EU must halt Irelands Madness - Kelly

[jacko]

Report: EC wants to close down Anglo | Irish Examiner

So Lenny is meeting Almunia on Monday to try and cement the bailout

while Kelly is meeting him on Tuesday to try and stop it

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Lets hope that the Commissioner realises that Lenny does not speak for the people of Ireland

[Nemi_]

Lets hope that the Commissioner realises that Lenny does not speak for the people of Ireland

I don't quite get Kelly's point there. The Commissioner has no particular brief to protect the people of Ireland from the Government they elected. So, I expect, he most certainly will take Lenny as speaking for Ireland.

All that decides the matter is if the Commissioner feels that, in some way, Ireland bailing out Anglo is bad for the whole of Europe.

[jacko]

I don't quite get Kelly's point there. The Commissioner has no particular brief to protect the people of Ireland from the Government they elected. So, I expect, he most certainly will take Lenny as speaking for Ireland.

All that decides the matter is if the Commissioner feels that, in some way, Ireland bailing out Anglo is bad for the whole of Europe.

well actually the correct application of eu competition law will see the Commission block the bailout and ergo the EU is protecting us from the madness of our government

[the_rebubblican]

The threat of losing economic independence with our handling of the financial crisis is coupled with the loss of our political independence. The EU will I'm sure bail us out somehow but Cowen and Lenihan may someday soon witness the nadir of our small nation state's freedom of action when the EU will finally tell them what they are going to do.

[Libero]

Pure fluff from Kelly.

If he'd any killer instinct, he'd use the government's own spin against it. For example, he could outline how the government has been insinuating that its decisions have been made, at all times, in consideration of the country's European partners and in close consultation with relevant institutions.
But we know that's horsepoo; the biggest decision of all - the guarantee - was made in disregard of European opinion, and a similar look-back exercise at other decisions would show the idea of orders from Europe being used as cover, rather than informing the decision in advance.
It's a dangerous line of rhetoric for the government to use, since if it's believed by the public, it makes the EU project more unpopular than ever - not what Almunia wants or needs, not with any future Treaties in mind.

Kelly should hammer a solid point like that, rather than giving us the whole man of the people guff. It might even cause Almunia to think again.

[Sailor]

If the government opts for a wind-down rather than the good bank/bad bank option, is it not in our interest to spread the period of the wind-down over at least 10 years? Kelly is suggesting 5/6 years - and I recall Burton saying the same. Also, Aynsley is quoted on today's IT as saying a 10 year wind-down would be €4/5 billion more expensive than keeping the bank going. Do we have any comparative figures for a 5 year wind-down?

[blacbloc]

I don't quite get Kelly's point there. The Commissioner has no particular brief to protect the people of Ireland from the Government they elected. So, I expect, he most certainly will take Lenny as speaking for Ireland.

All that decides the matter is if the Commissioner feels that, in some way, Ireland bailing out Anglo is bad for the whole of Europe.

Since when do EU Commissioners take elected government representatives seriously - being appointees themselves, it's manifestly never been an issue for them. That said, forcing Lenihan to dump Anglo would be a massive favour to this country.

[hiker]

Since when do EU Commissioners take elected government representatives seriously - being appointees themselves, it's manifestly never been an issue for them. That said, forcing Lenihan to dump Anglo would be a massive favour to this country.

Be careful what you wish for.
I have a feeling the repercussions of a bond default for Ireland will be sorely felt for a generation to come.
Its not so much that we would not have to repay AngloIrish Banks Debts, its that we could not raise enough credit to pay our 20 billion current account debt.

Thats instant layoffs for 30% of the public sector. Although I'm no fan of the PS I would not wish that upon them and their families and communities.

[jacko]

wonder if Lenny has given up on getting anything on Anglo tomorrow and might settle for a renewal of the guarantee being cleared by the commission ?

[spidermom]

Since when do EU Commissioners take elected government representatives seriously - being appointees themselves, it's manifestly never been an issue for them. That said, forcing Lenihan to dump Anglo would be a massive favour to this country.

How can this crowd hold on to any semblance of credibility, if the EU tell them to close the doors on a "systemic"...(according to them....) piece of the Irish banking system??