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What impact will Irish bail-out have?

17:30 UK time, Sunday, 21 November 2010

Irish Prime Minister Brian Cowen has said he will call a general election in the new year following a day of political turmoil over an EU-led bail-out of the country's ailing economy. How can the country's problems be solved?

Mr Cowen rejected opposition calls for a snap election, saying the country's crucial budget had to be passed first.

The government has accepted up to 90bn euros (£77bn; $124bn) in loans.

Do you welcome the prime minister's decision? Will the bail-out help Ireland and and the wider EU? Are you in Ireland? If so, what do you think about this move?

Thank you for your comments. This debate is now closed.

Comments

Page 1 of 9

  • Comment number 1.

    Whilst I feel sorry for Ireland we have many problems and as I understand this it will increase our debt. Why did Labour/Darling sign up to this when we are not in the Euro ..another lie about what our resposiblities are. So next comes Spain/Portugal/Italy are we then having to pay for these as well. ? This is not fair lets face it if we defaulted Germany would be kicking us to hell and back and the cost ? joining the Euro. If the Germans do not like then they should do something but not keep twisting the rules. This club is not worth belonging to, time for a vote. Note the main offender according to the news is The Royal Bank of Scotland..I trust that Bonuses will not be paid out this being the case..they can cover some of the lost it was due to their incompetence after all.Supported the system so far but enough is enough you lost you pay

  • Comment number 2.

    Governments are now behaving like banks - but they are not banks and have a long term duty to their citizens to protect them and future generations - in selling out to these speculators - it is like paying a blackmail demand - the traders move on to attack another victim - all the while stacking their proceeds offshore -
    I feel very sorry for the Irish who are largely innocent victims but perhaps should save my concerns for Italy - Portugal - Spain - the UK - where will it end - when there is nothing left to take from the middleclasses in Europe and the multinationals own everything

  • Comment number 3.

    It will have absolutely no long term impact on the inevitable complete destruction of the global economy - we are doomed I tell you doomed...

    $40 trillion and counting - tick tock

  • Comment number 4.

    I feel sorry for us and the EU who have to use money to bail them out. They went over the top and now asked other people to help out.
    The impact to the UK is - we have even less money in our system;

    to me personally, I would not visit Ireland in the near future cos I don't want to see my money spent on things which are not necessities.

  • Comment number 5.

    If I were the coalition govt, and if I still had money in my pocket, I would spend it on the british society, and make less reduction on the local services.

  • Comment number 6.

    Reward for failure and incompetence at the expense of those with competence and taking from those who have gained the achievements of living to save the feckless and corrupt!

    Bonkers

  • Comment number 7.

    Isn't this just another irreversible step in binding a helpless state into the united states of europe? Pick the weakest off first?

    Who's next?

  • Comment number 8.

    All this user's posts have been removed.Why?

  • Comment number 9.

    However, Mr Lenihan said 'the total would "not be three figures"'. No wonder they are in a mess. Did he mean not in 12 figures?

  • Comment number 10.

    Of course it is a good thing, because they are locked into a win at any cost election cycle, our politicians are incapable of taking hard decisions. The IMF will help sort out the economy. But I have one question, why is this seen as such a disaster? It is reality finally bursting the fictional bubble of the Celtic Tiger. Anyway, didn't the UK have to turn to the IMF to sort out its own finances in the 1970's

  • Comment number 11.

    All this user's posts have been removed.Why?

  • Comment number 12.

    Isn't it about time that the EU was audited and that ALL the EU states had to live within their means?

    The EU used to allow states to have a 3% deficit per year and that strikes me as more than a little short sighted because it simply meant that states/countries could overspend, year on year, and it was OK!

    When times are good surpluses should be paying off "old debt" plus saving for a rainy day. If only the UK had been prudent....

  • Comment number 13.

    dear 1 and 2 dianne and tony

    I totally agree but this is the plan none of this is by error or bad decision making all of this is contrived constructed to a tee
    look at the evidence its clear from what your not told through mainstream media
    that the biggest heist in history is well under way

    The middle class money and standard of living of european citizens who worked hard paid taxes and got to where they wanted to be is to dismantled by eu facism and the facism of big business too big to fail banks and puppet governments

    when did bank debt become sovereign debt well when central banks decided so, so blame thew 0.5% of the whole world The banking oligarchy the wall street banksters the elite banking families ben bernanke at the fed etc etc
    the list is endless and the british elitits too

    look at wiki leaks and the minutes from bildeeberg going back to 1980
    democracy as we knew it has been thrown out the window and replaced with facism simple

    lets be clear the people cant decide anything anymore because weve been hijacked by the EU for one the imf for another and fed res for a 3rd
    its makes nixons dirty tricks look like a trickle in a flash flood

    and worse to come ...............

