So what of the effects on the UK?

Irish PM refuses to stand down over financial crisis - but WILL call an election in the New Year

Critics protested that the sum exceeds the £6 billion of early spending cuts that the Coalition managed to scrape together this year, amounting to £300 per family for Ireland’s bail-out.

British taxpayers will be landed with an increase in the colossal debt burden - already £952billion - at a time of desperate cost cutting.

They will be stung three times because Ireland will receive funds from the European Union, the International Monetary Fund and direct loans from Britain.

But the real anger was from Conservative Right-wing MPs furious that the Prime Minister was in their view failing to live up to the eurosceptic promises he made in opposition.

Bill Cash, the elder statesman of Tory Euro-sceptics, said: 'It is in our national interest to help the Irish but not through this Euro framework. The real issue is the Government saying it will do something about European rules but then acquiescing in another European integration process.'

If Ireland were to default on its debts, losses of around £5billion on toxic bank debts held by Royal Bank of Scotland and Lloyds Banking Group would push the liability to British taxpayers up to £12.5billion - though the bailout should prevent that happening.

England= Round1
Ireland= Round 2

Already applying “Austerity” measures, Ireland looks to a second round…. The UK is following the same plan with the same problems… I have to wonder how soon we will be in the same position as there’s `NO STOPPING THESE BANKSTERS`. They put us in this position and now there after the furniture.

Ireland warned it will have to stump up state assets in bailout

Bord Gáis and the Electricity Supply Board, Ireland's motorways, CIE, the national oil reserves, our stake in Aer Lingus as well as the best parts of the Dublin banks and the whole of the national pension fund are likely to be pledged as security in return for the tens of billions of euro in loans the government will receive from the IMF, the European Community and the European Central Bank.

The warning, from markets sources, comes as the talks between the Irish authorities and the IMF-led troika were due to extend through today and into this week. The talks were focusing on ways of limiting the amount of the private banking debts that a generation of Irish citizens will be made to pay for.

But in an investor note this weekend, Société Générale in Paris, which helps sell Irish sovereign bonds for the government, said there were calls from around Europe for Ireland to stump up "collateral" in return for its bailout loans.

www.tribune.ie/news/article/2010/nov/21/...stump-up-state-asse/


Minimum wage to be reduced in four-year plan

Senior government figures have confirmed that the current minimum wage rate of €8.65 – which is the second highest in the EU – will be reduced over the course of the plan as part of measures to improve labour-market flexibility. However, it will be done in tandem with reforms in social welfare to ensure the cut does not act as a disincentive to work.

Cuts in public-sector pensions to reflect last year's public-sector pay reductions.

The plan will also outline the annual cuts in the public-sector pay bill and the budgets of the three biggest departments: Social Protection; Education and Health.

www.tribune.ie/article/2010/nov/21/minim...d-in-four-year-plan/

In his desperate bid to explain why the government is helping to bailout Ireland (EU Country), David Cameron played the immigration card last night, explaining we had to stop those “bloody EU immigrants” coming over here, especially the unemployed…..


David Cameron warns of 'huge' influx of Irish migrants

Britain faces a “huge” influx of Irish migrants if the country’s economy collapses, David Cameron warned last night.

Irish citizens currently benefit from higher benefit payments and lower tax rates than Britons, a situation which is expected to be seen as unsustainable when taxpayers in this country are underwriting their neighbour’s debts.
Among the specific IMF proposals for Ireland is a review of the minimum wage “to make it consistent with the general fall in wages” and the introduction of “a gradual decrease of benefits over time of unemployment spell and stricter job search requirements”.

Ireland currently has a minimum wage of £7.33 an hour, compared to £5.93 an hour in Britain. The Irish qualify for unemployment benefit of between £74.65 and £165.92 a week compared to £64.30 a week in this country.

Both IMF measures are expected to be included in the Irish austerity programme which is expected to provoke widespread protests in the republic.

“There are thousands of families in Ireland who live at or below the poverty line. That means there are thousands of children below the poverty line,” said Fergus Finlay, the chief executive of the Irish Barnados children’s charity. “I can’t think of a single good reason to make things worse for those children.”

Source; Telegraph

While the Medias interest in this story wanes and moves on to their big narrative of big investors losing money in Portugal or Spain or the failure of the Euro , the real losers get pushed to the back pages and back of the queue.

Children 'to be hit by IMF plans'

Thousands of children will be hungry and cold if the Government rolls out cost-cutting plans signed off by the International Monetary Fund (IMF), it has been claimed.

A leading children's rights campaigner warned any cuts in social welfare payments or the minimum wage will directly affect underprivileged youngsters across the country.

