Sunday Times - Cowen not up to the Challenge

[Outlander]

Sunday Times is early this week.

Following last week’s revelation that two of Ireland’s best-known banks conspired to engage in dubious transactions, alarm bells about the state of the country are ringing in financial centres across the globe. This weekend the former chief economist of the International Monetary Fund called for Ireland to be put at the top of the agenda at a meeting of G7 finance ministers. The panic is understandable. The very people who should have spotted the circular loans between Anglo Irish Bank and Irish Life & Permanent (IL&P) last September — allowing the former to boost its end-of-year figures — are now to investigate those same transactions. If the authorities failed to spot what was going on in the first place, why should we have any faith in the same people to produce a credible report into the affair now that the banks have been rumbled?

Brian Cowen, the taoiseach, is facing multiple challenges and we are not alone in believing he is not up to meeting them. Mr Cowen must realise his immediate priority is restoring our battered reputation. That means pushing ahead with announced spending cuts and making it clear that any further shortfall in tax will be countered with even deeper cuts.

What will tomorrow's papers bring?

Restoring our reputation needs a big clear-out - Times Online

[Schuhart]

Hold up
Restoring our reputation needs a big clear-out - Times Online

On top of that regulatory failure we reveal today that the secret operation put in place last summer to prevent a large number of Anglo Irish Bank shares from flooding the market and collapsing its share price was done with the knowledge of the country’s financial authorities. This secret share deal could cost taxpayers, who now own Anglo Irish Bank, €300m.

I recall seeing some hints about this. Does this mean the Regulator were in on this?

[Outlander]

Hold up
Restoring our reputation needs a big clear-out - Times OnlineI recall seeing some hints about this. Does this mean the Regulator were in on this?

Well spotted Schuart - I just skimmed the article.

I think that's game over!

[peadarmc]

Well spotted Schuart - I just skimmed the article.

I think that's game over!

In any normal civilised and self respecting democracy it would be but much as i hate to say it - this is Ireland (where somehow 22% would still vote for the current shower!)

I hope we, as a people, wake up before its all too late!

[Outlander]

Looks like they are referring to Seán Quinn's shares and the circle of 10 who did the deal with Seanie

[goosebump]

Where is the €300m figure coming from?

Its just popped in there with no explanation as to how it arises.

There is a certain amount of truth in the article, but it is very over-egged in places.

The Bank Recapitalisation only happened this week, and the ST have already decided that its been botched?

[Seos]

I think the international community have now lost confidence in our government, this means even if as many have argued the alternative would have been no different then the perceived change would be good for our economy.

[Ah Well]

In any normal civilised and self respecting democracy it would be but much as i hate to say it - this is Ireland (where somehow 22% would still vote for the current shower!)

I hope we, as a people, wake up before its all too late!

The major prob is that "all too late" is hard to be definitive about at this point, because as others have said the avalanche is already well underway, we're all stuck in the middle of it and no-one can say just where and when this avalanche will stop

[goosebump]

I think the international community have now lost confidence in our government, this means even if as many have argued the alternative would have been no different then the perceived change would be good for our economy.

Who? Labour?

They have a motion in the Dail next week calling for the cancellation of the pension levy. How well do you think that will go down on the Golden Mile?

The only thing that will restore our credibility now are massive spending cuts, but no one seems to be willing to step up and offer them.

[peadarmc]

The major prob is that "all too late" is hard to be definitive about at this point, because as others have said the avalanche is already well underway, we're all stuck in the middle of it and no-one can say just where and when this avalanche will stop

fair point! One thing is clear tho - the longer we leave it the worse it will invariably get!