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Posts tagged ‘International Monetary Fund’

Bailout troika ‘in breach’ of EU human rights laws

By Valentina Pop

Berlin – Austerity programmes agreed with the troika of international lenders (the European Commission, European Central Bank and International Monetary Fund) are in breach of the EU’s Charter of Fundamental Rights, according to a German legal expert.

Andreas Fischer-Lescano, a professor of European law and politics at the University of Bremen was tasked by the European Trade Union Confederation to look at the legality of so-called memorandums of understanding (MoU) signed between bailed-out countries and their lenders.

He concluded that under the EU charter of fundamental rights, a legal text which became binding for member states in 2009, several austerity measures enshrined in the MoUs can be fought in courts.

“There are certain limits to what you can write in a memorandum of understanding. In a bank contract too, there are limits to what can be written, courts and laws are always limiting that. In international agreements it should be the same, the troika MoU is not beyond the law either,” Lescano told this website.

full article at source: http://euobserver.com/social/122899

Ireland in 2014 a BA -NAMA Republic, a land devoid of democracy

 

By Thomás Aengus O Cléirigh

AAAA

No matter who you vote into power we still get the same policies and gangsters lining their own pockets .The system is totally rotten and is an insult to the memory of the men and woman of 1916 !I have already denounced the right of the current puppet Irish government to rule over me or my family!

I have successfully avoided contributing to these traitors’ coffers as much as I could possible do, by not buying anything that I did not need in the mad consuming system and by using bartering as a method of getting items or services I had to have .Or simply using the Black Economy! Democracy in Ireland is a myth, we go through the motion of voting but who we get to vote for and what they in turn do when they get their hands on the reins of power is an entirely different story! It’s a story of corruption, self-serving  insiders and sell out politicians and Unions all saying the right things but doing exactly the same politics of the previous crooks and puppets of the elite and vested interests who have total control of the media and judiciary! We are no longer a nation of citizens but a nation of debt slaves and cash generating surf’s, forced to pay for everything from water to a roof over our heads to sub standard health services and a disastrous education system that brainwashes our children and robs them of their true identity!

We are a proud Celtic nation, an accent people the Egyptian and Romans revered. We are the descendants of the great famine, Are we now going to allow ourselves become financial slaves? Cash cows, to be milked for the rest of our lives by gangsters and their political puppets who wrap themselves with the nation’s flag! Yes robbing people of their identity  makes it easy to convince them that they are worthless and to make do with the crumbs that fall from the table of the rich and powerful elite who have sold us into slavery!

The government’s latest example of selling to the highest international bidders, the cash flow generating opportunity, from the hard pressed motorist of this BA-NAMA Republic under the guise of road safety (speed traps to you and me) is apparent for all to see .These new cameras will link up the revenue, motor tax office and the cartel of the Irish motor insurance rip off merchants into one super massive cash generating machine for the operators! So you won’t be able to go anywhere with these gangsters knowing it ,all we need now is for the Supermarket loyalty cards info into the same system and a complete picture is then available for our masters to have total control over our miserable lives as debt slaves!

Happy New Year, hopefully 2014 will see the resurgent rebel Irish spirit, when the citizens rise up and pull these objects of tyranny and their collaborator operators  down all over the country!

Either way, I remain loyal to the spirit of Ireland and our rich heritage, our true Celtic culture and our constitution (First )  that enshrined the principles of direct democracy and that all citizens were equal . The protection of the natural resources of our ancient lands and the benefits to be shared equally among our people .The right of every citizen to a roof over the head, and free lifelong education and health care! We do not need career politicians eagerly carrying out the dictates of Brussels and Berlin or Goldman Sacks and the IMF.

Rise up and take back our country from our out of touch puppets in the Dial

Mise Le Mass

Thomás Aengus O Cléirigh

Troika consultancies: A multi-million euro business beyond scrutiny!

Berlin – Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European.

But the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced taxpayers in Cyprus, Greece, Ireland, Portugal and Spain over €80 million.

Their “independent” expertise is used by the “troika” of international lenders – the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF) – to decide how much countries or banks need to prevent a default.

They are often hired without a public tender, posing questions on transparency and accountability.

They are sometimes hired despite potential conflicts of interest, which arise from links to investment funds and other financial service providers.

The consultancies also hire subcontractors, posing extra questions on who has access to inside information and how they use it.

Aside from local law firms, the subcontractors almost always include one or more of the “Big Four” accountancy companies – Deloitte, Ernst&Young, KPMG and PriceWaterhouseCoopers (PwC).

The end result is a “golden circle” of a dozen or so large firms with a de facto monopoly on handling EU bailouts.

Take Alvarez and Marsal.

The New York-based consultancy earned €2 million for setting up and managing Spain’s “bad bank” in 2012…………………………..

full article at source: http://euobserver.com/economic/122415

Kenny and Ireland’s dead cat bounce

By Michael Hennigan

Enda Kenny, taoiseach, made a broadcast to the nation last night to mark the official end of the international bailout and he deserves some credit for meeting the financial terms of the bailout and winning concessions from Europe on debt. However, the crisis
provided the best opportunity for radical change since the late 1950s and now
the time has passed. The Economist in a blog post titled ‘Dead Cat Bounce‘ says that meeting the bailout terms “has done little to solve Ireland’s underlying ailment: the fact that domestic activity – – roughly equivalent to GNP – – only accounts for 80% of GDP. As the multinational firms that account for most of the rest contribute little towards
government revenue due to Ireland’s super-low tax rates, Ireland’s debt burden
will only become more sustainable when domestic firms start booming.”

