Ireland Is 'Punished' for Honesty About Banks: Official

[CountAllVotes]

Ireland is being punished for coming clean about the state of the Irish banking industry, Brian Lenihan, the Irish Finance Minister told CNBC in an interview Thursday.

“We are being punished because we have exposed our dirty linen on the banking front," Lenihan said.

"We've made no secret of it. Because I believe the quicker we bring that out, the quicker we bring resolution to our banking difficulties, the quicker confidence will restore and be returned to the country,” Lenihan said following the decision to split nationalized lender Anglo Irish in two and wind down its loan book.

Lenihan dismissed fears over funding problems for the Irish banks, saying the Anglo announcement “was the first in a series of announcements. The EC has cleared the way for guarantees, there is no funding cliff for Irish banks.”

http://www.cnbc.com/id/39072173?__source=yahoo|related|story|text|&par=yahoo

Oh my what a fine mess The Celtic Tiger is in. The rumor is that the debt owed is over 90 billion EU. The above link has an interview with Irish Finance Minister Brian Lenihan discussing this problem (problem ... *eek* = NOT GOOD AT ALL!).

[xchrom]

1. Recommend - to F. And P. And other friends in Dublin - hang in there. Nt

[leveymg]

2. Ireland was turned into a money washing machine for the multinationals a decade ago, now it's coming

out in the wash that the entire economy was built on a lie of extremely low corporate tax rates and privatization of social services. The country had a false affluence brought by being a welcoming home for hundreds of billions of dollars worth of global corporate tax dodging.

Play the tune, and pay the piper.

[CountAllVotes]

3. you are very right

I was in Ireland in 2005. I was also there in 1983 when things were completely different than they were in 2005. I was absolutely shocked (yes, shocked!) by the changes.

Some of the people were the same and others had joined the rich folks club. Many had a whole different view of themselves and the then mighty Celtic Tiger. I knew it couldn't last forever and it was obscene - the prices that is.

I felt like a fool while I was there as everything was so very expensive that I found myself going to grocery stores for food rather than pay 30 Euros for a meal.

As you say, play the tune and pay the piper. This is where Ireland is now and it makes me very sad indeed. :(

:dem:

[westerebus]

4. And the debt goes to the Anglo-City bank.

Wishful thinking on my part.

Does Bernanke know he's part Irish?

And has a moral obligation to kith and kin in the old country?

Tis true.

All the Irish know the lost tribe is they themselves.

What's a hundred billion among family?

What'd say Ben?

Some green for the country its named after.

How'd ya' think it got that color in the first place?

As Irish as the day is long.

Lets not parse words, half a hundred and we call it done!

Now, the Anglo, well they got the Queen Mother to look after them.

Mother's milk is what they'll be gettin'.

True, we're taking a risk on the dollar, but, that's what's family's for.

And a grand Hibernian Mozol-tov to you too!

[Kringle]

5. a litte OT but, Greek 10y bonds, 11.7 percent

http://www.bloomberg.com/apps/quote?ticker=GGGB10YR:IND

[The Backlash Cometh]

6. I applaud anyone who handles these things publicly instead of

keeping them quiet.

[dixiegrrrrl]

7. Lloyds Banking Group to close Irish banks. ( Hmmmmmmm)

Britain's Lloyds Banking Group is closing its Irish business banking operation and in effect pulling out of the country in the latest blow for a local industry ravaged by bad debts and recession.

Lloyds shuttered its 44-branch retail business, Halifax, in Ireland this year and said today it had changed its mind about maintaining its business operation after concluding there was little opportunity for growth.

http://www.guardian.co.uk/business/2010/aug/19/lloyds-banking-group-to-close-irish-banks

and this, from Zero Hedge:

Eurozone members that break the region's rules on public finances should be excluded temporarily from Europe’s political decision-making, the president of the European Central Bank has proposed.

http://www.zerohedge.com/article/trichets-quantum-leap-about-create-tremors-europe

Are they talking about Ireland?

European Union does not seem to be holding together well,

[CountAllVotes]

8. good catch!

Wow, this is really turning into a nightmare for Ireland! :(

Lloyd's of London closed 44 branches in Ireland? YIKES.

:dem:

[dixiegrrrrl]

9. Consider it a shot across the bow for the USA, too.

Banksters are all upset because of threatened banking regs, which will throw a spanner in the works of their money BS, so they are threatening to leave London, Ireland. go offshore, perhaps.
And some rumblings of leaving USA.

Fine....the little banks will be happy to step in and get business.

[CountAllVotes]

10. Lloyd's of London

Who needs them? You are right, the USA has their own banks.

However, all of the branches closing in Ireland is horrible for them as they are losing jobs, etc. so fast that I cannot keep up.