Commission to initiate excessive deficit procedure

[He3]

THE EUROPEAN Commission has questioned the Government’s ability to implement its recovery plan and criticised the plan’s lack of clarity.

The comments are made in two reports which will be released today when Brussels will formally initiate an excessive deficit procedure against Ireland for the first time.

Jamie Smyth

The reports say Irish policymakers failed to maintain “a prudent fiscal course” during the boom, particularly in relation to maintaining spending targets. This tendency to change targets “might limit their ability to credibly commit to a consolidation strategy in difficult times”, conclude the reports.

Ireland is one of six member States named.

Smyth explains that the process allows the EU executive and other EU partners 'to recommend policies that would restore an errant state’s finances to order'. France, Greece and Spain are also to be named.

Smyth quotes the Commission as warning that the Government’s €440 billion bank guarantee scheme could have a “potential negative impact on the long-term sustainability of public finances”,

[Outlander]

Called to the headmaster's office!

[Factorem]

So, close to 100 years of independence, we're effectively one step away from being a modern-day colony.

The 2016 celebrations will be great craic altogether when a good 25% to 50% of our economic output is used to repay debt.

To people under 40 with no mortgage/kids/debt: Get out while you still can.

Let the fat landlords who've been shafting you for years pay for their own pension/healthcare cos they certainly won't be paying for yours!

[jpc]

So, close to 100 years of independence, we're effectively one step away from being a modern-day colony.

The 2016 celebrations will be great craic altogether when a good 25% to 50% of our economic output is used to repay debt.

To people under 40 with no mortgage/kids/debt: Get out while you still can.

Let the fat landlords who've been shafting you for years pay for their own pension/healthcare cos they certainly won't be paying for yours!

It has the potential to be rather muted when thought of in the terms you describe.
Biffo won't have a sneer on his lip when replying to these folks.
Now how fast and how painfully will things be "corrected" by this warning.

[cyberianpan]

Plenty others with us:

Forbes/Reuters
BRUSSELS, Feb 16 (Reuters) - The European Commission will on Wednesday launch disciplinary steps against France, Spain and Greece for exceeding the European Union's budget deficit limit of 3 percent of GDP, draft documents showed on Monday.

Indeed from above unclear if we will actually get sanction, see EU Observer also

Other source
The European Commission is expected to open excessive deficit procedures against at least 6 countries from the Eurozone - Ireland, Greece, Spain and France - and two outside the zone - Romania and Latvia, Germany's DPA news agency reports quoting diplomatic sources that attended on Monday evening a meeting of the finance ministers from the Eurozone.

This isn't really a surprise

cYp

[seabhcan]

Smyth explains that the process allows the EU executive and other EU partners 'to recommend policies that would restore an errant state’s finances to order'.

Seeing that our gov hasn't a clue what to do, i look forward to read what Brussels comes up with.

[goosebump]

Seeing that our gov hasn't a clue what to do, i look forward to read what Brussels comes up with.

Ich auch...sorry, me too.

[BodyofEvidence]

We kinda know the way out of this - what we dont know is who will implement it. External or Internal leaders.
Fasten your seatbelts....

[jpc]

We kinda know the way out of this - what we dont know is who will implement it. External or Internal leaders.
Fasten your seatbelts....

The charades with the 2 billion cuts indicate that will be done externally.
The goverment and unions have demonstrated their lack of ability to deal decisively with the catastrophic mess the nations finances are in.

[absconded]

Yeah I just love this. Pressure from outside.
The mf´s don´t listen to the citizens. How about this tac Messers Brian & Brian??
You have screwed the finances. Schoolboys could have done a better job.
Now, our children will pay.History doth repeat itself. I´m sure my parents felt the same in 70´s/80´s. Oh?? was that FF again?