  • Comment number 14.

    When I went to Austria in 2007 to buy a Chalet I was welcomed with the words “You will like it here as most of the new chalets have been bought by the English and Irish” - I expected the English but how did the Irish get so rich so quickly? The answer is they didn't. They just enjoyed a spending spree financed by cheap interest rates given to them by the EU.

    The fact is it was the Irish, not the banks, not the EU and not the UK – just the Irish who spent like there was no tomorrow, built houses like there was no tomorrow and made promises to the rest of the world like there was no tomorrow.

    Well there is always a tomorrow and now the time has come for the spending spree to end and the repayment phase to start.

    Its is going to be very painful.

    A company, run like Ireland, would have its shareholder's taking legal action against the directors. In this case the government ministers, just like those in Labour in the UK and the good leaders of Iceland they should be held to account for the gross mismanagement of the economy.

    The public expect to be protected by governments not lead towards bankruptcy by them.

  • Comment number 15.

    It, and the EU, will be consigned to history. Pity about Ireland, but good riddance to the EU and their corrupt left-wing PC micromanagement of other countries, it'll be worth a few years of hard times to get rid of that.

    Oh, and seeing as Gordon Brown and his merry men tied us in with this, we'll suffer too for the acts of some Euro-nanny state

  • Comment number 16.

    the amount of toxic debts in the world wide banking system which i call the global pyramid scheme
    wait for this and this came from looking at 100's of balance sheets and p/l of banks from 2008/2009

    £200 quadrillion thats 200x 10 trillion
    10 trillion is what the govs have bailed out so far

    and the £200 quadrillion is adding up day by day

    there isnt enough money in the system to fluch this through
    the govs the central banks know it

    thats the plan the have us all broke and controlled

  • Comment number 17.

    So have Germany and France managed to raise Irish Corporation tax as part of the deal?

    We can kiss sovereignty goodbye if the Euros get their hands on us, policy will be made in Brussels.

    There's not much point in us even having a Parliament.

  • Comment number 18.

    Most Global Corporations are fiscally domiciled in Ireland in order to minimize or avoid (when not evade) taxes in the other European Countries in which they trade.
    These Global Corportions should therefore provide the largest chunk of the bail-out to Ireland, rather than those same Countries already penalised from these Corporations' smart fiscal approach.

  • Comment number 19.

    The banking sector got us into this mess but still the bonuses are being paid out. Has there ever been a greater scam.

  • Comment number 20.

    It's obviously not about bailing out the Irish, but their banks; a very different situation compared with Greece for example.

    That the UK is taking a certain part as important member of the EU and also the IMF is absolutly correct and should has been expected naturally.

    And, of course, the banks should be forced under the old regulations which where in power until the Clinton-Era and they should in future pay the risks they take by themselves.

    Good luck, Eire!

  • Comment number 21.

    well folks what we will get in the end is this

    one world government

    one world currency

    and one world economy

    is a obvious as the day is long

    now who would have thought that britain a damm great country independent trader manufacturer entrepenurial tolerant hard working would end up part of that scenario

    its coming and its being implemented in fromt of our eyes

    9m people dont have the internet so read all the lies and believe what the mass media tell them.............................

  • Comment number 22.

    The esteemed leaders in Ireland constantly refer to the citizens as being highly educated and the envy of Europe. We do not have comprehensive nor affordable internet service; we only have a five day postal service but most alarmingly we do not have a proper National information service broadcaster. Too many vested interests operate within RTE.
    During our most recent crisis of financial recklessness and loss of sovereignty we have been lied to, misinformed and deliberately diminished as a nation. Sincerest thanks to the BBC for telling us the truth about the most significant developments in Ireland since they wangled partial independence in 1916.
    VIVA the IMF!

  • Comment number 23.

    Can the US join EU & Get a bailout? After all, we're at least as European as Turkey, fercryinoutloud.

  • Comment number 24.

    All this user's posts have been removed.Why?

  • Comment number 25.

    Who is getting the returns on all this money?
    Who is benefiting?

    Everyone is a loser according to the press...we're all going to have to pull together...but SOMEONE must be getting the benefit of this cash.

