What is truth?

Posts tagged ‘Jean-Claude Trichet’

Brian Lenihan was coerced into accepting the Troika deal

 

sent into us to day

Thomas,
This  information just released shows that Brian Lenihan was coerced into accepting the Troika deal……. he did not know what he was doing … there was no script….. The letter mentioned is attached ……

Irish Times, Dublin, 24th. October 2012.

The Department of Finance has released a letter written in November  2010 by the late minister for finance Brian Lenihan in which he  requested financial assistance for Ireland from the EU-ECB-IMF  troika.

In the letter, Mr Lenihan formally applied on behalf of the Irish  authorities for financial assistance “in the context of a joint EU-IMF  programme”.

A copy of Mr Lenihan’s letter was released to journalist Gavin Sheridan of thestory.ie following a freedom of information request to the Department of Finance.

“The external assistance sought is made under the terms of the European  Financial Stabilisation Mechanism, the European Financial Stability  Facility and the IMF assistance programme,” Mr Lenihan wrote in the  letter, dated November 21st, 2010.

“I welcome the statement by the Eurogroup and Ecofin ministers which concurred with the EU Commission  and the ECB that providing assistance to Ireland is warranted to  safeguard financial stability in the EU and in the euro area.

“The Irish authorities will co-operate fully in the preparation of the joint EU-IMF programme of assistance to the Irish State that will now be  required to be developed,” Mr Lenihan wrote.

The Irish Times revealed last month that three letters from the then president of the European Central Bank Jean-Claude Trichet to  Mr Lenihan culminated in an insistence that Ireland should apply for a  bailout or risk the country’s banks being cut off from access to  support.

Mr Trichet made it clear to Mr Lenihan the governing  council of the ECB was becoming fearful that the whole European banking  system was being put at risk by the drain on its resources coming from  the Irish banks.

letter-from-then-minister-for-finance-brian

 

Trichet says letters to Lenihan should not be published

DAVOS/SWITZERLAND, 29JAN10 - Jean-Claude Trich...

DAVOS/SWITZERLAND, 29JAN10 – Jean-Claude Trichet, President, European Central Bank, Frankfurt, speaks during the session ‘Rethinking Government Assistance’ in the Congress Centre of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 29, 2010. Copyright by World Economic Forum. swiss-image.ch/Photo by Remy Steinegger. (Photo credit: Wikipedia)

To day in the Irish independent we learn :FORMER European Central Bank President Jean-Claude Trichet said letters that he wrote to former Finance Minister Brian Lenihan in the run-up to the 2010 bailout should not be made public.

His comments follow a clamour from some Irish politicians and economists who believe the letters sent to Mr Lenihan contained threats that somehow forced him into a bailout. They now want the letters published.

Weekend media reports also suggested the letters contained threats but did not provide any quotations or evidence to back-up the assertions.

Without seeing the letters, it is impossible to know whether the ECB was simply expressing concern about the safety of the tens of billions of euro the bank pumped into the Irish economy or something more sinister. No media outlet, government minister or ECB president has ever published the letters and the Department of Finance and ECB’s freedom of information units have declined to release the letter

full article at source: http://www.independent.ie/business/irish/trichet-says-letters-to-lenihan-should-not-be-published-3220159.html

Comment:

Jean -Claud Tricher you have a nerve!

Anybody gullible enough to believe that this French civil servant is a friend of Ireland or has the Irish people’s interest at heart must now accept that this Insider unelected official is staunchly representing the interests of French and German Banks!

The ECB has its own interest at heart not Ireland’s!

We must now accept that we never had any real say in Europe and the giveaway slogans used by our own puppet politicians from the established political parties like we must be “at the heart of Europe” or our “European partners” or a union of equal trading nations is all bullshit!We have been shafted saddled with the debts of gangsters and gamblers who have friends in high places in Europe that have come to their rescue and have blackmailed the smaller nations of Europe (Like our own Ireland) into taking on their bad debts in a so called Bailout of Ireland . ! This anti democratic infestation of the European establishment is plain to see as Trichet is calling for the letters concerned in the above article be kept secret from the Irish people who  he has saddled with odious debts from his faceless money men pals.(see Crédit Lyonnais ) http://www.economist.com/node/1527367

Mr Tricked we are a democratic republic and we the people of Ireland have the right to see all correspondence on any and all aspects of the financial enslavement of our people

You are a jump up Pimp who has no mandate to impose your dictatorial ideals on our people ,so get lost somewhere else in Europe:

We the people of Ireland will take only so much crap from unelected self-serving officials like you!

