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THE PRESIDENT of the European Central Bank, Mario Draghi, has said the ECB will not use its programme of buying bonds to make it easier for Ireland to break free from its EU-IMF bailout later this year.
Speaking after a meeting of ECB governors in Frankfurt, Draghi said the ‘Outright Monetary Transactions’ (OMT) programme announced last August would not be deployed simply to lower Ireland’s borrowing costs when it tries to begin borrowing money independent of the Troika this year.
“OMT cannot be used to enhance the return to the market,” the Italian said.
“But in principle, there are rules that are there. Countries that comply with these rules are eligible,” he added.
The OMT programme outlines circumstances where a country which applies to be covered by the programme can have the ECB intervene in the second-hand bond markets, increasing demand for short-term bonds so that the overall interest rate charged by lenders can be brought down.
However, countries who wish to be covered by the scheme have to submit themselves to implementing certain economic measures – making the programme tantamount to a bailout-style programme.
The cost of borrowing for Ireland and other peripheral European economies fell in August when the scheme was first announced, as investors welcomed the moves by the ECB to flex its muscles and assist Eurozone countries in raising money.
Draghi meanwhile again repeated his praise for the Irish government in how it had stuck to the plans laid down by the ECB, along with the European Commission and the IMF, as part of the bailout programme.
“The Irish government has undertaken very significant progress,” he said, with “very significant results on many fronts. I never tire of saying so.”
He added, however, that “further action” was needed by Ireland to continue reforming its financial sector and warned against the possibility that Dublin could become “complacent” about the reforms it still needed to implement.
The monthly meeting of the bank’s Governing Council decided not to adjust its main interest rate, leaving it at 0.75 per cent for another month.
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Ireland is being ripped to shreds by the ECB EU and IMF. This system is not working and when a system is not working it needs to be changed.
272,000 children in Ireland in poverty
I in 4 in mortgage arrears
1 peasant(as they are called in France) dies every day
60% of make youth in Spain unemployed with no benefits and no job prospects.
This is not working!
Austerity does not work!
Adelle
Rory asked for a translation and what you have offered is gobbledygook rather than a cogent précis of what Draghi has said.
Austerity is it an economic Programme but rather an economic necessity or else we wouldn’t be able to avail of funding to meet our day to day needs as a Country.
If income is sixpence and expenditure a shilling you seem to suggest we don’t need to tighten our collective belts. You obviously belong to the great Irish school of Magic Economics. Just keep denying reality for long enough and either things will get better or your Party will get elected.
One of those explanations is foolish and the other just naked dishonesty. Which one is yours Adelle?
I was not replying to Rory was just putting forward my opinion.
Peter no austerity would be required if:
1. We paid social welfare and public sector wages relative to what we raise in taxes.
2. An illegal gambling debt was not honoured.
Peter, are you paid directly by FG to set up twitter accounts and troll or are you a volunteer?
@peter Daly – Austerity is not a necessity – in fact it is a disaster – for most – except the Rich , whose bills we pay . Lets just stop paying those bills for other people s mistakes – and see waht the Troika can do . We have natural resources – and any agreements that have been entered into can be torn up – just like anything the govt signed can be torn up . They are bits of paper.
There is no end in sight – only lies to keep us paying other peoples bills forever and a day .
and if u think the govt are worried – just look at wat this guy says about our govt –
”Draghi meanwhile again repeated his praise for the Irish government in how it had stuck to the plans laid down by the ECB, along with the European Commission and the IMF, as part of the bailout programme.
“The Irish government has undertaken very significant progress,” he said, with “very significant results on many fronts. I never tire of saying so.”
very significant results on many fronts – yes we know .
We pay for them . We pay other peoples bills .And the results of doing so can be seen on viratully every high street and home in Ireland – excpet the ba###rds bankers and devolopers whom we are paying for .— and who are not yet in jail .
Even in Afganisatn they jail corrupt Bankers – but not here . The govt thugs go abroad to conferences and say we are doing ok – they are proud of us .
What exactly does it atke to get the Irish into action ??
A debt which is now very much legal. If you don’t stick to facts, your argument will lose credibility.
Apologies. The above was in response to Eamonn’s comment.
Very well said
Oh but it is working perfectly, for those of us who are raping your wealth and assets.