    The double entry in the balance sheet is:

    Britain: DEBIT 1.5 trillion (and pass it out to the banks)
    ???????: CREDIT 1.5 trillion

    So who is this mystery creditor the press never mentions?

  • Comment number 26.

    Anyone who has spent much time in Ireland over the last ten years realised quickly that the Celtic Tiger was a myth created by the greed of the bankers and the Irish people. How else can a 3 bedroom house in Dublin worth £75k in 1999 suddenly be worth £225k in 2001 or £650k in 2006 when the average wage in Ireland didnt rise in the same proportions!

    The whole thing was built on shifting financial sands and has come tumbling down round about them - shock horror!

    Still, on the plus side, it's got to be a good time to go looking for a cheap holiday home!

  • Comment number 27.

    7. At 7:07pm on 21 Nov 2010, myneerkop wrote:
    "...Isn't this just another irreversible step in binding a helpless state into the united states of europe..."
    ++++++++++++++++++++++++++++++++++++++++++++++++++
    Tsk. You make that sound like it's a bad thing.


  • Comment number 28.

    Iraq had "Comical Ali" before their fall, We in Ireland have the Duo "Comical Brian's". The constant denials from this Duo on the state of Irish Finances is unbelievable. The sooner then better we in Ireland have a general Election for a new different Government for the Irish people to believe in the better. The People need to find out the Truth to the deep extend the Fianna Fáil government dire Economy mess that they created through their loose regulation of the Banks which cost us the economy, which ends up costing us our Sovereignty to IMF and EU. We urgently now need a New Government, to fix the dire mess that Fianna Fáil Government has put us in. We The Irish people have No confident in FF Government. Time for them to GO. Rather than terrorise us with their mess.

  • Comment number 29.

    Shouldn't SOMEONE be held accountable for this mess? We seem to live in a World where incompetence is rewarded - at least if you are a Government Minister or banker...

  • Comment number 30.

    All this user's posts have been removed.Why?

  • Comment number 31.

    to 25

    all the bailout money goes straight back in to the markets simple stock markets controlled by wall street bankers
    who can make any part of a market go up or down as easy as pulling candy from a baby

    thats the trick the con the heist

  • Comment number 32.

    its basically financial terrorism

    who needs to bomb a country and they do that also

    send in the imf the ecb they will sort it
    yeah right straight back to the markets that they control

    the winners 0.5% the bankers elite global oligarchs
    the loosers 99.5% us the tax payer the poor the starving 3rd world countries

    its a crime against humanity in no other terms

    a good saying

    banks bullets bombs imf/worldbank ecb/oxford cambridge eaton
    its planned they are all in on it do the research seak the truth

  • Comment number 33.

    It was obvious from 2005 in Donegal that far too many houses were being built as holiday homes - and I was then only a tourist. Requests for help in improving road access from NI were met with approval from NI but not from Ireland. This has been a disaster waiting to happen - and it has. The spell cast by the EU has indeed proved false and it is not the politicians who were responsible who are bearing the cost, it's the hardworking Irish who have been stung and who will now have to pay the price.. Yes, there must be an enquiry and those responsible should be jailed. However we all (and that means those of us in the UK) should offer Ireland any supprt we can. Daniel Hannan's idea of an Irish currency temporarily linked to Sterling might do all of us some good. At leats it would allow Ireland to adjust its currency in a way not possible in the Euro Zone.

  • Comment number 34.

    I'm so happy that I go to work in order to pay my taxes so that it can be given to the Irish.

    Yes indeed, my life in now complete, safe in the knowledge that I have found my purpose in life; paying for every one else's cock ups.

  • Comment number 35.

    7. At 7:07pm on 21 Nov 2010, myneerkop wrote:

    Isn't this just another irreversible step in binding a helpless state into the united states of europe? Pick the weakest off first?

    Who's next?
    ---------------------------

    You don't know how right you are.
    Note Dominique Strauss-Kahn, head of the IMF (and also a leading candidate for the next French presidency, surprise surprise), calling for such crises to be averted in future by abrogating more fiscal & economic powers to the centre ie the EU, at the expense of individual EU states.
    Greece and Ireland are now economic 'protectorates' of the EU.
    Their economic independence is gone.
    Then Portugal, then Spain, then Italy, then probably Belgium.
    That will leave the likes of Austria, Netherlands, Sweden, Denmark - too small to be a threat.
    Germany & France - running the show.
    And us.
    At that point we will get a request (order?) to join the Euro and accept economic 'assimilation'.
    We (the populace) will say no. The politicians will say yes. That's when it gets interesting.