Make no Mistake Tricket , his successor and the ECB are representing the interest of the big banks in Europe by forcing the toxic debts on to the shoulders of the taxpayers of Ireland and other small nations!

http://online.wsj.com/article/SB10001424052748703818204576206680101497562.html

ECB refuses to hand over November 2010 threat letter sent to Brian Lenihan

By Namawinelake

The story of Ireland’s bailout in November 2010 has been partly told in dribs and drabs. Governor of the Central Bank of Ireland, Patrick Honohan said that the Minister for Finance in November 2010, the late Brian Lenihan was “crestfallen” when he learned from the ECB that Ireland couldn’t default even on the unguaranteed debts of the banks. The Governor went on to say that Minister Lenihan was “offered no room” for negotiation on the matter. And in April 2011, Dan O’Brien in a BBC Radio 4 programme referred to a letter sent by the former ECB president, Jean-Claude Trichet on Friday 19th November to Minister Lenihan which set out the ECB position

full article at source:  http://namawinelake.wordpress.com/2012/01/09/ecb-refuses-to-hand-over-november-2010-threat-letter-sent-to-brian-lenihan/

Greek Bailout spoof over: Default now not in doubt!

We all you know Fianna Fail Guaranteed the Banks and put the private bank debts on to our shoulders of the taxpayers of this country!

Well I can hardily believe my eyes when the Irish Times carried this report that says

FIANNA FÁIL has called on Taoiseach Enda Kenny to contact the new European Central Bank president Mario Draghi today in a “last-ditch” effort to stop the full repayment of the €715 million unsecured Anglo Irish Bank bond.

Mr Draghi takes over today as ECB president from Jean Claude Trichet and the €715 million bank bond is due to be paid tomorrow.

Fianna Fáil finance spokesman Michael McGrath said the Government’s “weak negotiating strategy” had allowed an expectation to grow in the markets that the bond would be paid in full.

Full article at source: http://www.irishtimes.com/newspaper/ireland/2011/1101/1224306844531.html

Now this is a perfect example of how corrupt and devoid of any moral s this political party is  But  the current lot  running the country are just a rotten !

we the people of  Ireland should have a referendum on the bailout .We were promised not one cent more and instead we got more of the same the crooks in the Dail only changed places .We the people got short change

This morning I was listening to Newstalk  and Mr.David Mc Williams was giving his  tupence-hapeny worth!

have a listen so there is nothing more or new I can add .

One Greek Politician managed to convey his distaste for democracy in this colourful way .I though any of our politicians could have come up with the same crap!

“I cannot back a referendum which is a subterfuge by a government that appears
unwilling to govern.”

Unless the people of Ireland at last get up of their collective ass and put an end to this madness our vested interests mouthpieces in the Dail  will continue to spin this tripe! We have no choice we must default!

http://media.newstalk.ie/podcast/27108/popup

The fact the rest of European so called leaders are upset because
the Greek people will be asked for there say in a cosy arrangement they
themselves came up with and expect the Greek people to just swallow it is very telling
indeed! I hope that the Greek people do in fact get their referendum.

see http://www.irishtimes.com/newspaper/breaking/2011/1102/breaking5.html?via=rel

Europe is Out of Time, Breakup Inevitable

One of the many interesting aspects of the Eurozone crisis is how  many key political and central bank leaders fail see (or at least admit)  that Europe is out of time.

Even more peculiar are statements by  ECB president Jean-Claude Trichet who finally does realize time is of  the essence, yet Trichet “solution” is a set of measures that must be  passed by all 17 nations when those nations cannot agree on EFSF  funding, on Eurobonds, on collateral for Greece, or even on whether a  fiscal union or transfer union must take place.