full article at source: http://www.finfacts.ie/irishfinancenews/article_1026992.shtml

Comment:

By Thomás Aengus O Cléirigh

104

Kenny and his co collaborators in the Twiddle dumb and twiddle dumber political system are effectively announcing that its back to Business as Usual for the 350 insider family’s or so elite that are running this BA-NAMA Republic .They lied to us and broke all their promises and anyone dumb enough to believe that Happy days are on the way with 65,000 citizens leaving every year is just a joke, the lower classes, the vulnerable and the old who cannot defend themselves. Our country is divided and these crooks are still parting at our expense, sucking our country dry on behalf of the big multi corporations ,who pay a pittance in tax  so the PAYE taxpayers will continue to carry the burden of bailing out gangsters, crooked politicians and toxic banks! We need a drastic change that includes the abolition of the current dictatorship of the 2.5 political party systems that ensures no change in politics no matter what combination of political party wins at the so called polls! Putting the likes of this puppet in charge of our lives along with Noonan, Gilmore, and M. Martin is just plain stupid!

Allowing the current totally corrupt system to continue is just putting off the day of reckoning /revolution. We cannot allow this system where these self-centred, sell-outs controlling   every aspect of our lives for 5 years after each and every election! No I want to be able to kick these crooks out of office via referendum (Direct democracy) a month after any election or any time within the 5year period, if they prove to be liars, con artists, on the make or downright puppets in the pay of foreign governments, and or proven to have deceived the people (Broken promises) No real modern democracy needs career politicians! We are a small country and we should be able to govern ourselves like the Swedes or the Swiss.

Have a great day!

Beware of German (KfW) Bearing Gifts?..

by

As reported in today’s press, Ireland has secured a sort-of backstop to its exit from the bailout via an agreement with Germany‘s state- and local authorities-owned KFW Development Bank (see: http://www.irishtimes.com/news/politics/kfw-is-a-public-bank-providing-development-loans-at-lower-interest-than-commercial-rates-1.1595460 and http://www.irishexaminer.com/ireland/bailout-a-calculated-political-gamble-that-just-might-not-pay-off-249727.html). This was blessed by Germany (http://www.independent.ie/business/irish/merkel-backs-ireland-bailout-exit-without-overdraft-29754656.html). And it may or may not qualify as a backstop for the Exchequer (see speculative analysis here: http://www.irishexaminer.com/archives/2013/1115/ireland/bailout-exit-declaration-exaggerated-half-truth-249716.html).
One can only speculate as to the possible conditionalities imposed by Angela Merkel and her potential coalition partners on Ireland under the exit deal, but here’s an interesting parallel development that has been unfolding in recent weeks……

full article at source: http://trueeconomics.blogspot.ie/

The Bank Guarantee That Bankrupted Ireland

By: Ellen_Brown

The Irish have a long history of being tyrannized, exploited, and   oppressed—from the forced conversion to Christianity in the Dark Ages,   to slave trading of the natives in the 15th and 16th centuries, to the mid-nineteenth century “potato famine” that was really a holocaust.   The British got Ireland’s food exports, while at least one million   Irish died from starvation and related diseases, and another million or   more emigrated.

Today, Ireland is under a different sort of tyranny, one imposed by the banks and the troika—the   EU, ECB and IMF. The oppressors have demanded austerity and more   austerity, forcing the public to pick up the tab for bills incurred by   profligate private bankers.

Ireland bankrupt

The official unemployment rate is 13.5%—up from 5% in 2006—and this   figure does not take into account the mass emigration of Ireland’s young   people in search of better opportunities abroad. Job loss and a flood   of foreclosures are leading to suicides. A raft of new taxes and charges   has been sold as necessary to reduce the deficit, but they are simply a   backdoor bailout of the banks.

At first, the Irish accepted the media explanation: these draconian   measures were necessary to “balance the budget” and were in their best   interests. But after five years of belt-tightening in which unemployment   and living conditions have not improved, the people are slowly waking   up. They are realizing that their assets are being grabbed simply to pay   for the mistakes of the financial sector.

Five years of austerity has not restored confidence in Ireland’s   banks. In fact the banks themselves are packing up and leaving. On   October 31st, RTE.ie reported that Danske Bank Ireland was closing its personal and business banking,   only days after ACCBank announced it was handing back its banking   license; and Ulster Bank’s future in Ireland remains unclear………………………………….

full article at source: http://www.marketoracle.co.uk/Article42958.html

EU parliament to probe bailout troikas

By Valentina Pop

Berlin – MEPs dealing with economic affairs are to launch an inquiry into the “non-transparent” work of EU Commission, European Central Bank and International Monetary Fund officials overseeing spending cuts in bailout countries.The European Parliament wants to scrutinise the work of bailout troikas (Photo: europarl.europa.eu)

After more than three years since the first ‘troikas’ were sent to Greece and Ireland to “advise” the governments and oversee implementation of promised budget cuts, the European Parliament is seeking to shed some light on the work of these non-elected officials.

The coordinators of the main groups in the European Parliament’s economics committee on Monday (28 October) agreed to launch an inquiry into the work of the troika in Greece, Portugal, Ireland and Cyprus.

“The troikas of ECB, EU commission and IMF are playing a key role in the eurocrisis. Their work continues to be non-transparent to a large extent,” said German Green MEP Sven Giegold, the main force behind the initiative.

He explained that the inquiry would consist of hearings of troika officials as well as independent economic studies challenging the assumptions of the troika – assumptions that were proved to be wrong in all bailed-out countries.

full article at source: http://www.worldaffairsjournal.org/content/eu-parliament-probe-bailout-troikas

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