  • Comment number 36.

    I placed a bet on the two-thirty at Kempton this afternoon, but my horse fell at the first fence.

    Can someone tell me where I get get a 'refund form' from ? I mean, I placed a bet, I lost, so I expect the taxpayer to pay me back. What ? That's how it works in banking - or have I got that wrong ?

  • Comment number 37.

    Personally I hope this is the beginning of the end for the Euro, followed by the end of the EU.

    The EU is a club to benefit Germany and France, the latter benefitting from the costly and mismanaged CAP.

    How can the EU carry on after failing to have its accounts signed off for 16 consecutive years and get away with it? None of the banks would have got away with this, so why should the EU?

    I cannot see any benefit whatsover in the UK remaining in the EU and if there is, the politicians have failed to tell me what it is.

    Time for the Euro and EU to go and for all countries to return to trading in the usual way.

  • Comment number 38.

    Guaranteeing bank balance sheets is much more than "only" greek state debts. Ireland should delcare a new currency, stamp that same day all euro notes at the post offices in order to make them the new legal tender, then declare a bank holiday and separate accounts into internal or external jurisdiction, change internal accounts and obligations into the new currency, repudiate the other euro obligations or offer 70 or 60% on them, which the creditors will gracefully accept.
    But otherwise the EU-guarantee of bank balances will soon spread to Spain, Italy, Portugal and Greece - a unbearable weight for Germany. That'll be the end of euro.

  • Comment number 39.

    All this user's posts have been removed.Why?

  • Comment number 40.

    .... (complement) Ireland can menace to repudiate the euro debts and it can have a new currency by the double fact that it approaches soon a equilibrated primary budget (without interests) and it has a positive trade balance. Ireland does not depend - after that - on money from abroad.

  • Comment number 41.

    The whole bail out is aimed squarely at Eire's low corporation tax and always has been. The main players in the EU (i.e. Germany & France) want rid of it by any means. Now Ireland is bankrupt they will lose control of their taxation policy, and by default their low corporation tax. Job done Germany & France.

    They had a chance to say NO twice to the EU Constitution errr I mean Lisbon Treaty.....I bet they are regretting their second vote result now....

    You make your bed and you lie in it...
    The UK should NOT be wasting taxpayers money on bailing out other countries, who next? Portugal, Spain or Italy.....

  • Comment number 42.

    to 35

    a last someone who has cracked the code of the whole thing

    but the last bit dont think will get that far as they will ditch the euro and bring in a world curecny which we will say no to but the politicians will lie and invent stories to persuade the dim wits to vote for

    it will be intersting because most of us will see this as the end

  • Comment number 43.

    If I could I would leave this country. Why are we staying in this country to pay of a debt that we, the ordinary Joe Soaps did not create. I am insulted to think that Brian Cowen had a cheek to tell the Irish people that we should not be ashamed or humiliated. I certainly don't but the politicans should be ashamed. I can't see big celebrations in 2016!!

  • Comment number 44.

    How long I wonder until out hard earned cash in savings accounts and other investments are confiscated and we are having a whale of a time with no money.

    Judging by what is going on now - not long.

  • Comment number 45.

    At least that is the end of the united Ireland dream. The Nationalist parties in the north are not going to persuade the northern supporters of the UK to vote for a united Ireland now - to be part of that nightmare voluntarily. Will the Nationalist parties continue to advocate such lunacy or will they shrivel up, shut up and slink away? Will they resign their positions in the N. Ireland assembly and goovernment or continue to take taxpayers money under false pretences? Let's also re-negotiate the Good Friday Agreement now.

  • Comment number 46.

    It is good that we are going to help ireland.The economics is however crazy.We give billions to help the banks in the uk and find billions to pay off our own debt and help ireland.No matter what,the money can always befound and its billions of pounds.
    We are told things are bad but we don`t see massive discounts on the high street or people carrying money in wheel barrows.We will recover and all will beforgotten after 2 years.

  • Comment number 47.

    All this user's posts have been removed.Why?

  • Comment number 48.

    Just another repercussion of having Fianna Fail share power with the powerful bosses. And they call themselves the descendants of the Republicans!

  • Comment number 49.

    30. At 7:56pm on 21 Nov 2010, Michelle Lenoir wrote:
    "...Try not to forget too fast, the recession was caused by USA deregulating banks, and their subsequent irresponsible greed, not by the EU.
    Germany and France's policy was far more sensible, long sighted and people friendly and whoever copied them seem to be doing relatively OK."

