writer holding a placard saying "I don't want my daughter to emigrate."

Read more: http://online.wsj.com/article/BT-CO-20101127-700922.html

[xchrom]

1. recommend

[Divernan]

2. Support from the IMF always comes w/ some very harsh conditions.

I heard from a banker friend that the mortgage debt in Ireland averages out to $100,000 for every man, woman and child.

[bemildred]

3. Bailout of Ireland near

What's the hurry, that's what I want to know.

NEW YORK (CNNMoney.com) -- Amid concerns about an escalating debt crisis, European finance officials were meeting Sunday to work out details of a bailout for Ireland expected to be worth tens of billions of dollars.

European government representatives met Saturday night and were briefed on the negotiations, according to a government statement.

"We're trying hard to find a solution and I hope tomorrow the financial markets will understand and see that the euro is a safe and stable currency now and for the future," German Finance Minister Wolfgang Schauble said.

Ireland's economy has been ravaged by a collapse in housing prices, unemployment and a financial sector meltdown. The government, which has backstopped many of the country's heavily indebted banks, has run up a huge deficit that now nears one third the size of the overall Irish economy.

http://money.cnn.com/2010/11/28/news/international/ireland_bailout/

[bossy22]

4. are people that stupid????

What do they think, that once you default all your debt goes away and you are forgiven? NO! Your debt load may decrease but you will be forced to run a completely balanced budget for the coming decade because NO ONE IS GOING TO BUY YOUR BONDS. Which means you have no way of financing. Either the Euro countries will make you fix your budget or the market will.

[muriel_volestrangler]

5. I think many people say 'default' when they mean 'restructure'

ie work out a plan where major creditors give up a percentage of the amount owed, but still get most of their debt back. I agree saying "haha, suckers, you've lost it all" would mean no-one would lend to them for decades. But a 'haircut' is an acknowledgement that a less-than-perfect debt rating is justified - that there's some risk. Ireland was hoping to look as strong as the highest rated countries, and it's now clear it wasn't.

[ozymandius]

6. It really is about giving bondholders a shearing.

The national debt reflects the amount promised from the Irish government to the bondholders who bought bank bonds expecting guaranteed rates of return. When the bets went south, the government stupidly promised to cover the losses and honor the bondholders' bets at 100% of nominal value. So I would say that restructuring would be a good thing when you compare the draconian cuts to basic living standards that come pre-packaged with this IMF/EU bailout. One could preserve the national rating standards if one let the bank bondholders sink. Ireland had a very stable economy with momentum before the government promised common wealth to cover private losses.

[mbperrin]

7. So....having no interest expense and running a balanced budget are

bad in what way?

Beauty of default is that it IS self-curing - the banker/rat/thieves go away, because they really did take a lick.

You get to keep 100% of your government revenue, whereas in the "bailout" you still must run a balanced budget less whatever percent is going to the leeches - 10%, 20%, 30%.

Being shunned by bankers would be a dream come true and get people and countries off the debt pipe. Time to end the shadow economy, and this seems like a good place to begin.

[girl gone mad]

8. Ireland ran a surplus for most of the past decade.

Default is the best option for the workers.

[lovuian]

9. People choose being a slave nation to the EU or

getting Ireland back from the banksters BS