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Posts tagged ‘Ireland’

Perfect Storm Brewing for Ireland’s Economy

By Global_Research

Caoimhghin Ó Croidheáin writes: “We are now mainly borrowing to pay interest on the burgeoning national debt”[1]

While much has been made recently of Ireland’s exit from the punishing EU/IMF bailout programme, Michael Noonan, the Finance Minister, has welcomed post-bailout ‘surveillance’. Dutch Finance Minister Jeroen Dijsselbloem, said Ireland would be subjected to ‘intensive surveillance’ “twice a year, but this would involve monitoring as supposed to new measures being imposed” because “under new European budgetary rules, countries leaving a bailout will be subject to extra attention until at least 75pc of the money owed is repaid.”[2]

The Taoiseach (Prime Minister), Enda Kenny, has even gone so far as to state that Ireland would exit the bailout without the safety net of a credit line. Unfortunately for him Ireland’s economic crisis will not go away that easily. The economic consequences of the bailout may be about to bounce back and hit him in the face. Interest repayments are already taking a huge chunk out of the economy and the Irish people will be paying back EU [EFSF and EFSM] loans until 2042 and IMF loans until 2023. A fundamental economic crisis is in the making.

In 2007 Ireland’s general government debt was €47.2bn. It is estimated to be more than quadrupled to €205.9bn by the end of 2013.  As the debt has grown so have the interest repayments. In 2012 the ‘underlying’ deficit (deficits excluding direct payments to banks) was €-13.5bn of which €-6.7bn was interest repayments showing that interest repayments grew to become 50% of the deficit compared to 2008 when the deficit was €-13.2bn of which €-2.4bn was interest repayments. [See table below]
UnderlyingDeficits[5]

[Underlying Balance = Primary Balance + Cash Interest + Prom Note Interest]

http://economic-incentives.blogspot.ie/2012/03/changing-nature-of-our-budget-deficits.html

Even the somewhat positive projections for 2014 show that all the money to be borrowed, €8.3bn, is to be spent on interest repayments.

Ireland’s low corporation tax of 12.5%, and therefore a low corporation tax take, means that ordinary taxpayers are expected to make up the shortfall. For example, in 2012, the combined figure for income tax and VAT was €25.35bn while corporation tax came to €4.22bn. [See table below]

Fiscal-Table1_2

full article at source: http://www.marketoracle.co.uk/Article43172.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

Budget 2014 Missing the Targets:

Over at the Blog of Dr. Constantine Gurdgiev  I have just read his excellent analyses on the current situtiation regarding the latest budget from our hapless gombeens in the Government. I do hasten to add that I do not agree with everything he says but it is never the less an excellent piece!

Recent events have led to a significant reframing of the Budget 2014. With these, the Government is now actively signaling a more accommodative stance on next year’s cuts. Alas, the good news end there and the bad news begin. Any easing on austerity in 2014 will be unlikely to produce a material improvement in household budgets. In return, the Government will be placing huge hopes on robust growth returning in 2014. If this fails to materialise, lower austerity today will spell more pain in 2015. Like a dysfunctional alcoholic, unable to stop binging at closing time, we ignore tomorrow’s hangover.

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

“THE PEOPLE’S CONTRACT NETWORK”

By Diarmaid O Cadhla

Dear friends,

For some months now, a broad discussion has taken place to find a common basis for action – with the sole purpose of political empowerment of the citizens of our country.

The origin of this discussion goes back at least three years.

The discussion has advocated uniting people regardless of any policy preferences, social class, philosophy (‘ism’), gender, creed or Party affiliation (if any).
A consensus has emerged – it is based on the right of the people to decide the policy of our own state and on the representation of constituencies as provided for in our Constitution.

Our mandate has effectively been stolen by Political Parties and individuals (who are funded like mini political parties with ‘leaders’ allowances), we must end this abuse.

Without impinging on any organisations or individuals, the proposal is that we should support People’s Candidates in the 2014 elections, selected in each Local Electoral Area/Constituency.  These candidates will be asked to sign THE PEOPLE’S CONTRACT and to only vote in accordance with specific mandate on each and every policy issue – effectively empowering the people in our democratic process.

There is a meeting in Cork next SUNDAY afternoon, 20th October, to finalise THE PEOPLE’S CONTRACT (final draft here) and to formulate the next phase of our common work, i.e. to bring this initiative to the people of Ireland and build the movement for People’s Candidates in 2014.