    Err. not really, German and French banks have been as stupid as any in throwing money around. Part of the reason the French/Germans want the Euro bailed out is because they know if it goes under, their banks go with it, such is French/German banks' exposure to 'Club Med' debt.

    "Big business didn't move away, the people with initiative didn't leave, and the economy did better. We're force-fed the line that we have to let the very rich do what they like or they'll go. It's as doctrinaire as communism and just as much usurping the system to suit the powerful."

    Do you know how many French there are in London? At least 300,000. They're not here for the weather; it's much easier to get a business off the ground in the UK than in France.

    "As far as our independence goes, we're far more tied to USA, economy, foreign policy, even culture, and it doesn't seem to be helping us. We might do better to work more with Europe."

    Thanks I'll take the USA over Europe any day. The latter gave us fascism & communism in the last century, the former helped us get rid of it. And the US will be out of this recession quicker than Europe will.

  • Comment number 50.

    So now the Irish are an indebted nation. They now belong to the Banks. How could their Government allow that to happen? Though we are in the same situation. We as Britain’s individually owe £46,000 each and rising. This debt is down to the fact that we were forced to give 2010s house keeping to save the Banks in 2009 and now we are having to borrow (our own money) off the same ignorant, irresponsible, criminals to fund our country. So every man woman and child is in debt through no fault of their own. Every child born will be born into debt and this debt is unplayable.

    How did this happen? How could our Governments allow their countries to be enslaved, for that is what we are just slaves, Peoples working to pay their masters. We are not in debt, It is them who are in debt to us! The Irish like ourselves were forced to save the Banks with their housekeeping and they are borrowing just like us off the same filthy criminals. This is just a huge capitalist con and our Governments are a party to this con.

    We have been coned into perpetual slavery!

  • Comment number 51.

    The Irish bailout is both welcome and essential but only because a failure to do so would leave the Eurozone in free fall. But once again we see the result of unrestrained greed under the guise of capitalism. The whole principle has massively failed and we are seeing the result. We are spun rubbish as individuals and because the lust for money is seen as the passport of success, we see the Irish economy, like the US and Britain suffering hugely from ignorance. I find it infuriating how we get spun the tripe about green shoots of recovery when in reality there are no natural green shoots as it all derives from quantitative easing and very low interest rates. The Irish economy we are told will be in the doldrums for years and now some of their power will be ceded to the EU. It is only a good thing if some fiscal controls are put in place. Control the excess of the housing market, which in turn means some control on wage inflation both in the public sector but also in the private sector. Impose strict lending criteria on the banks and stop fuelling the house price inflation disease that is at the heart of every major downturn. I am sick to the back teeth of the outpourings of sympathy to those who have left themselves exposed because of firstly their ignorance and also their rotten greed,

  • Comment number 52.

    AS James Connolly said way back in 1916! Governments in a capitalist society are but committees of the rich to manage the affairs of the capitalist class. Or as the old saying goes, there is enough for everyone's need, but not for everyone's greed. Regards, Richard Ryan.

  • Comment number 53.

    All this user's posts have been removed.Why?

  • Comment number 54.

    The impact will be a blank check to anyone that has been doing stupid things with other's people money (Portugal and Spain) but even more awful is the fact we are borrowing money into the future, our sons and grandsons will be left with a huge bill to pick.

    And given that no real changes at any level have been happening I can only hope it all crashes as fast as possible so we an re-start, this is not helping so the real will be the ultimate destruction of EU.

    Good luck everybody

  • Comment number 55.

    Further proof, were it needed, that the euro is nothing more than funny-money dreamed up for the Franco-German club, which has been shown to be a complete and utter failure!

  • Comment number 56.

    There is a heck of a lot of money being borrowed by various government with the expectation that the tax payer will pay back both the principal and interest .. in the case of Ireland we are talking of figures in the region of 70 t0 100 Billion with a population of around 4.5 to 5 million The country is on it's knees how on Earth are the Irish going to pay that back? .Even the interest payment look likely to overhelm the Irish ..Put that to one side for a moment and consider what Ireland is going to do with such large borrowing ? I noted the other day that the flood that devastated the lake district last year had a repair cost of around £375 million, in comparsion a mere pitance to the 70-100 billion the Irish have borrow ,yet a great amount has been achieved with that £375 million ...It makes me think are the Irish staring a space programme or something to spend that anmount of money?

