Ireland Banking Crisis Cost Grows: Another $ 34 Billion from Irish Taxpayers Required

According to the Central Bank of Ireland, the cost of bailing out the Irish banks from the cost of their reckless business  decisions has increased by another $34 billion, on top of approximately $65 billion already spent. This news coincided with Fitch announcing another downgrade on Irish government debt. The current bill Irish taxpayers are being forced to swallow for covering the cost of the follies of the bankers is now a staggering seventy billion euros, or more than $100 billion dollars.

Hank Calenti, responsible for bank credit research at Societe Generale, said it will take another twenty years for the Irish people to pay off the money borrowed by Dublin to cover the cost of the decision by the Irish government to guarantee all the financial obligations of the private banks in the country. This means that every man, woman and child currently living in the Irish Republic is responsible for more than $20,000 in loan repayments to save their banking elite from the cost of their mistakes. Instead, it is the Irish people who will cover the losses, without any vote or input on the matter. Thus, in the wake of the global financial and economic crisis of 2008, this is what passes for Western democracy.

 

global economic crisis Hank Calenti, ireland bailout, irish banking crisis, Societe Generale

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IRELAND: Israeli speaker nearly lynched by Muslims and Muslim sympathizers

INN –Solon Solomon, a former member of the Knesset’s legal department, had been invited to speak to law students at the university, but Palestine Solidarity Society (PSS) and Sinn Fein hecklers forced him to abandon the lecture hall. They surrounded the room to which he fled until security men rescued him.

Meanwhile, members of the Northern Ireland Friends of Israel ran into another room until they could leave safely.

After security guards ushered Solomon into a taxi, the anti-Israeli mob attacked the vehicle and tried to break its windows. The taxi ran over the foot of one of the protesters who was attempting  to stop the vehicle.

The Belfast Herald noted that Israeli Professor Geoffrey Alderman had been invited to join a panel at a Queen’s Festival event but the invitation later was rescinded without explanation. The newspaper wrote of the incident at Queen’s University, “This is not actually an issue about being pro or anti Israel. It’s about being pro-freedom of speech.”

“

We have been told that disciplinary proceedings are a matter for the university authorities,” reported the student newspaper The Gown. “Offenses of misconduct [at the university] include criminal damage, nuisance behavior and disorderly behavior. If
an individual is found to have carried out an offense it could result in a £150 fine or expulsion from the University.”

University official Sarah Wheeler said, “It’s very sad really, I suppose in 25 years as an academic, I’ve never seen anyone shouted down after five minutes speaking.”

A Sinn Fein member told the student newspaper, “It’s a disgrace we invited a war criminal. There was meant to be a debate but they only invited one side.” Sinn Fein during its extreme terrorist days received assistance and training from Palestinian terror groups. Although it has “renounced” terrorism, the organization continues to be partisanly anti-Israel.

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muslim-immigration-causing-white-flight-away-from-dublin March 9, 2011
Categories: Islamization of the West . . Author: barenakedislam

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IRELAND: Israeli speaker nearly lynched by Muslims and Muslim sympathizers

INN –Solon Solomon, a former member of the Knesset’s legal department, had been invited to speak to law students at the university, but Palestine Solidarity Society (PSS) and Sinn Fein hecklers forced him to abandon the lecture hall. They surrounded the room to which he fled until security men rescued him.

Meanwhile, members of the Northern Ireland Friends of Israel ran into another room until they could leave safely.

After security guards ushered Solomon into a taxi, the anti-Israeli mob attacked the vehicle and tried to break its windows. The taxi ran over the foot of one of the protesters who was attempting  to stop the vehicle.

The Belfast Herald noted that Israeli Professor Geoffrey Alderman had been invited to join a panel at a Queen’s Festival event but the invitation later was rescinded without explanation. The newspaper wrote of the incident at Queen’s University, “This is not actually an issue about being pro or anti Israel. It’s about being pro-freedom of speech.”

“

We have been told that disciplinary proceedings are a matter for the university authorities,” reported the student newspaper The Gown. “Offenses of misconduct [at the university] include criminal damage, nuisance behavior and disorderly behavior. If
an individual is found to have carried out an offense it could result in a £150 fine or expulsion from the University.”