Fergus Finlay, Barnardos chief executive, called on politicians not to agree to any plan that will plunge households further below the breadline.

Source; Independent


Ireland bailout: From €1,100 a week to living on the streets of Dublin

Homeless man's descent from full time worker to a tent in a car park shows the plight of Ireland's economic losers

Living in a tent inside an empty underground car park Malcolm Quigley's fall from full time worker and home owner to destitution personifies the plight of those who have lost out in Ireland's economic crash.

Source; Guardian

Just had to include this piece from a well-informed blogger…..

Who bankrupted Ireland?

Now across Europe the great blame game will rumble back into play. Our banks, your banks, their banks, or is it your feckless householders or ours, certainly can't be theirs, they're still doing well in Germany. Expect lots more national stereotypes to be wheeled out for ritual defamation.

So let's ask who it was took a dump in Ireland?

First, the suspects.

Ireland has three big insolvent banks and several other smaller, equally insolvent financial institutions we won't bother to mention by name.

Ireland also has a large number of subsidiaries of European, British and American Banks. These subsidiaries are often registered as Irish and therefore on Ireland's tab not the nation of the parent bank. This often gets forgotten in the excitement. But it is KEY.

Ireland also houses a very large chunk of the world's Special Investment Vehicles (SIV's) which are the shell companies which house trillions and trillions of dollars and Euros and pounds worth of Collateralized Debt Obligations (CDOs). These are what Warren Buffett described as "weapons of financial mass destruction'" And they are in their own way as hard to find and disarm as the ones we had a fraudulent war over. Anyway I digress.

These CDOs, in turn, house an equal or greater nominal value of Credit Default Swaps (CDS) written upon the CDOs. I can't tell you the figures because only the Irish Stock exchange has the otherwise completely confidential paper work and I have serious doubts (from what I have been told in the last week by an insider with first-hand knowledge) that the Irish regulator and stock exchange have much of a clue themselves.

###End

Now read the comments……. What insight.

From Pat
“You said that a large chunk of the world’s SIVs are domiciled in Ireland. If that is so then the Irish Government is the banker to the world’s "Shadow Banking System" and the clearing house for the world’s derivatives, CDOs and CDSs, which are unregulated. Then what is happening in Ireland is not a traditional banking crisis, it is a run on the "Shadow Banking System".

If this can be proven, the Irish people should take their case to the European Court. Neither the ECB nor the IMF have jurisdiction over activities they do not regulate. The IMF may as well have arrived in Dublin to bail out Ireland’s drug dealers as to bail out the Irish Government in its capacity as banker to the world’s "Shadow Banking System

Surely there is a young lawyer somewhere in Ireland who will write the complaint. If they do, he or she may become President one day.


Source; golemxiv-credo

The full statement is not included here; the sample below is included because of its relevance to the websites.

Doesn’t this just say it all, Ireland Please…….

Ireland, Please Do the World a Favour and Default

Ireland, please drive a stake through the heart of the vampire banks which have the world by the throat. The entire controlled demolition of the Eurozone's finances can be summed up in one phrase: privatize leverage and profits, socialize losses and risk.

The basic deal is this: protect the bank's managers, shareholders and bondholders from any losses, while heaping the socialized losses and risks on the taxpayers and citizens.

While there are murmurings of "forcing bondholders to share the pain," any future haircut will undoubtedly be just for show, while the Irish pension funds are gutted to bail out the banks.

Source; ZeroHedge

Part of Irish government statement

Structural reforms in the Programme
Labour market adjustment

Minimum wage:

Reduce national minimum wage by €1.00 per hour to foster job creation for categories at higher risk of unemployment and to prevent distortions associated with sectoral minimum wages

Enlarge the scope for the "inability to pay clause"

An independent review of the Registered Employment Agreements and Employment Regulation Orders. Terms of

Reference to be agreed with European Commission Services.

Reform of the unemployment benefit system to incentivise early exit from unemployment.

Steps to tackle unemployment and poverty traps including reducing replacement rates for individuals receiving more than one type of benefit (including housing allowance).

Streamline administration of unemployment benefits, social assistance and active labour market policies, to reduce the overlapping of competencies among different departments;

Enhanced conditionality on work and training availability;

Reform of activation policies:

Improved job profiling and increased engagement;

A more effective monitoring of jobseekers' activities with regular evidence-based reports;

The application of sanction mechanisms for beneficiaries not complying with job-search conditionality and recommendations for participation in labour market programmes

Read the full statement by the Irish government on the IMF/EU bailout; Here

A Nation under assault;