  • Comment number 57.

    What can I say - living in Ireland during the "boom" was awful, overcrowding, price gouging (£10 for a takeaway coffee and pre-packaged sandwich & huge queues to boot!), standstill traffic, rents and housing at sky high rates. Germany is responsible for all this - the Euro is a Europe-wide currency and their economic policy should consider other contries not just the "mothership"

  • Comment number 58.

    So now we know why hundreds of thousands of people are set to lose their jobs. Why Frontline Services are to be reduced to a level not seen since the last World War. Why Pensioners, disabled and the ill are to face poverty. Why many people will lose their homes within the next two years. To bail the bloody Banks out again!

  • Comment number 59.

    Successive FF governments since '81 with Charles Haughey, Albert Reynolds, Bertie Ahern and now Brian Cowen have taken the Irish people for fools.

    But even in the blinding truth from tribunal after tribunal the people of Ireland voted and voted and voted again for the same profiteers, who were being questioned by these tribunals.

    Yet now, with the Irish government lying to us on an international scale for the past two weeks... the Irish people still do nothing. After 800 years, does our enemy still need to be England for us to do something?

    Now Britain offers help, which would help us continue to buy British goods, sand o would make economic sense to Britain, but with 10% of the British population that claim Irish ancestry, it may make political sense also. Don't get me wrong, it is welcome and it is nice to know our sister island is there to help, so thank you. Maybe we can get back some of the millions we gave to NI...?

    We bailed out the banks, we provided a guarantee to provide confidence, billions wasted. What next? Go after Portugal? Provide more Joe soap money to prop up rich people’s money, who have the luxury to gamble on the markets, but need to be reimbursed if they lose...?

    We’ll take the money and that will be the end of it.

    I can only hope the people of Ireland, this time, can hold the memory of what successive FF immorality have done to us and show their disgust at the next election.

  • Comment number 60.

    44. At 8:24pm on 21 Nov 2010, ziggyboy wrote:

    How long I wonder until out hard earned cash in savings accounts and other investments are confiscated and we are having a whale of a time with no money.

    Judging by what is going on now - not long.
    -------------------------------------------------

    You may jest - or maybe not.
    In 1930's USA for instance, private citizens' gold holdings were confiscated by the State.
    Watch out for the return of exchange controls, as the State tries to lock you into an increasingly depreciating and worthless currency.
    If you've got anything valuable, dig it deep or nail it down.

  • Comment number 61.

    “I am a most unhappy man. I have unwittingly ruined my country. A great industrial Nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the world, no longer a Government of free opinion, no longer a Government by conviction and vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”

    woodrow wilson 1916 of 1913 actiom

    any thoughts british government???????????????????????????????

  • Comment number 62.

    55. At 8:46pm on 21 Nov 2010, W Fletcher wrote:

    Further proof, were it needed, that the euro is nothing more than funny-money dreamed up for the Franco-German club, which has been shown to be a complete and utter failure!

    The Euro is more than that, it enables the players (Germany & France) to control the smaller nations. You can defeat a nation either by military or economic war. Greece & Ireland are now economic puppet states of the EU. That is why Britain never joined the Euro because our economy was too large to break up in one go. By keeping the UK outside the Euro they can break us down bit by bit without the risk of collapsing themselves in the process. The UK has been sold off piece by piece since the 1970's, now France co-share our future aircraft carriers for crying out loud. Next up is Portugal, Spain then Italy....and then the rest will follow....until only we remain.

    Wake up people before it's too late....

  • Comment number 63.

    The Facebook Group - Call for a general election in Ireland now has nearly 10,000 members. There seems to be a consensus building that this government has run its course. They have effectively made themselves redundant.

  • Comment number 64.

    How is it possible for these debt ridden countries to owe more money than the world has gold stocks ?
    Someone is telling us porkies here and sentencing the whole western world to years of hard labour to repay the debt.

  • Comment number 65.

    The austerity measures forced on to the Greeks/irish are not only unfair, they set a bad precedent for the rest of Europe. The EU Conservative majority is trying to use these kinds of austerity measures to force through social cutbacks across Europe. This is but a cynical attempt to roll back fundamental social standards. It does not even make financial sense as it would force thousands into the grey economy – one of the structural causes of the crisis in the first place – or even worse, would force them into abject poverty.

  • Comment number 66.

