Posted on 01/21/2011 9:33:13 AM PST by FromLori
Day of chaos finally ends with definite election date. Chaos in Irish Parliament as six ministers resign.
rish Prime Minster Brian Cowen has called an Irish election for March 11th.
Speaking to a packed parliament, Cowen stated that he was reassigning six cabinet portfolios after six of his ministers resigned.
His comments ended a day of mounting chaos in the parliament as it became clear that the Green Party were preventing the Fianna Fail party from replacing the minsters who resigned .
Opposition leader Enda Kenny of Fine Gael said he was delighted there was finally an air of finality because of the naming of an election date.
Minister of State Conor Lenihan called for the Taoiseach’s resignation. Lenihan said that the developments over the past 24 hours meant that those who voted for a motion of confidence Cowen on Tuesday have now changed their minds. He urged senior ministers to act urgently
(Excerpt) Read more at irishcentral.com ...
Related with lots more
Irish Government Collapses, Six Cabinet Members Resign, Election March 11; How To Negotiate Haircuts
http://globaleconomicanalysis.blogspot.com/2011/01/irish-government-collapses-six-cabinet.html
Ireland’s Fate Tied to Doomed Banks
Up to €50 billion—nearly $50,000 for every household in the Emerald Isle.
But unlike Greece, Ireland is a relatively wealthy country, with per capita GDP of nearly $38,000. That’s 21 percent higher than per capita GDP in Greece, and in the top third for European countries. Low corporate tax rates and a skilled workforce have made Ireland a haven for some of the world’s biggest companies. And its public debt, about 65 percent of GDP, is far below Greece’s crushing load, which is 126 percent of GDP. Ireland’s debt levels are even lower than those in France, Germany and the United Kingdom.
A failed banking sector that Ireland’s government can no longer rescue on its own. Ireland is in the midst of a real estate bust that could trump even the ruinous downturns that turned parts of southern California and Nevada into suburban ghost towns, with home-grown banks stoking it all. Now, those banks are trying to manage catastrophic losses. The Irish government has effectively nationalized the nation’s biggest banks by guaranteeing their debt, which would be akin to the U.S. government taking over Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo.
That means the Irish government is also on the hook for the losses those banks endure—which have risen far beyond initial estimates, and may have a lot farther to go. So far, the Irish government is obligated to cover losses amounting to 175 percent of Irish GDP
http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0
Was Cowen left or right?
I don’t know I just know the Irish people were sick of picking up the bill for the banks.
Ireland’s Fate Tied to Doomed Banks
Up to €50 billion—nearly $50,000 for every household in the Emerald Isle.
But unlike Greece, Ireland is a relatively wealthy country, with per capita GDP of nearly $38,000. That’s 21 percent higher than per capita GDP in Greece, and in the top third for European countries. Low corporate tax rates and a skilled workforce have made Ireland a haven for some of the world’s biggest companies. And its public debt, about 65 percent of GDP, is far below Greece’s crushing load, which is 126 percent of GDP. Ireland’s debt levels are even lower than those in France, Germany and the United Kingdom.
A failed banking sector that Ireland’s government can no longer rescue on its own. Ireland is in the midst of a real estate bust that could trump even the ruinous downturns that turned parts of southern California and Nevada into suburban ghost towns, with home-grown banks stoking it all. Now, those banks are trying to manage catastrophic losses. The Irish government has effectively nationalized the nation’s biggest banks by guaranteeing their debt, which would be akin to the U.S. government taking over Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo.
That means the Irish government is also on the hook for the losses those banks endure—which have risen far beyond initial estimates, and may have a lot farther to go. So far, the Irish government is obligated to cover losses amounting to 175 percent of Irish GDP
http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0
They’re all left in the Irish government. It’s a matter of how far left!
Fianna Fáil is labor and various liberal and socialist types.
The Fine [fin a] Gael party is more business friendly but they haven’t been in much of a power position in years.
Since there’s proportional representation, you can imagine the other varied cast of characters.
They’re all rogues!
The Irish are fundamentally a conservative people. For instance the written Irish Consitution has a Pro-life clause. But Media and Academia is now totally dominated by the liberals. The most important TV network is like NPR and the taxpayers are plundered to support it. There is no conservative voice in the media or conservative magazines. If you can imagine newpapers that are even more debased than the New York Times or the Washinton Post then you can some idea what the Irish Times and the Irish Independent or the Irish Examiner are like. When president Reagan visited this Ireland the elites and the ‘intellegencia’ distained him. But ordinary irish people loved him. The elites also fawn over the Kennedys and the Clintons. Needless to say Sarah Palin is regarded as a joke and equally none of the commentators really know anything about her.
Ireland’s written Constitution is like the US constitution a conservative documents which acknowledges that human rights come from God and are antecedent to any earthly authority of the State. Needless to say the Liberals hate and despise this consitution with a hatred of despair.
The victory of the American Conservative movement would have a vital effect of Europe.
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