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Thread: EU chucks out the rule book to set up 'Stabilisation Fund'.

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    Default EU chucks out the rule book to set up 'Stabilisation Fund'.

    The drama deepens.

    There is a very good account of the 'Stabilisation Fund' and its dodgy legal basis written by Karl Whelan here - The Irish Economy Blog Archive European Stabilisation Mechanism Announced

    Quote Originally Posted by Karl Whelan
    This would pretty much be breaking the spirit, if not the letter, of the Treaty. But, we’re in this territory already. The existing Greek bailout is being legally justified on the basis of this clause in Article 122:

    ''Where a Member State is in difficulties or is seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control, the Council, acting by a qualified majority on a proposal from the Commission, may grant, under certain conditions, Community financial assistance to the Member State concerned.''

    Greece, apparently, is suffering from a natural disaster or an exceptional occurence beyond its control.
    The pressure is telling as Schaueble is rushed to hospital.

    BBC News - EU finance ministers debate 'stabilisation fund'

    This has delayed the press conference at which we are to be told what has been agreed.

    Whelan notes that if they use the same formula to calculate each member State's payment as they have used previously, Ireland will be required to pay more than €4000 million.

    Anyone remember the excitement in Albert Reynolds' time over the five billion we were to get in structural funds? It bought a Constitutional amendment.

    Looks like we may get to give it back soon.
    Last edited by He3; 10th May 2010 at 01:02 AM.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Politics.ie Member rockofcashel's Avatar
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    How much crap do people think that the Irish people will put up with, before losing it altogether... we're gone from having to perhaps pay 400 million, to 1.3 billion, to maybe 4 billion.. and we havent a pot to piss in ourselves
    1,197 people agree with me.. how many agree with you ?

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    Quote Originally Posted by rockofcashel View Post
    How much crap do people think that the Irish people will put up with, before losing it altogether... we're gone from having to perhaps pay 400 million, to 1.3 billion, to maybe 4 billion.. and we havent a pot to piss in ourselves
    Given that 22 billion has gone to Anglo without a peep, I predict the Irish people have no threshold
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Quote Originally Posted by He3 View Post
    The drama deepens.

    There is a very good account of the 'Stabilisation Fund' and its dodgy legal basis written by Karl Whelan here - The Irish Economy Blog Archive European Stabilisation Mechanism Announced



    The pressure is telling as Schaueble is rushed to hospital.

    BBC News - EU finance ministers debate 'stabilisation fund'

    This has delayed the press conference at which we are to be told what has been agreed.

    Whelan notes that if they use the same formula to calculate each member State's payment as they have used previously, Ireland will be required to pay more than €4000 million.

    Anyone remember the excitement in Albert Reynolds' time over the five billion we were to get in structural funds? It bought a Constitutional amendment.

    Looks like we may get to give it back soon.
    There is a good France24 link and Vid here :

    France24 - EU scrambles to come up with stabilisation mechanism

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    FF can be blamed for the property bubble, our loss in competiveness,NAMA and the money being put into Anglo.

    However, this Greek problem and the possibility of it spreading is one of the few things this government cannot be blamed for.

    I do believe the ministers in Europe will come up with a solution. The governments of the world are more powerful than speculators.

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    Quote Originally Posted by toughbutfair View Post
    FF can be blamed for the property bubble, our loss in competiveness,NAMA and the money being put into Anglo.

    However, this Greek problem and the possibility of it spreading is one of the few things this government cannot be blamed for.

    I do believe the ministers in Europe will come up with a solution. The governments of the world are more powerful than speculators.
    Vid here, apparently sarko and berlusconi pulled out of the Red Square Parade to attend the meetings
    But Merkel did not :

    France24 - EU scrambles to come up with stabilisation mechanism

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    Politics.ie Member Grumpy Jack's Avatar
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    Genuine questions here because we really are into unknown territory now.

    What is the alternative to the Greek bailout or this Stabilisation Fund and Ireland playing its part in both?

    Should Greece be left to the mercy of the markets? And then let them turn on Spain, Portugal, ourselves, Italy, etc, until there is no one left?

    Should the euro be allowed to just collapse and we accept all the consequences that will flow from that?

    Or should the EU, including Ireland, do all it can to save the euro and the eurozone economies?

    We really don't know where we are going at this rate and no one seems to have any answers to the crisis.

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    Quote Originally Posted by Christine Murray View Post
    Vid here, apparently sarko and berlusconi pulled out of the Red Square Parade to attend the meetings
    But Merkel did not :

    France24 - EU scrambles to come up with stabilisation mechanism
    Still waiting to find out how much of the rule book they are ditching and at what price. Anyone know who is representing Ireland?

    Quote Originally Posted by BBC

    The meeting has temporarily broken up for bilateral discussions.

    Exact details of what was on the table are not yet known.

    While bail-outs are technically banned under EU rules, the European Commission reportedly plans to extend an existing clause in the Lisbon Treaty, originally designed to allow it to provide aid to non-eurozone states experiencing serious difficulties, to eurozone members.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    But the jobs... and the recovery...?
    Happiness is a dry martini and a good woman … or a bad woman.
    –George Burns

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    Quote Originally Posted by CookieMonster View Post
    But the jobs... and the recovery...?
    This is really not a time for glib remarks.

    We are in a major crisis to which no one seems to have a solution.

    I will ask again - what is the alternative?

    How do we stop the markets devouring the eurozone countries one by one?

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