    I have watched the swift slide into financial ruin of the Country of my birth with horror and fascination. When will we see and politicians who should have been overseeing financial regulation and the bankers who loaned billions without collateral brought before the courts?
    Is anyone going to jail for this?

  • Comment number 67.

    spread the word

    The people have had enough

    lets do a run on the banks

    Take all your money out and keep it out

  • Comment number 68.

    120 billion for a country of 4 million people???? You need to fire a ton of people. The US has 80 to every 1 Irish. So do the basic math. How did Ireland dig such a deep hole?

  • Comment number 69.

    America/europe/uk is still sleeping and most of the rest have been paid off. You really must admire the elite few. Knowledege of human nature, willing to wait years, some of the smartest in the world. I also admire the founding fathers of usa and uk they also understood human nature and set up a great system but, it required a moral society, we no longer have that. The ruling class knows that and now comes the finishing touchs to the NEW WORLD ORDER. It is going to get ugly. May you live in interesting times. I won’t last long once it gets ugly. What about you?

  • Comment number 70.

    WHY is the UK lending 7 billion to Eire? If the Greater European Empire is baling out another euro failure, there should be NO need for UK money to go down the same drain!

  • Comment number 71.

    stop paying taxes take all your money out
    every single one of you
    it is the only way the NWO will stop this madness

  • Comment number 72.

    Its fine the EU Helping but why the hell is britin helping we cant afford it , no one ever helps this country

  • Comment number 73.

    64. At 9:13pm on 21 Nov 2010, yorkshire News wrote:

    How is it possible for these debt ridden countries to owe more money than the world has gold stocks ?
    -------------------------------

    Because no one has been on the gold standard since the USA was taken off it by Nixon in the 1970s.
    Since then countries have printed money with nothing to back it up except the promises of a bag of politicians.
    So everything's all right then (.....eerrr).

  • Comment number 74.

    I don't understand, my job is currently at risk because of government cut backs and yet, the government can find billions of pounds to bail at Ireland. I find this unbelievable, the government are making the police cut back on millions of pounds, suppo
    rt staff being the ones to lose their jobs and yet money is found for Ireland, where is the justice!!!!

  • Comment number 75.

    I'm sorry to say Brian Cowen must have the decency to go and go now !

  • Comment number 76.

    All this user's posts have been removed.Why?

  • Comment number 77.

    I can speak as an Irishman here. In the so-called Celtic Tiger years my two brothers committed suicide. I put their suicides partly or even mostly down to the fact that Ireland changed rapidly from an agricultural/spiritual country (with an alcohol problem)to a miniature version of capitalist America where house prices and banks enslaved people beyond their means and character education was reduced and all I could see was a lot of arrogant fellow Irishmen and women running around telling everyone else to get on the property ladder before it was too late.

    The only solutions to problems are really only philosophical. A little austerity is not a bad thing but materialism should never be the goal of any society. I left the country because it had gotten so expensive and the people had become so characterless. Irish people need to get back to living with nature, playing tinwhistles and fiddles and saying their prayers. Capitalism is destroying the world fast.

  • Comment number 78.

    maybe we have some responsibility, see extract from today's Sunday Herald.
    Yet another example of British bankers chasing bonuses, methinks:

    "Bank of Scotland will this week complete its ignominious retreat from Ireland after its ill-fated excursion that cost the bank billions and played a key part in the Republic’s housing collapse.

    Overseas banks have been blamed by Irish politicians for the events leading to last week’s desperate rescue proposals by the EU and UK Government.

    Bank of Scotland (Ireland), now part of Lloyds Banking Group after HBOS’s collapse in 2008, is slated to complete its withdrawal by the beginning of December, 11 years after it crossed the Irish Sea armed with cheap tracker home loans that undercut the local market.

    Lloyds Banking Group, which is 43%-owned by the UK taxpayer, has now written off €4 billion (£3.2 billion) in Irish exposure. It has said 44% of its Irish loans are impaired."

    Irish citizens have 788,745 mortgages, of which over 70,000 are in arrears or have been rescheduled.

  • Comment number 79.

    OK now the UK government must think British people are idiots. They come into power and the first thing they do is slash hundreds of thousands of jobs and services saying we can no longer afford them due to the state of our finances.
    Today we have Cameron offering to loan 7 BILLION pounds to Ireland. Did Cameron recently find this 7 BILLION in an old sofa ? Where has this money suddenly appeared from ?
    Once again the Tories and Liberal has been telling us lies. The jobs and services they have cut had nothing to do with the UK's economic problems. If we can suddenly find 7 BILLION to loan to someone else then we do not have financial problems. It's all a big, political scam. Let's have a new election soon and get rid of these liars.

