Peter, forget the A4's and your policy of d'etente, giving them a copy of Morgan Kelly's article might have the desired effect. That is, the scales might drop from their eyes not to mention their electoral and constitutional difficulties. Then again, there are none so blind as those that refuse to see. I believe you underestimate the access to advanced modeling and statistical analysis our Germans and French friends have. It has not slipped your own attention that over 70bn of the short term assistance given to us has been used to redeem bonds and is now firmly on our balance sheet. This process will continues unabated.
At this point, the balance sheet of the ECB itself, is looking decidely shakey considering its own exposure to the peripheral countries losses. What is going on, is a process by our partners, to ring fence themselves from Irish contagion which the IMF estimates is going to reach 225bn by 2015. As we know, Ireland's debt is going to have to be rolled into Europe's permanent debt mechanism in 2013. That mechanism does not represent the 'promised land' as many government ministers seem to believe. Instead, it will copperfastens our indebtedness, dilute our sovereignty even more, and weaken further the power of every single deputy and minister in this house. Already, the MOU reads like a horror story to be unleashed on a still unsuspecting public. We need straight talkers and we need them now. Dragging this our is going to lead to the worst kind of sovereign default possible.
Ciarán Lynch (Cork South Central, Labour)
Robert Browne
Posted on 13 May 2011 10:38 am (Report this comment)
Peter, forget the A4's and your policy of d'etente, giving them a copy of Morgan Kelly's article might have the desired effect. That is, the scales might drop from their eyes not to mention their electoral and constitutional difficulties. Then again, there are none so blind as those that refuse to see. I believe you underestimate the access to advanced modeling and statistical analysis our Germans and French friends have. It has not slipped your own attention that over 70bn of the short term assistance given to us has been used to redeem bonds and is now firmly on our balance sheet. This process will continues unabated.
At this point, the balance sheet of the ECB itself, is looking decidely shakey considering its own exposure to the peripheral countries losses. What is going on, is a process by our partners, to ring fence themselves from Irish contagion which the IMF estimates is going to reach 225bn by 2015. As we know, Ireland's debt is going to have to be rolled into Europe's permanent debt mechanism in 2013. That mechanism does not represent the 'promised land' as many government ministers seem to believe. Instead, it will copperfastens our indebtedness, dilute our sovereignty even more, and weaken further the power of every single deputy and minister in this house. Already, the MOU reads like a horror story to be unleashed on a still unsuspecting public. We need straight talkers and we need them now. Dragging this our is going to lead to the worst kind of sovereign default possible.