Varadkar: We may need second bailout


#12

It’s stupid because it is akin to an empty threat. What’s he going to do exactly with his reservations from an Irish perspective?

You don’t make empty threats in a big deal. If you do that you lose credibility.
If he’d ever done a big deal he’d know this.


#13

Big deals are full of empty threats.

In any case, I don’t see this one as being empty. A country losing faith in its ‘bailout’ process results in an Argentina. That kind of failure is not tolerable (even to those on the outside). It has taken the IMF a long time to recover from their failures in Argentina, indeed some will argue that it hasn’t so far recovered.


#14

Varadkar talking down the economy tut tut…we need to ask ourselves what would Bertie do ! Remember he said if he was back in charge he would have the country back ship shape


#15

I know!!!

Sweet Jesus!

If the first LOAN and it’s USURY interest rate is considered a bailout… what will a second look like?


#16

A sell-out? :unamused:


#17

Yes he would! (I couldn’t resist)


#18

This about someone who is inexperienced, promoted to cabinet too soon and speaking without consulting cabinet colleagues on a matter that is not his cabinet brief.


#19

Yea experience look where that got us. Move along your point has failed.


#20

Excuse me for expecting a base level of competence and adherence to cabinet confidentiality.
You may find the indication of ‘Let a thousand flowers bloom’ thinking comforting. I don’t.


#21

I doubt Varadkar is really breaking ranks on this, it seems like he’s the designated loudmouth who basically states the obvious, which may be against the official DoF line, but has the effect of getting the bad news out in the open before the officials own up to what’s really happening. Then the cuts/tax increases are apparently less painful.

Garret Fitz was driving FG up the wall with many criticisms of FG banking policy, which was effectvely rebuffed when Varadkar compared Cowen to him, which basically outlined that ‘Garret is not FG, and we’re not listening to him’. The older guys could not have made that statement, but Leo could.


#22

I believe that Garret Fitz quip was unplanned - there may however be more merit to your first conspiracy theory :slight_smile:


#23

yes what we need is more yes men!!!

:open_mouth:

XX


#24

Maybe he’s the minister of official leaks, Irish governments have had that post for a long time now although it has never been a given a brass plate.


#25

Support for Mr. Varadkar’s position likely to come from the ‘market’ tomorrow…


#26


#27

:laughing:


#28

It’s the same ole nonsensical spin. “We’ve loads of cash balances” - eh, right, and what do you do after you’ve spent them? Sit outside the pub waiting for an abandoned pint? While the funding situation remains turgid, cash balances have to be maintained. Spending down your emergency money while you don’t have market access to rollover debt is like using your savings to pay your mortgage, but forgetting about food.

Perhaps Mr. Noonan has a plan for a balanced budget which means that we won’t need those cash balances, but it looks unlikely. It also looks unlikely that we will get market access or that the banks will be ‘fixed’ enough to buy new debt by end 2013. And January 2014 is a key date:
economic-incentives.blogspot.com … et-it.html

Again, these are all best case figures. There are three underlying assumptions:

  1. Growth
    2011 1.63%
    2012 3.07%
    2013 4.04%
    2014 4.36%
    2015 4.58%
  2. The banks… the 7.5bn won’t be there if the banks need more.
  3. The deficit…

#29

Sale of state assets might realise how much?


#30

Firstly much Gold has the Irish State right now? :angry:


#31

6 Tonnes.

en.wikipedia.org/wiki/Gold_reserve

Worth about €200 million.

About 1 troy ounce between every 20 citizens.