Monday May 28, 2012

JAPAN NEWS AND DISCUSSION

Irish opposition on brink of election win

World Feb. 27, 2011 - 09:26AM JST ( 8 )

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8 Comments

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elbudamexicanoFeb. 27, 2011 - 07:34AM JST

Wow! But will this really have any effect on the price of me Guinness??
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GJDailleultFeb. 27, 2011 - 09:00AM JST

The question is how did they even manage to get 17%? Should have been 0%. My Gaelic is a bit rusty (about 4 generations of no usage does that) but I thought Fianna Fail meant "soldiers of incredible moronic stupidity and mind-blowing levels of corruption".
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jruaustraliaFeb. 27, 2011 - 09:42PM JST

Ireland’s ruling Fianna Fail party faced its worst defeat in nearly 80 years

DE VALERA and LEMASS must be turning in their graves. COWEN entered the race with the EU loans around his neck, but unfortunately for the Irish people it might be too late to renegotiate the bailout.
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jruaustraliaFeb. 27, 2011 - 09:42PM JST

the Standard & Poor’s ratings agency cut its credit grade for Ireland and warned it could fall further because of doubts about the true scale of defaulting loans in the country’s largely state-owned banks.

Ireland's woes came mostly from bailing these state-owned banks. I doubt the incoming govt will push a more hostile tact than Fianna Fail -- after all its debt stands at 80 pc of GDP.

BUT if FG and Labour are willing to amend the EU loan then saying goodbye to Ireland's privileged banking system should be one of its shopping list.
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GJDailleultFeb. 27, 2011 - 10:06PM JST

They aren't "state owned banks". They are banks that received government guarantees.

There is only one reason for a government to guarantee a bank, that reason is called organized crime.
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jruaustraliaFeb. 28, 2011 - 08:12AM JST

They aren't "state owned banks".

I was of course repeating it from the article, and I guess as these banking losses in Ireland have been 'socialized' (R E A D: bailed by public money) they are quite close from being state-owned.

But I agree, committing billions by a govt to pay-off or guarantee toxic assets' contrary to transparent governance. But in a harmonized global financial regime it's quite spooky if govts offer nothing instead as alternative :(
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GJDailleultFeb. 28, 2011 - 11:13AM JST

iruaustralia - you are right, they are, in effect, state-owned now. I meant they weren't state-owned when all the damage was done.

The alternative is for banks who lose money to lose the money. Otherwise there is no point to banking. How we managed to get to a "harmonized global financial regime" that doesn't reflect that basic economic concept is what is spooky.
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jruaustraliaFeb. 28, 2011 - 05:16PM JST

How we managed to get to a "harmonized global financial regime" that doesn't reflect that basic economic concept is what is spooky.

Indeed, but I doubt the power that worketh would want the whole regime to fall. They won't, I'm just being realistic ;)