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Thread: Ireland's reputation abroad in ruins, foreign capital leaving ...

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    Politics.ie Royalty toxic avenger's Avatar
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    Default Ireland's reputation abroad in ruins, foreign capital leaving ...

    The Business Post has an article covering some of the foreign commentary on our predicament. It's not good. Our reputation as a country capable of good self-government has been traduced by the irresponsibility and immorality of the political, business, and banking class during the Ahern years..
    The last few months have seen a deluge of bad publicity for Ireland in the world press. We have been referred to as “Reykjavik-on-Liffey” (the Economist), “Liechtenstein on the Liffey” (the Guardian) and “all washed up” (Daily Telegraph).

    Leading international publications have queued up to use suitably appropriate metaphors for Ireland’s woes, from “a terrible bust is born” in the New York Times to “an Irish stew” in the Economist.

    The coverage has generated anger in government circles among politicians who are concerned about the implications of such a bad image abroad. These concerns have spread from the Department of Finance to agencies like IDA Ireland, which is charged with attracting capital and jobs to the country. The Department of Foreign of Affairs last month sent envoys to key financial centres to counter some of the negative publicity.
    Unfair, cry the Government. But based on facts, and the facts are the still unfolding revelations of the fraud, corruption, and wink-wink, nudge-nudge complicity of those we were told to laud during the pyramid scheme's height. The international press did not invent these things, they were there under the carpet just waiting to be found...

    The newspaper article to cause the most outrage in business and government circles appeared in USA Today in January. Under the headline, “Irish stand united in hatred of banker Sean FitzPatrick”, the article quoted an elderly Anglo shareholder as saying, of Ireland’s economic success, that “the whole place has been founded on a lie”.

    The article said FitzPatrick “now symbolises the crony capitalism that was an essential, if unacknowledged, aspect of the nation’s economic ascent”.

    But while the actions of one man caused international embarrassment, further revelations about Anglo deposits coming through Irish Life & Permanent appeared to undermine the integrity of our whole banking system.

    The government is concerned for a number of reasons. Deposits have been leaving the Irish banking system in recent months, despite the guarantee.

    Central Bank figures for deposits in the Irish system show that total deposits from banks and other monetary financial institutions from countries outside Ireland and the eurozone fell by €57 billion - or 9.3 per cent - to €554 billion in December. There are likely to be several reasons for this, and not all of them would constitute a flight of deposits to other locations.
    So, though capital can and does leave for all sorts of reasons, a large amount of capital is fleeing the country precisely because our reputation is in the mud, a reputation forged for us by those who must have known we were accelerating towards the wall. It all ties in with the damage done to the reputation of Irish politics by Ahern, Lawlor, Haughey and the like. The damage done when a Taoiseach is clearly perjuring himself before God and man, mocking the rule of law he is supposed to uphold, is as big if not bigger than the damage done by our late banking aristocracy with their deceit and greed.
    Last weekend, the Financial Times ran a story which seemed to suggest that Ireland’s fortunes of the last 15 years were something of a blip - and it was now a return to business as usual.

    Under the headline “Prosperity just a blip for old Ireland”, the report gave a tough assessment of the problems faced by towns where overbuilding had taken place. Referring to one property developer, the article said “he is seen as the epitome of the ‘cute hoors’, the deal-makers, duckers and divers who dominated the [Bertie] Ahern years”.
    The German Government already refers to Ireland as 'the Wild West of the Eurozone' Our reputation is now of a basket-case again, a country that had a giant blow-out, had its 15 minutes of fun, and is now back to where it always was, at the door with the begging bowl ready. From Europe's shining light to Europe's whining sh1te in the blink of an eye. Thank you to Mr. Ahern, Mr. McCreevey, Ms. Harney, and Mr. Cowen, and to all those who took full advantage of what they created, and to those that cheered it all on. We owe you...

    Sunday Business Post | Irish Business News

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    Consortium interested in Anglo Irish

    I thought still there is hope... ?
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    Politics.ie Royalty toxic avenger's Avatar
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    The flight of capital is the evidence you need, the headlines in foreign newspapers and magazines mere confirmation...

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    Truth hurts I´m afraid.

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    Politics.ie Newbie eurosceptic's Avatar
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    I hadnt heard anything about lichenstein being in trouble? I would expect they were doing better than most.

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    When you have lying corrupt morons in government i'm not surprised...

    And still their lies continue...

    a shadow of Dev's party, he must be spinning in his grave....

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    FT:

    I kind sceptic about Financial Times now though, July 2008 idiot from Merrill Lynch energy analyst speculated oil will reach $200 a barrel with few weeks it started dipping. Funny these analyst will analyse whole world never could look back and see their ground is on fire(Merrill gone bust, darling of FT). Could we trust FT's creditability who believes Alan Greenspan as direct decent of god on the couple yrs back?
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    Quote Originally Posted by eurosceptic View Post
    I hadnt heard anything about lichenstein being in trouble? I would expect they were doing better than most.

    Lichenstein is very similar to Ireland. Once the EU and US start to tackle tax havens, Lictenstein will go from boom to bust, alla Irish style.

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    Politics.ie Member mmrebel's Avatar
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    Quote Originally Posted by eurosceptic View Post
    I hadnt heard anything about lichenstein being in trouble? I would expect they were doing better than most.
    i think the comparison with lichenstein has got to do with the lack of regulation in our banking system

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    When one votes them in Im not sure why the voters would be all that surprised.
    Ireland interests are best secured within a more dynamic EU. Vote YES to Lisbon.

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