In some instances  the differences boil down to big country vs. small country concerns. In  other instances it is Southern “club-med” states vs. Northern states.  Some countries refuse to give up sovereignty, while others welcome  giving up sovereignty.

It does not help matters when German chancellor Angela Merkel seems to change her mind on something every other week

full article at source:http://www.financialsense.com/contributors/michael-shedlock/2011/09/08/europe-is-out-of-time-breakup-inevitable

Markets not swallowing the latest European Bank Stress Tests con

London’s FTSE
100 index was down 1.2% shortly before 1pm. Shares in Frankfurt were down 1.3%
and Paris had dropped 1.7%. Shares on the Dublin market had dipped 0.7%.

More worryingly for policy-makers, the yields on Italian and Spanish bonds have begun to climb again today.

The rate or yield on 10-year Italian debt rose above 6.0%, widely considered to be a threshold on financial markets, to 6.006%.

The yield on 10-year Spanish debt rose clearly above 6.0% to 6.296%.

These were the highest rates for these countries since the creation of the eurozone. In a potentially make or break week for the single currency, Tánaiste and Minister for Foreign Affairs Eamon Gilmore has said he remains confident that EU leaders meeting in summit on Thursday can reach a deal on securing financial stability.Mr Gilmore
said he believed leaders could reach agreement that should limit any contagion from a restructuring of Greek debt.

Months of uncertainty about a second rescue for Greece have pushed the sovereign debt markets to the limit. It is feared that unless eurozone leaders can agree an all embracing deal on Thursday then the euro will be in real trouble.

Germany insists private creditors should share the burden in a second rescue.Chancellor Angela Merkel has warned that the bigger and the sooner the better,otherwise creditors could face a more painful solution later.

This morning a spokesman for Chancellor Merkel said she was confident that a deal can be reached, but most observers are bracing themselves for some kind of Greek default as a result.

In that scenario, Jean Claude Trichet said in an interview today, the ECB would no longer accept Greek bonds as collateral for the liquidity it is currently providing to keep Greek banks afloat.

In what could be a subtle shift, he said help could be provided by eurozone governments. Speaking at a meeting of EU foreign ministers in Brussels, Mr Gilmore said he was confident that a deal on changes to the current bailout mechanism – such as bond buy backs, a lower interest rate and longer maturities – would cushion countries like Ireland against the shock of a Greek default.Merkel calls for European ratings agency

Angela Merkel has called for the creation of a European ratings agency following recent discontent over the downgrading of some EU economies, including Ireland.

Chancellor
Merkel said it was ‘important in the medium term that Europe also has a ratings
agency’ and argued that there was precedence for this as China also had an
agency of its own.

Her comments follow similar remarks by European Commission President Jose Manuel Barroso,who said there was a growing consensus that ratings agencies needed to be regulated.He added that the commission would bring proposals forward in the autumn, although he would not be drawn on what they might propose.There have been increasing calls for the creation of a European agency following the downgrade of Irish and Portuguese bonds to ‘junk’ status by some US-focused bodies.

The argument against assessments by the likes of ratings agency Moody’s is that they are effectively making self-fulfilling prophecies of doom, greatly aggravating the eurozone debt crisis.Last Monday,EU internal markets commissioner Michel Barnier said ratings agencies should be
banned from issuing assessments of a country seeking international aid, after Moody’s downgraded Portugal’s status.

 

Comment:

So after the big political
powers in Europe  tried again to use the
latest stress testing of the European banks to con the citizens of Europe into
thinking that all is well with the banks they have woken up to the fact it hasn’t
worked .No the citizens know that a bankrupt bank is still bankrupt even when
the bank manager tires to tell you otherwise. The Citizens of Europe have lost
all thrust in any stress testing. Thankfully the world markets are not like the
gullible citizens of Ireland who can be conned into giving the right answer if
you keep going back and asking them to change their original opinion. A pig’s
ear is still a pig’s ear no matter how you dress it up! The latest stress testing
of European banks is an insult to every citizen in Europe and the political stooges
of the international moneymen should be punished at home and abroad with a pan European
general strike. The peoples of Europe should not just lie down and submit to becoming
perpetual debt slaves to these modern financial dictators. It’s time to send a
strong message to the puppets in the Dail        “
no way won’t we pay”     