University official Sarah Wheeler said, “It’s very sad really, I suppose in 25 years as an academic, I’ve never seen anyone shouted down after five minutes speaking.”

A Sinn Fein member told the student newspaper, “It’s a disgrace we invited a war criminal. There was meant to be a debate but they only invited one side.” Sinn Fein during its extreme terrorist days received assistance and training from Palestinian terror groups. Although it has “renounced” terrorism, the organization continues to be partisanly anti-Israel.

RELATED STORIES/VIDEOS:

radical-islam-has-infested-ireland-too

irish-omuslims-pushing-for-osharia-law

muslim-immigration-causing-white-flight-away-from-dublin March 9, 2011
Categories: Islamization of the West . . Author: barenakedislam

16 Comments

Comments RSS TrackBack Identifier URI

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ECB's "One Size Fits Germany" Policy; Portugal 10-Yr Debt at Record Yield; Greece, Ireland Near Highs; 3 Hikes by Year End? Rate Hikes to Stress PIIGS

ECB president Jean-Claude Trichet uses the word "vigilance" as a market signal he is going to hike. Trichet has used that word a couple of times recently.

Today, outgoing German Central Bank president Axel Weber expressed agreement with Trichet regarding "vigilance", going so far as to say he would not correct the market's expectation of 3 hikes by year-end.

Please consider Axel Weber: Markets have understood ECB correctly

Markets have understood the European Central Bank's policy signals, ECB policymaker Axel Weber said on Tuesday, adding he did not want to correct expectations for rates to be at 1.75 percent by year's end.

"I think President Trichet said the right thing: it's possible but not on auto-pilot," Weber told reporters when asked if a rate hike should be expected in April or May.

"I think markets have understood this kind of language, which is a bit stylized, in the past very well. And I think they've got it this time."

Asked if he was comfortable with market expectations that ECB rates will rise from their current record low of 1 percent to 1.75 percent by year's end, Weber replied: "I wouldn't do anything to try to correct market expectations at this point."

One Size Does Not Fit All

Pray tell what inflation is the ECB worried about?

One cannot find it in Greece, Spain, Ireland, or Portugal, where various austerity measures have reduced both jobs and wages.

Here's a better question: Where was the ECB when credit was exploding in Spain and Ireland, fueling enormous property bubbles?

Nowhere is where. Inflation in Germany was close to 0%.

One Size Fits Germany

It was in the best interest of Germany to ignore reckless credit expansion elsewhere. Now, because gasoline prices are soaring in the wake of a crisis in Libya and the Mid-East, Trichet wants to be vigilant.

Here's the deal. This has nothing to do with the price of oil or the price of anything else. Trichet is using the price of oil as an excuse to do what he wants to do, and that is hike.

Why does he want to hike? Because recent wage negotiations in Germany have headed much higher as noted by Factbox.

Public Sector 3 PercentChemical Industry 7 PercentGerman Construction Unions 5.9 Percent
Wages have collapsed in Ireland and Greece, and are lower in Spain and Portugal. However, Germany and France call the shots because they have the largest economies.

Those rate hikes will increase the already significant stress in the rest of the Eurozone.

10-Year Yield Greece: 12.331%

10-Year Yield Ireland: 9.416%

10-Year Yield Portugal: 7.558%

10-Year Yield Spain: 5.381%

10-Year Yield Italy: 4.893%

10-Year Yield Belgium: 4.279%

10-Year Yield France: 3.623%

10-Year Yield Germany: 3.273%

Sovereign Debt Spread to Germany Jan 2010-Mar 8 2011
CountryJan 01May 07Dec 30Mar 08
Portuguese, Irish, and Greek sovereign debt yields are at or near record highs as are yields relative to Germany. Moreover, the ECB's "One Size Fits Germany" policy is not going to help those countries any.

The ECB ignored rampant inflation in Spain and Ireland, and other problems elsewhere because it suited the interests of Germany and France at the time. Now the ECB is ignoring rampant deflation in those same countries because it suits the interest of Germany and France.

The ECB is not concerned with such matters or what countries it wrecks. It is just concerned that Ireland, Greece, and Spain pay back debt owed to German and French banks.

Here is the key question: How long can the other countries survive in a one size fits Germany setup?

For more on the mess in Europe including a look at gasoline prices please see

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

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