The EU Bails out Ireland with $100 billion
 

DUBLIN ? Ireland?s decision to accept a rescue package worth more than $100 billion prompted a call Monday for early elections and a warning from a major ratings agency that the bailout could prove to be a ?credit negative? for the country.

European Union officials, who had been pushing Ireland to accept help, quickly agreed to the request late Sunday, committing a significant amount of money to an ailing member for the second time in six months. The total amount was not announced, but several officials said it would be 80 billion to 90 billion euros, or $109 billion to $123 billion. Last spring, Europe disbursed 110 billion euros to Greece to save it from default.

The move, which will allow Ireland to shore up its faltering banks and operate without having to borrow money at budget-breaking rates, was welcomed by Ireland?s neighbors on Monday, although financial markets were more cautious. There were also rising worries about political stability in Ireland as a result of the bailout and the angry public backlash it engendered.

http://www.nytimes.com/2010/11/23/bu...er=rss&emc=rss

I wonder how this will turn out.

The whole Euro crisis shows the problem of having a currency like the Euro covering many countries then allowing them to run their economy as they please.

Greece, Ireland, Spain and Portugal are all in trouble because they spent more than they earned and loaned to make up the difference. The trouble down the line will be whether they can pay the loan back.

True dat.

Open a history book and see how well it's worked out in the past.
:winkwink:

I wonder what austerity measures come along with the loan?

Income tax up
Sales tax (VAT) up.
Government spending cut.

I wonder how many companies will leave Ireland if the corp income tax is raised.

looks like not much adult webmasters there

The problem that's the reason for the dark days ahead is the balance of payments. The difference between exports and imports.

Most of the Western countries import far more than they export. Even including financial services the gap was to large. When the financial collapse happened the problem became clear to see.

The system was underpinned with loans and a Bond market. Which means the people who hold the loans and Bonds control the system. Which is why I THINK that politicians say that there should be no move to balance imports and exports. If they do that the Chines and others will call in the loans.

ummmmmmmmmmmm

Irish corporation tax is the lowest in the industrial world. Even if they raise it it would still be the lowest. Unless they raise it a lot.

yeah, better to just start printing new money non stop once your national debt hits $13 trillion

:1orglaugh

Not a good day for Ireland, the government collapsed earlier so there's elections in the New Year.

I'd been thinking of moving back there recently, but Hungary doesn't look too bad after today's news.

no more low taxes for Ireland now

That's why the big international companies transfer their money to Ireland. Like Coca-Cola, their patent in Europe is "placed" there. Meanwhile, the workers must pay the domestic tax that the big companies don't pay. It's years of legal fraud, and now the workers have to pay even more.. to keep it alive.

I know, it is 12.5%. Hungary & Iceland are next with 18% corp tax rates.

they lasted quite long. . .

HP is already posturing that they may pull out of Ireland if the Corp Taxes are raised.

The Irish people are now officially slaves to the JEW banksters and they and their children and their grandchildren face a future of scraping by with the results of their labour going to the jews.

Time to kill all the bankers and jews. Adolf was right.

:( :(

It is sad that a country of only 4 million people can be as far in debt as Ireland.

That would be like giving the US 10 trillion :Oh crap

Correct me if I am wrong but I believe they were among the best economy wise few years ago

There are lots of nice Jews too, Winston Churchill (half Jew) once wrote

google's HQ is there. wondering how they feel about it

It was built on sand.

Well yeah just like the rest of the world :thumbsup

Not a clue! :thumbsup

I said something like that in my first post here.

Has GM paid back their bail out money?? Think these guys ever will?

Yes,beacuse this is loan not a bailout.

Eur will die in pain

$100 billion - that's quite a lot of money. For me it is a sum of money that I cannot visualize in my head. The number is too big.

sad but true

god damn
they couldn't wait a couple of days? now my mortage is gonna cost more.

Just like with Japan and now the US, it will depend on how they use the money. So far government spending is not the way to go, but cutting spending seems to be

http://money.cnn.com/2009/01/21/news...tune/index.htm

too much drinking -> clouded judgment -> borrowing more than they can pay back -> now we have to pay for the Irish

So what's going to happen when Germany begins to fail, because they're already spent all their money (and credit) on helping out every other EU country?

That's going to be shitty...

I think the Germans got screwed from the gate with the introduction of the Euro.