Interview with ECB president exposes imminent threat to Irish banking

By Namawinelake

It’s not often that the outgoing ECB president, Jean-Claude Trichet gives one-to-one televised interviews, but on the occasion yesterday of the announcement of an increase of 0.25% to the ECB’s main interest rate, the 68-year old increasingly shook-looking Frenchman spoke with RTE’s Tony Connelly. Of course the ECB is sensitive to criticism from EuroZone countries still struggling with debt and economic recovery, and the fact that interest rate rises at this particular time are not helpful to the individual nation. Here’s the transcript with my highlighting of the subject of this entry, discussed below the transcript.

Tony Connelly: Mr Trichet, you have said that the interest rate policy is for the EuroZone as a whole. But do you understand the anguish amongst homeowners and mortgage payers inIrelandthat after all the sacrifices and the austerity they have already suffered, that they will have even higher monthly payments?

full article at source here : http://namawinelake.wordpress.com/2011/07/08/interview-with-ecb-president-exposes-imminent-threat-to-irish-banking/

Income tax hikes put back on the table.

June 10 2011

HARD-PRESSED workers were hit on the double yesterday when income tax hikes were put back on the table — just as a new mortgage interest rate rise was signalled.

Finance Minister Michael Noonan warned he could not rule out any type of tax increase because of the “fraught” state of the public finances.

The hikes would be on top of a new property tax on each household due to be imposed in January.

The surprise development came as homeowners face the prospect of another mortgage interest rate hike in July — just three months after an April rate rise that added €45 to average monthly repayments.

The Coalition is obliged to come up with €1.5bn in tax hikes in Budget 2012 to be delivered in December.

The Government had promised there would be no increase in income tax rates or changes to bands or credits.

But Mr Noonan did not rule out any tax changes when he was pressed on the Government’s economic plans. He did not specifically mention income tax but he said he was “not going to rule out” any tax hike.

Under the EU-IMF bailout plan, a package of tax and spending cuts worth €3.6bn are to be made next year.

The current programme says €1.5bn will come from taxes with another €2.1bn from spending cuts. The Government may end up increasing the expenditure reductions once the spending review of all departments is completed.

But it is not clear if the proposed interim property tax, called the household service charge, will count as part of the general tax take.

The income will most likely go directly to the local authorities to pay for council services. As a result, the Government grant to councils would be reduced, thereby counting as a spending cut.

The Department of Finance said Mr Noonan was not misinterpreted when he said he could not rule out income tax hikes.

“The Government’s taxation decisions are made on Budget Day,” a spokesman said.

Mr Noonan said he was talking about the general issue of how to meet the fiscal targets and pay to run the country.

“The national finances are in a fraught situation. There’s a fiscal correction of €6bn under way in 2011 and so far we’re on target. We are slightly under profile on tax collection and we’re also under profile on expenditure. So as we go into June, facing the end of the first half year, we’re on target to achieve the fiscal correction of €6bn.

Correction

“Next year the commitment under the programme is a correction of €3.6bn, so over the two years there’s a correction of €10bn. In those circumstances I am not going to rule out any tax initiative or any tax increase or any tax reduction. I say this at a level of principle. I have nothing in mind,” he said.

During the 2011 general election campaign, Mr Noonan said his party did not want to increase taxes and would concentrate on spending cuts instead. “If we tax we lose more jobs. So we want to keep tax levels the same as they are and eliminate waste,” he said.

Fianna Fail public spending spokesman Michael McGrath said another central plank of Fine Gael‘s election promises was “abandoned” as Mr Noonan refused to rule out income tax increases.

Also yesterday, European Central Bank president Jean-Claude Trichet stressed the need for “strong vigilance” to curb inflation.

Mr Trichet stressed that no decision had been taken about action in July.

Virtually all market-watchers are now pencilling in a 0.25pc hike in July, which would see Ireland‘s 600,000 variable and tracker mortgage holders pay €15 extra a month on every €100,000 they owe.

