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Thread: Nightmare for jobs as Eircom to shed 2,000

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    Politics.ie Member Ulster-Lad's Avatar
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    Default Nightmare for jobs as Eircom to shed 2,000

    Eircom wants to slash up to 2,000 jobs at the former State-owned telecommunications giant in a devastating blow that will heap further pressure on Brian Cowen just days after the Government claimed the recession is over.
    The Sunday Independent has learned that Eircom, saddled with debts of more than €3bn, is planning the largest redundancy package in the State since the downturn began three years ago.
    Nightmare for jobs as Eircom to shed 2,000 - National News, Frontpage - Independent.ie

    At least we have turned a corner.
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    Quote Originally Posted by Ulster-Lad View Post


    Expect more spin from Fianna Fail.

    I guess we should be thankful Fianna Fail are not telling us to commit suicide!!

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    Thats what you get when you sell public companies to privateer spivs.

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    Politics.ie Member Oreo Livermore's Avatar
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    Quote Originally Posted by Cael View Post
    Thats what you get when you sell public companies to privateer spivs.

    What are you on about. Did you buy stock in Eircom when it was offered

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    Last week alone over 400 "agreed" to take voluntary early retirement,these would have been mostly well paid staff and this not only will increase the live reg but will mean a very big drop in paye revenue.As much as the venture capitalists have raped Eircom the regulator is the person most responsible fo its demise with his outrageous demands on Eircom so as to assist competition.

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    Eircom's a bit of a unique case though and it's not reflective of the economy as a whole.

    I'd like to know how the heck eircom ran up a multi billion euro debt without spending a red cent in Ireland over the last decade.

    They are still largely sweating the same assets that Telecom Eireann installed under state ownership.

    Same wires, same ducts, same voice/isdn exchanges .... All they've done is installed a pretty crap adsl network on top of old TE infrastructure.

    They lost billions somehow DURING the boom !!

    If I were a shareholder, I would be asking a lot of questions about how this company was run!!

  7. #7

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    there are a large number of workers in that 400+ that were employed as gov. employees when it was a public company. They are not able to get dole payments because they had a secure job where they could not be made redundent and as such the dole will not grow by much more

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    six .... they ran that debt by the private companies that bought it over putting the cost of buying it over onto the company books

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    Politics.ie Member LDF's Avatar
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    Sunday Tribune also reporting that AIB and BOI will announce 1,000 redundancies each shortly.

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    Politics.ie Member LDF's Avatar
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    Quote Originally Posted by ffireland View Post
    six .... they ran that debt by the private companies that bought it over putting the cost of buying it over onto the company books
    ..with the tacit agreement of the trade unions.

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