Austerity would not be required if your corrupt politicians did not get into power gifting your entitlement culture, for which they must sell you and your childrens bondage.
We own all your future generations now because of your selfishness and your lack of challenging our God like money system.
Jim Flavin nothing will make the Irish take action. They are the laziest nation on the planet. They are really busy being Armchair Warriors moaning and bitching on the journal and in the pub. How can they find the time to take action with all the moaning n bitching they do. I have never seen a nation of such subservient rabbits as the Irish. It would seem that the governments of Ireland can rape and plunder the people at will and the only reaction the people will show is bitching n moaning. I think the Irish People deserve everything that they get from their corrupt / self serving governments.
Socialize costs,privatize profits .IMF has used that tactic.everywhere worldwide.my own country ,Malaysia refused the IMF bail out during the 90s Asian economic.crash and.we recovered.faster than our neighbours.
true imf bailed out the philippines in 70s or 80s and its only now they are recovering properly
Confessions of an Economic Hitman – John Perkins- its all in their – the true history of the world
Yes to stability. Please god for the love of your children will yous cop on.
Rory –
The IMF have fuc**d up every country that have went into to “help”
Says one thing when in Ireland – then gives us the two fingers from Europe.
Maybe you’ve put the egg before the chicken. It’s like saying the fire brigade make matters worse by causing water damage to a burning house. The economic cracks were very much there before the ECB and IMF got involved…
I wouldn’t say they ruined every country they went into. The UK received a bailout in 1976 and South Korea in 1997. UK is hardly now an economic basket case (although it is feeling the hit of the economic crisis) and South Korea has arguably the strongest economy in Asia right now. It is true that in some countries IMF intervention did not help the economy but this is often due to a combination of issues (lack of competitiveness, corruption, etc) rather than solely IMF policies.
The IMF have done exactly what their owners ordered them to – sell off their state assets.
Draghi — a member of the Bilderberg Group and a former Goldman Sachs director.
What do you expect from a pig but a grunt?
ah the bilderberg group,
are they not the group that once said that they could overthrow any government with the stroke of a pen (by manipulating the finance markets) and save the money spent on bullets.
They really love us in Europe, we’ve spent 30 million more than Denmark to host the Presidency and they still want to screw us!
Denmark most likely has the infrastructure to host such events already. Those lsrge marquees and bbqs are expensive to hire out.
Still trolling Rory? Clear enough for you?
The simple solution to all this is to leave the eu altogether (and their banks). If we have to start from the ground up I’d prefer that as a truly independent nation, not as a peripheral principality constantly at the mercy of a foreign (and mostly unelected) super state. Not that there’s anything super about these thieves and their Irish quislings.
It’s a nice idea, but the reality would been that we would be in a far worse economic situation in the short to mod term, and the general population would not be prepared to put up with such a significant increase in suffering and hardship.
Smartphones are imported. The Irish seem to like smartphones. In order to afford imports we need to export products and services. To effectively export, we need a stable and trusted relationship with other nations. Before espousing opting out, please be aware of what we would be opting out of.
But we are a wild chaotic tribe of drunken muck savages, with a dubious skillset in the new global economy as we are painfully learning right now. Do you think we’d really survive without a foreign oppressor to keep us in check?
We’d have Chieftain’s in every district.
I see you supporting the banking and political establishment as usual Nikolas.
@william O Shea – u are correct . No point in going on – there is no end to this robbery . It is working a treat for the crooks .
@Nikolas Koehlar
”To effectively export, we need a stable and trusted relationship with other nations. ”
No- we need something that other people want to buy – and we have and should have plenty without being robbed by big business – and their accompplices Dail Eireann . We have apprently Oil reserves , gas Reserves , lots of water for export .
we can live without smartphones – and much of the consumer junk that money is wasted on . e have some of the best land in Eourope for growing a vast variety of food / fruit etc – but much of it is used for producing low value crops – . As i said before – if Dutch or Israelis had what we have – they would be well off .
As well as talikng too much – our worst fault is IMO – Obedience . Too many obey Authorihy – an Autority that does not have their ineterest at heart – and certainly not for last number of years – but I supopse if u can convince some people that they are going to live forever – convincing them to be non questioning idiots is a small task .