I know the distance may be difficult for many. Previous meetings have been held near Portlaoise, Athlone and other locations in the Midlands. For some weeks now the momentum has dropped a little but in Cork it is progressing at a pace.  The decision to hold a meeting at a Cork venue was made some time back by those at previous meetings and reflects the input made from Cork.

I would like to underline the importance and urgency of this work, right now the people are not prepared for elections.  Each of us has responsibility to step forward and do whatever we can so that an alternative does emerge – one based on democratic principle and with our own empowerment at its centre.

The meeting this Sunday has two items of agenda:

1.     Adopt the final draft of THE PEOPLE’S CONTRACT – at this stage no alternatives will be discussed but any suggested edits (for improvement of the wording for sense etc.) should be submitted before that date.

2.     Make plans for bringing this broad, organisation-independent, initiative to the people – all suggestions here are welcome.  Discussion to date suggests that we establish “THE PEOPLE’S CONTRACT NETWORK“, being a simple collaboration between those who are agreed on this approach.  The intention is to put in place an online forum/email list and provide a system for individuals and organisations to register their interest / exchange experiences etc. We would like as many organisations and websites, blogs and social media users as possible to actively promote this initiative, making it their own.

In order to be focused the meeting is once again by invitation only – of people who positively support the idea and have contributed to its formulation and clarification over many months.

You are invited, however we do need confirmation – please contact myself on 086-3805005 or email info@cppc.ie for times and details of venue.

Holding this meeting in Cork has significance owing to the level of work already underway here.  The hope is that all who attend will contribute their energy to making a success of what will be a truly historic departure in principled democratic politics – one that is not mired in vested interests of any sort.

Part of the next phase of this initiative will be to ask interested individuals or groups to organise meetings in their own local areas, the NETWORK can be used to assist such efforts. This should happen the length and breadth of the country. Already thousands are loosely aligned with the idea but this could quickly become tens and hundreds of thousands.

The crowning of this initiative will be to see hundreds of People’s Candidates contest the coming Local and European elections – these are expected in May 2014. If the idea catches the imagination of voters everywhere it is possible that our own People’s Candidates will be elected in the vast majority of wards or districts; and a totally new era in Irish politics will have begun.
This approach can be carried through to the next Dáil elections.

It is time to take responsibility.

Let’s progress this work amongst those who matter most of all – the people of Ireland!

Diarmaid Ó Cadhla (@GraTire on Twitter) c/o Ionad an Phobail  (visitors welcome) 99, Sráid na Dúghlaise Corcaigh.

 

 

Let’s talk about tax.

By David Mc Williams

On Friday, both the Financial Times and the New York Times carried banner pieces criticising how Ireland is being used and, more to the point, is allowing itself to be used as part of a large tax avoidance scheme. Opinion is shifting against Ireland’s corporate tax system. And we are talking about the Financial Times and the New York Times – hardly the Worker’s Hammer or Militant.

Added to this, we have reports that the Irish corporate tax system might be a sticking point in the on-going German coalition talks as the left-leaning Social Democrats is demanding tax harmonisation in return for access to future EU bank bailout funds. Right across the political spectrum – left to right – momentum is moving against the way in which Ireland taxes its foreign corporations.

Not that long ago, at the G20 in Enniskillen, the world’s head honchos said that they would act together to level the playing field for corporation tax to prevent companies abusing tax shelters…………………

full article at source: http://www.davidmcwilliams.ie/2013/10/14/lets-talk-about-tax

Comment:

By Thomás Aengus O Cléirigh

AAAA

The  Irish government’s attempt to re-invent the toxic banks as “Pillar community friendly banks” is just a farce. The Banks latest advertisement that floods our TV screens is insulting and an attempt to dumb down the citizens of Ireland. These toxic corrupt dens should be closed down and the directors should be doing jail time. But there is a more sinister problem here on our door step and it is in the IFSC in Dublin.

Did you know that there is approximately 1.4 trillion Euros on deposit and under Management in the various Fund management companies in the IFSC? Now I myself have two bank accounts one in Bank of Ireland and one at Allied Irish Bank and I estimate I am paying about 2.5% in costs every year (taxes) for the privilege of having these two bank accounts. I suspect that everybody else in Ireland is paying the same through the dirt tax and penal bank charges, but what taxes are the super rich paying to hide the billions in the ISFC off shore tax haven? “Nothing”. Not a single penny, No Taxes!

Remember every euro the government gives away to these billionaires they squeeze out of our health service, our educational system and our community services. Want to know why your taxes are going up in the next budget? Easy the puppet government is giving tax concessions to the likes of all these multinational corporations. Remember that when you get your water charges, your property tax etc you are paying Google’s and Apple’s taxes for them!and dont get me started on the corrupt tax avoidance scams down at Europe’s largest hot money centre the IFSC

What a great bunch of suckers we really are!  Time to get these leaches to pay their proper taxes!

