Irish Republic 85bn euro bail-out agreed

[alp227]

Source: BBC News

European ministers have reached an agreement over a bail-out for the Irish Republic worth about 85bn euros ($113bn; £72bn).

Eurozone finance ministers' chairman Jean-Claude Juncker said ministers had "unanimously endorsed" the measures.

The deal will see 35bn euros go towards propping up the Irish banking system with the remaining 50bn euros to help the government's day-to-day spending.

Irish PM Brian Cowen said it was the "best available deal for Ireland".

Read more: http://www.bbc.co.uk/news/world-europe-11855990

[Sanity Claws]

1. Propping up the f'ing Irish Banking System?

Let them fail, just as Iceland did.

[bemildred]

2. Ireland does not agree. Cowen is toast. nt

[Imajika]

3. A majority may not agree, but they will go along with it...

...the bailout will happen. Period. Won't make a whit of difference which political party is in power. The reason is, the alternative to being bailed out is just far worse.

People out in the streets opposing austerity and EU/IMF bailouts haven't had one iota of impact in Greece (bailout), France (raised retirement age), etc.

It is good that people are able to voice their disgust, but all the protests in the world will not change the inevitable. Portugal will probably be next, and perhaps Spain at some point. It is going to be a painful process, but there is no stopping the various bailouts and austerity programs.

[bemildred]

4. Iceland. Argentina. nt

[Imajika]

5. What about them?

Neither Iceland or Argentina are in the EU. A completely different situation.

Iceland has now applied to be in the EU, but they aren't yet. Argentina is obviously not.

[bemildred]

6. They told the IMF to screw off, they are doing fine.

It is true they are not the Irish, it is also true that they demonstrate that it is possible to not take the "bailout" and get by.

[Imajika]

7. Again, they are not in the EU..

This is a critical piece of information you keep trying to overlook.

It is because they are in the EU that they can't even consider defaulting.

[bemildred]

9. You said: "The reason is, the alternative to being bailed out is just far worse."

I was pointing out that there is evidence to the contrary. It is true that Ireland is part of the EU, but that also can be changed. I favor letting the Irish people decide, with early elections. Then at least whatever happens they will have had a say in it.

[Imajika]

11. Sure, I am for letting the people decide as well...

I do believe the Irish even rejected Lisbon at least once and have being somewhat skeptical of the EU.

But, at the end of the day, the people will not reject an EU/IMF bailout. As an EU member, the consequences of default are just worse than taking the bailout.

Remember the rioting and protests in Greece. The masses were supposed to stop the bailout? Yeah, that didn't happen. The bailout went ahead as planned. Greece just had elections and the ruling socialist party did quite well actually. While the loud minority oppose the bailouts, it seems as if the quiet majority are prepared to accept this path.

I have not seen one case recently of strikes and protests stopping bailouts, austerity or, in the case of France, raising the retirement age.

It looks to me that the majority of Europeans have just sort of resigned themselves to austerity and bailouts in some countries.

[bemildred]

12. Well, that's why you have elections, to find out what the public wants.

The Argentines went through how many governments before they got to Kirchner? I forget.

[muriel_volestrangler]

8. Actually, Iceland accepted $2.2 billion from the IMF

http://www.imf.org/external/pubs/ft/survey/so/2010/int100610a.htm

There was no 'screw off'. In relation to their population sizes, the IMF intervention in Iceland is larger than what they've announced for Ireland (about $2.2 billion for 320,000, compared to $22.5 billion for 4,450,000).

[bemildred]

10. Alright, so they took a little bit.

Argentina was not clean and sweet either, but they are happy with the choice they made.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=9640054

“The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”

[sarcasmo]

13. Portugal is up next, imho.