Irish Closer To Rejecting Bailout

A couple of interesting stories on Zerohedge today about Ireland. The first is about how the opposition Labour party are intending to vote down the bailout budget ensuring that the Irish people will not be lumped with the private losses of global investors. In Scotland we have to learn the lesson of not allowing ourselves to be dominated by external powers. The second is a video interview of a blunt Irish financial expert, who works in the US, on the crisis in Ireland:

Remember Europe and that insolvent country which Ron Insana conclusively determined does not matter? It's back on the scene after Reuters reports that the main Irish opposition Labor party has just announced it will vote against the IMF/EU bailout package. Just what spin Olli Rehn will have to use to calm markets after his latest vassal nation continually refuses to go quietly into that good night, remains to be seen.

From Reuters:

The euro extended declines on Thursday after a spokesperson from Ireland's centre-left opposition Labour party said the party will vote against an 85 billion euro IMF/EU bailout package when it is put before parliament for approval next week.

"Labour would vote against it because we consider it a bad deal," she told Reuters. Ireland's governing Fianna Fail party said on Thursday it would seek parliamentary approval for the rescue funds.




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Update:

The Irish Finance Minister Brian Lenihan is threatening an ammendment to his budget that would see the imposition of a 90% tax on bankers' bonuses:

“As far as the future is concerned I do propose to introduce the amendment to the finance bill to put this matter beyond any doubt and provide a high rate, a 90 per cent rate of charge on any ... bankers’ bonuses,”

Read more.

Amazing what you can achieve when you threaten to reject a bailout. The bonuses will be 10s of millions - the bailout 10s of billions. Mmmmm. Take the tax receipts and reject the bailout too! I hope people are watching this.