This twit should try living here in this BA-NAMA- Republic!

Jörg Asmussen

ECB executive board member Jorg Asmussen has said there are “pending risks” for Ireland as it prepares to exit the EU-IMF bailout programme.

Speaking ahead of a meeting of euro zone finance ministers in Luxembourg the senior ECB figure said it will be up to Ireland to decide whether to request a precautionary credit line to help its exit from the programme.

However, there were pending risks, he said, specifically in the banking sector and in terms of its deficit, which is still “very high” compared to the European average.

He said  while Ireland, as well as the other programme countries, will be discussed at this evening’s meeting, no decisions will be taken.

The Government has indicated that it may not need to use a precautionary credit line when it exits the bailout at the end of the year.

However, a decision on whether Ireland needs support will take into account the results of balance sheet assessments of Irish banks that are currently being undertaken by the Irish Central Bank and will be submitted to euro zone authorities by the end of the month.

full article at source: http://www.irishtimes.com/business/economy/ireland/ecb-says-ireland-faces-banking-deficit-risks-ahead-of-bailout-exit-1.1560285

Comment:

CelticWarrior

By Thomás Aengus O Cléirigh

This twit should try living here in this BA-NAMA- Republic! Try getting a mortgage, try getting to a GP that hasn’t his hand out every turn you make in his surgery, School: Free education is just a myth!.Car: Taxed to the hilt: 650 for an ordinary family saloon tax for the privilege of driving down the road! That is if you can stay out of the clutches of the privatized speed money traps cropping up all over the country! Jobs: What Jobs???The Banks are bankrupt and the constant attempts of the vested interests to talk up the property market are just pathetic! Our Gombeen politicians and puppets are doing a great job and we the gullible taxpayers are slowly been sucked dry.

Ireland is a disaster , just because we are not causing mayhem in the streets yet, doesn’t mean everything is rosy in this particular cabbage patch! This spoofer should try living on the Dole!

The autocrats’ are desperate to hold up Ireland as a success story and how Austerity works!

“Bullshit” our country has been raped and plundered and we will ,as a result of this imposed austerity,  be financial debt slave for the next 60 years, to the very gangsters who caused the financial meltdown in the first place. OH Yep! 3600 citizens have gone to Jail for not paying their TV licence over the past 3 years and not one corrupt Politician or Banker has had the pleasure. Yep, Ireland is a success for the faceless moneymen and their political puppets that have successfully placed there private gambling debts on to an entire nation.

These crimes will not go un punished and our people will take back our country and its resources!

This Eurocrat should not make any plans to come to Ireland on holidays, He and his hidden bosses are walking on Ice!

Public Appeal Aimee Foley and her Mom

By Thomás Aengus O Cléirigh

AAAA

This Minister is a puppet in the hands of hidden money men! These faceless unelected money men are the true rulers’ of Ireland now. We are all financial slaves and we the ordinary people are nothing more to the sell-outs ruling our country now. Billions have been lost in bank bailouts and I belive 10 billion more  is now needed again to keep the corrupt and bankrupt Banks of Allied Irish Bank and Bank of Ireland afloat. The Government hasn’t got these funds and so I expect they will do a Cyprus job on the unsuspecting depositors of these Banks before March next year!

Pouring billions down black holes in the corrupt banks and giving billions in tax breaks to corporations like Google and Apple and a whole load of Hot Money institutions down at the IFSC in Dublin docklands is the only game in town .  Recent figures from the central bank show that 2.75trillion Euros was  sloshing around in “managed funds “ down there and not one red cent was being paid to the Irish state in taxes for providing a safe haven for such hot funds.! Another name for this is “money laundering”! At the same time, we the ordinary people will have to endure another smash and grab from the government in the next budget on the health services to pay the interest on gambling debts from the gangsters in the banks and the hidden corrupt banks in the IFSC Money laundering centre. Headed by John Burton Chairman of IFSC Ireland and former Taoiseach!

It is appalling that a Mother and Daughter have to adapt measures such as this to call on the Minister to provide  the necessary services to give this woman a chance for life.

The funds have been stolen to bail out the minister’s real masters “ The faceless moneymen” and our country will continue to be sucked dry until the people of Ireland wake up and turf these puppets and liars out of the Dial and put in real people committed to providing community services and health services for all our people!

Best of luck Aimee.

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