We have a very small primary deficit (excluding illegal banking debt) that could be easily turned into a
Surplus with expansionist (Keynesian) economic policy, such as Creating a modern rail network or developing a domestic energy sector (Green and Oil). Dragi however is a banker and Ireland is envisaged as another client state where corporate profits are paramount and our welfare state is minimised!
Bang on Caolán!!
This will always be the outcome when Irish troika of traitors are left to negotiate for Irish people.illegal ponzi bankster scam on the Irish people. Time to exit this nuthouse of the EU.
Populist comment… Blah blah blah… Those not handing out free money are b*stards… Blah blah blah… Austerity isn’t working… Give us free money… Blah blah blah…
You forgot torn toon the slimy foreigners who won’t stop until they’re raped our asserts and subjugated our population, and the “sheeple” who blindly stand by and let it happen, etc…
Why do the people in Ireland who spout populist politics always seem to have nothing but contempt for the Irish people generally? It seems a little contradictory
And your fellow traveller Arbitrasure seems to have so much respect for the Irish people – see remarks above. As for you! The monkies love their phones, let’s threaten to take them away. Sod off.
Any proposals for what the alternative to ‘austerity’ is? Is it to borrow even more money ( than the huge amount of money we are already borrowing and spending ) and spend it?
Amazing how many people are so livid about austerity, but make no suggestion as to what the alternative looks like. Maybe that’s the problem, there isn’t an alternative but it is nice to have a meaningless word to shout about.
It’s about as constructive as protesting against Economic Recession.
For 1 lets have a proper look at the actual corporation tax take. How many googles are there paying a measly 0.14% on profits of 48 billion? At the proper 12.5% rate that an additional take of 5.8 billion in last 5 yrs. and that just 1 company.
I have given u this alternative a few times now but u have not addressed it as yet. How about an answer.
They are here for their effective tax rate, not what is says in the ‘come to ireland’ brochure.
If the rate was 12.5% they would not be here.
Change the rate ,Google feck off somewhere else ,more people out of work , great alternative !
Arbitrasure – mass strikes – shut this fake fraudulent Oireachtas Royal talking shop by throwing out the current government – do an Iceland. EU/IMF/IMF – all deals off. Grin and bear it, better than the charade we’ve been waltzed along to.
We are being completely conned by our own government
why was michael noonan at bilderberg when no other current minister for finance has ever attended ?
why can we not see the triochet letters?
why can we not have access to the list of debtors at anglo?
questions need to be answered
and on another note
have you noticed all the new government trolls lately, my friend and collegue frank cluskey has had his account suspended while the government stooges invade the journal
wake up people
we are being censored
Too right Verbel – this ship stinks. Draghi telling us we are good pupils now obey. It’s a stitch-up of Royal proportions.
Exactly. Censorship.
Keep you all like the good sheep
frank cluskey was laughed at a couple of months ago by the stooges because he suggested that the people would soon evicted out of there homes and that the government might have to rehouse them footing the taxpayer with the bill.
read tomorrows papers people
we bail out foreign banks and not our own people
a new low……………
Mario Shcabby more like
Can anyone translate all that?
In a nutshell we are still fcuked
No no. According to our government we have tuned the corner. Only last week as they pleaded for a yes vote for cp2 it appeared that.
1. Unemployment was solved
2. The recession is over
3. Property market has stabilised (property tax anyone?)
We’re taking another one “for the team”
Well and thoroughly
An awful lot of Armchair warrior talk again tonight, I understand people feeling livid and upset about what is going on in this sorry country but please stop all the moaning and bitching and actually do something constructive about it. Stop being the mules for the political class / the wealthy / the corrupt self servers eg bankers / politicians / developers etc. People get up off yer arse and organise show this puppet government ye are not prepared to put up with all the crap they keep throwing at ye any longer.
Note to myself… Don’t hold your breath.
Right, I’m standing up, i’m off me arse. What would you like me to do now? Suggestions please on how I should ‘organize’ myself. Do I meet you outside Dail Eireann or what?
Meet us outside Dáil Éireann 4pm the 16th March #irelandsaysno tell as many people as you can and lets get out and peacefully protest in NUMBERS,UNITED.
ENOUGH IS ENOUGH
have your say