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AN INFLUENTIAL GERMAN economist and member of the European Central Bank (ECB) executive board, Jorg Asmussen has said it’s crucial that Ireland stick to the €3.1 billion target set by the Government.
Speaking on RTÉ’s The Business radio programme, he said that delaying adjustment would be a “risky strategy”.
He said “I would conclude that it is crucial that the authorities stick to the programme’s objectives as they have done in order to ensure that the country remains on a sustainable path”.
ESM
When asked if he thought there would ever be approval that the European Stability Mechanism (ESM) would be used retroactively in recapitalisation, he said that as it stands now, he did not think the ESM could be used to retroactively fund Ireland’s bailout of the banks.
He said the mortgage arrears is specifically important in Ireland, but said there is ongoing stress test for banks now.
He added that Ireland had made “significant progress so far”.
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Right then, let’s get it over with!
Scary stuff but we have become immune to terror. We can’t do anything about it. 2% of Europes people carry 98% of the power..they are the ones dictating this disgraceful episode in European history and are doing so to suit their own ends. Once the dust settles on this mess we as a nation must debate on weather we are served well by being in the EU. Personally I don’t think we are.
Whether….
Just saying the singapore dollar and the japanese yen are regarded as pretty safe at the moment. Could be handy to keep some of those under the mattress.
the keyboard makers were right not to give ? its own key…
OMG even the euro symbol dosnt work now
If you have nothing to start with you have nothing to worry about, only the rich need to be afraid,
Nice fitting phrase.
Fact!!
During the crisis of the last number of years the wealthy in Europe have increased their nest eggs while the regular citizens continue to suffer wealth destruction and poverty. Have they no humanity? Is money so important it ruins society? My god! What have we become?
Not us , them. They are so afraid of losing power ….. It is a horrible thought that these people are so hung up on money and greed . Austerity is not working for us ordinary decent people , but it is sure working well for the very wealthy and power hungry. We are being sold out . I reckon we shouild support the Greeks to vote in a way that will improve the ordinary person’s liives, We could learn a lot from the Greeks.
Ah sure whatever it takes to force a united states of europe wit full control over taxation, screw the 99% of people. Create a mess and then say bigger government will solve it. World government eventually. Id like to think countries could learn from their own mistakes and move on. We dont need “more Europe” as Adolf Merkle said. Their single currency with central interest rates created property busts at the periphery and this meltdown. No mechanism for weak countries to tap the breaks and a financially illiterate self interested FF government in power buying elections. The answer is not to give more power to those in Europe who screwed it up already. They re enslaving people in debt and enriching the super rich behind the big banks.
You say “they” but the EU is as much a democracy as Ireland is. Really it’s “we”. I can never understand people speaking of us as being “enslaved”. Why shouldn’t the majority rule?!
The €nd is nigh!!!
Those who have the most stand to loose the most. Plenty spuds in the ground and fish in the sea. When one hasn’t much only life itself, there’s nothing to loose so why even worry about it. I would certainly chuckle if the playing field was levelled. What comes around goes around goes around. The wealthy have got rich on the backs of regular folk for years. Banks, corporations, big business, bureaucrats, politicians to name a few.
F@@k ummm!!! Let the euro collapse.
You have plenty to lose.. Where do you think this money is coming from?? It’s YOUR pension that’s being invested by the gov.
I don’t subscribe to the part where the shopkeepers saving convert to 50,000 drachma but his loans stay at €50,000.
The reason Greece will leave the euro is because it, and it’s banks, will not repay what is owed in euros. So if the government and the bank don’t pay, the shopkeeper won’t be paying either. Hence the collapse in value of the new drachma.
At least the Greeks have guts! It seems to me that the rest of Europe are hellbent on getting them out! If this brings down a few banks, so be it! Maybe it needs something like this to force the poor people in Europe to rise against the corrupt greedy bastards that have caused this mess!
Yes, well guts are all well and good, but at what cost exactly?
If Greece think they’re going to exit the Euro, give their creditors the finger and keep on with business as usual, they’re extremely naive.
I truly hope they’re made an example of, are removed from the free trade area and have their freedom of movement of labour revoked. In essence, they should be made to make their bed and lie in it.
I may be an armchair economist but my understanding is;
This is case in point of why the euro is failing, being underpinned by weak economies. As a country’s economy strengthens so does its currency as more of it is sought to buy its products by other countries. With Greece returning to the drachma it wouldn’t rely on an over-valued euro anymore, it’s drachma wouldn’t be in demand and as such would fall by roughly 50% as they claim here.
That then means that the Greek shopkeeper’s 50,000 euro savings (held in her greek account) is also devalued by 50%. They still call it 50,000 drachma but it’s worth only 25,000 euro. This is where she can no longer repay her 50,000 euro denominated loan and the Greek banks and government find themselves in exactly the same situation.
except they default on all that debt and the banks/governments who gave them the money feel the pain.
@ Paul… That’s what I’m saying.
Stock up on canned food before we get told the supermarket is closed
Cud be worse,
Will be worse.
Let’s do it.
They can fook right off if they think I am gonna pay my mortgage in euro value if we get the punt back, I swear to god I will shoot any fecker who tries to tell me different!
The Euro currency will only survive if Greece leaves it.
that’s a myth, the Euro is done.
And so is the US dollar which is only looking good next to rotting corpse of the Euro. The end is nigh…
€€€€€€€€€€€€ €€€€€€€€€€€€€€€
Let’s eat cake
Who are we borrowing from? Who are the investors, the markets and why are they not properly regulated so this can’t happen?
We’re still looking at the problem in the wrong way.
€…RIP
The way I see it is if the greeks go to drachma and €1=1drachma then the Greeks will simply say ok we will pay of our debt in drachmas . Here’s a cheque for 200 billion drachmas , thanks a lot !!
Debt cleared, mayhem in Greece for a while until the dust settles, trust returns and trade resumes. Can it really get any worse for the Greeks if they exit the euro!
Anyway what do I know , I’m having a lie in!!!
Unfortunately that doesn’t work. If the Greeks print 10 drachma per 1 euro then then the drachma is worth .10 euro.. If the Greeks print 1000 drachma per euro then the drachma is only worth 0.001 euro.. Debts still won’t be repaid..
I admire the greeks for fighting this, and we should all be very proud of them, so let us support and follow them out of the euro, as it is the only way!
Here Here…
Very costly for us
Armageddon!
Scary :-[
have your say