DoF and Lenihan Figures Wrong Again!

November 23, 2010

A word of caution regarding Our European Partners..I wrote elsewhere http://wp.me/pBbF3-aT

The keyword being ‘Cowslip’..anyways

So the EC, through Ollie Rehn Economic Affairs Commissioner, who, like a recalcitrant schoolboy, echoing our lame duck taoiseach demands a budget be put through, even though this process could imperil the very foundation of democracy in Ireland.

Citizens normally expect that a budget have the elected support of the people, through their representatives in government, not by a lame duck government who ludicrously claim they’ll leg it straight after the budget!

Ollie represents the EC who stuffed billions ‘no questions asked’ into Seanie’s Anglo bringing Ireland to ruin. He represents the EC ‘european partners’ who supported the codology of NAMA. He represents the banking policy of FF that now lies in ruins. To date we have no bank restructuring policy that will allow Anglo to fail and restructure the remainder of our banking sector into a progressive and viable form.

Now he wants to stuff a budget down our throats based on a rescue package, the terms of which Irish citizens have not  seen,  along with a 4 yr plan from a government, who won’t stay in office 4 weeks after the budget!

Ollie, can take the chain and wrecking ball the EC have wrought on the Irish economy, and stuff it, you know where!

With policy like the above, its goodbye euro.

Come on Ollie and the two Brian’s

Ring around the rosy
A pocketful of posies
“Ashes, Ashes”
We all fall down!

Irish citizens are reeling from bad governance by both the EC and FF!

Here’s the Philip Boucher Hayes interview from Drivetime yesterday:

Karl Whelan http://www.rte.ie/radio1/player_av.html?0,null,200,http://dynamic.rte.ie/quickaxs/209-r1-drivetime-Monday.smil

Drivetime about 1:09

Also nb approx 20min in

Philip Boucher Hayes talking with Brian Lucey of UCD and stephen kinsella Limerick..

Lenihan has said bailout will be less than 3 figures, facility will be able to draw upon:

Lucey and Kinsella both disagree with the figures coming from DoF on what will be required for bailout:

Lucey and Kinsella set the figure approx €200 bn quarter of a trillion euro.

Upwards of 200 bn required according to Prof stephen kinsella Limerick, if state didn’t get capital from anywhere else over the period….

Figures are:

A ……………Bond paybacks for the banks now maturing:

12 bn 2011

6 bn 2012

7 bn 2013

13 bn 2014

B ……………………….Banks need capitalisation €30 bn

C……………………. Cost of running the state

€40bn-€50bn increase of figures below likely:

€16bn 2011

€12 2012

€10bn 2013

€5.5bn 2014

D Nama require 5 bn from bailout

Figure already at 120bn.

Plus ECB liquidity money(this cost not levied on taxpayer) provided by the ECB goes on total to give grand €240bn– €250 bn

Both Lucey and Kinsella have no confidence in figures provided by DoF agreeing figure required by state at approx €200 bn – €250 bn, but hope ECB with transparency and accountability can stand over their own figures with their own independent assessment.

The real point is the bailout figure provided by Lenihan and Cowen at under three figures, they claim may not even be used but will be ammo, is grossly understated!

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