– Fionnan Sheahan, Charlie Weston, and Laura Noonan in Frankfurt

Irish Independent

source:http://www.independent.ie/national-news/double-blow-as-income-tax-and-rate-hikes-loom-2671050.html

Comment:

Another promise broken!There you have it the ultimate betrayal from Fine Gael. Finance Minster Michael Noonan has given the clearest notice (as a politician can do) to the bewildered citizens of this once proud independent nation that we can expect another smack of the austerity hammer that will come thundering down on our heads .Gone are the pre election promises and Mr Austerity the sequel is back with a vengeance! The people of Ireland voted for change, we got none! The new government have now dropped all pretence of change and the old Fianna Fail policies have been embraced in full, indeed expanded with a new vigour and determination shown on the part of the new band of collaborators is plane for all to see. No wonder the IMF are pleased and Michael and his band of sell-outs can expect to reap rewards at some future date in Brussels .When will we see the people rise up and take back our country from these gombeen politicians who are so eager to grovel at the foot of the international  moneymen now running our country .

By By Euro! Irish Punt, we’ll be seeing you soon!!!!!!!!!!!!!!!!

Are the German now getting fed up of the Euro and in this video clip I believe we are seeing the first attempts to ditch the hated euro .The Germans are fed up of been the paymasters for the rest of Europe and they have had enough

By By Euro! Irish Punt, we’ll be seeing you soon!!!!!!!!!!!!!!!!  

 

Greece, Ireland, Portugal, and to a fair degree Spain already are partially ruled via Berlin

WASHINGTON (MarketWatch) — Having watched the Mideast throw off much of the chains of their dictatorial oppressors over the last few months, is Europe about to strap them on?

“Coup” and “Greece” are starting to be mentioned in the same sentence, reportedly in a Central Intelligence Agency report, if a German tabloid is to be believed. Greece, Ireland, Portugal, and to a fair degree Spain already are partially ruled via Berlin (Germany), Frankfurt (European Central Bank) and Paris-on-the-Potomac (International Monetary Fund), not to mention the bond traders of New York and London.

Sure, these governments could say no, but not without triggering immediate financial meltdown. What’s interesting in negotiations about a new package of Greek aid is just how much is set to be handled outside Athens. That tax collection by non-Greeks was even mooted as a possibility — even acknowledging that the country’s tax collectors are some of the worst in the world — shows the degree of sovereignty the Hellenic Republic possesses is slipping every single day. Outright suspension of democracy wouldn’t really be that big of a leap.

And the last days of Jean-Claude Trichet’s reign at the European Central Bank are proving not to be happy ones. On Thursday, he’s due to receive an award for his contribution to Europe unity, and not, presumedly, for hiking interest rates in the middle of a crisis and taking a belligerent stand at the prospect of even extending the maturity of Greek debt.

Or maybe because of those actions — it is a German award, after all.

That said, even Greece is reluctant to embrace “reprofiling” as it’s being called, for fear of damaging its lenders. (Now they’re worried?) The rest of Europe’s banking sector is on edge as well, as Tuesday’s rally on leaked word of more Greek aid proved.

The breaking point appears to be approaching even as Europe’s leaders prefer applying a steady stream of band-aids. That breaking point could come in any number of forms, and the focus for the broader market is as much on Greece as its creditors, namely German and French banks.

German Chancellor Angela Merkel is due in Washington next week, and it’s striking to pit her country’s strong economic performance and her own low popularity against Barack Obama’s, who basically is seeing the opposite occur. Her actions appear to be increasingly erratic, Germany’s abrupt nuclear suspension being the latest example, throwing an additional wildcard into any European debt-game plan.

The last thing the U.S. economy needs on top of high oil prices, the Japanese earthquake and the end of quantitative easing is a fresh round of worries from the European debt situation. But Merkel has her own agenda, and a speedy resolution to the debt crisis doesn’t appear to be on it.

source:http://www.marketwatch.com/story/europes-summer-could-be-opposite-to-arab-spring-2011-06-01?dist=afterbell

Tag Cloud