  • Comment number 80.

    74 i feel for you in a big way

    we were born free and we are now slaves

    dont pay any tax and take all the money out of the bank

    the system will have to be overhauled and the people will have spoken
    as it stands my children will have nothing and kill their neighbours for food you think i m kidding

    why people loose everything they loose it ........right

  • Comment number 81.

    Time for a vote on EU membership. I don't want UK taxpayers money propping up any EU state or foreign country while we have to endure lower numbers of police officers, empty aircraft carriers, means tested child benefit, bonuses to fraudulent bankers, £9k a year tuition fees, no new schools, no affordable housing, public sector workers given pay freezes, no job creation, stricter benefit regimes etc etc.

    David, give us our vote. Now.

  • Comment number 82.

    Interesting to see that we can afford to bale out the Irish Republic, and throw money at British Muslims held at Guantanamo Bay, but our massive deficit means we have to cut the pensions to the widows of service personnel killed in Northern Ireland, Iraq and Afghanistan. Never mind, as George Osborne and David Cameron say "We're all in this together".

  • Comment number 83.

    I thought according to the coalition this country was broke and that it was necessary to shed all these jobs, cut down on public services, police, fire the armed forces, hospital staff, students put in debt for the rest of their lives,... the list can go on!

    You can see what's going to happen in 2015. The Tory party will claim that they got our troops out of Afghanistan, they got rid of the deficit, oh and here's a tax cut! But at what expense? I really do hope we don't fall for this the next time there's a general election, I really do!

  • Comment number 84.

    29. At 7:52pm on 21 Nov 2010, cb112009 wrote:

    Shouldn't SOMEONE be held accountable for this mess? We seem to live in a World where incompetence is rewarded - at least if you are a Government Minister or banker...




    I completely agree with this post. Not ONE person has yet to be charged with ruining our economy. The politicians think we will forget about it. People have lost their homes, their savings and their pensions. This money didn't just disappear in smoke - it's in someone's pocket. Who has this money ? Who engineered all of this pantomime we are calling a "global recession" ? We all know it was done so they could take our money.
    It's time people, including politicians, were put in prison for this scam. Unfortunately we have the worst UK government in history right now so they won't do a thing to help anyone except the rich people who were the ones responsible for this whole corruption.

  • Comment number 85.

    People complaining about why we should help Ireland or the euro, have you considered what would happen in UK if the euro collapsed, I think this is probably something we can't allow to happen for the sake of sterling. Ireland owes UK a substantial sum,the EU countries are major trading partners - but what does that matter? As people are saying "We are all right Jack". Aye right!

    At the same time the sterling is almost in freefall against the weak euro.............

  • Comment number 86.

    The Irish have been totally stitched up by the global banks. Sadly the Irish government haven't been financially savvy enough to fully understand what they are doing and have fallen for the oldest trick in the book. It worries me these same people are now negotiating the future of the people whose lives they have wrecked.

  • Comment number 87.

    I don't normally believe in apologising for the mistakes of our forebears. But the UK has now decided to offer an additional loan to Eire. Is this not an excellent opportunity to 'give' the money to the Republic, not seeking repayment, in full and final payment of the wrongs committed by England on Ireland in history?

  • Comment number 88.

    The EU, unelected, unaccountable bureacracy will spend billions of £ of YOUR money on propping up the Euro Zone Countries, as failure of just one EU State will mean the end of the Euro and finally the break-up of the EU and their power will fade away with it. They can see their power over billions dissolving and will spend, spend, spend to prevent it.

    The ability of every Country to have it's currency exchange rate & interest rate effectively changed by the world markets was a way of bringing all countries back into line. The EU finished this with its currency & interest rates set to suit those of the strong countries, ie Germany & France.

    I predict that, after Ireland - Portugal, Spain & Greece (again) will call on the EU to bail them out and Germany, having had enough, will pull out of the Euro followed by France. The end of the EU is nigh. The European Empire will spend lots of your money protecting it's dream, but in vain.

  • Comment number 89.

    to 76
    so the erosion of any sort of democracy via the eu facist state controlling finance and currency and everyones lives is a good thing
    destroying sovereign nations is a good thing
    dogma and regulation putting people out of work is a good thing
    fraudulent accounting and waste of trillions of euros is a good thing

    the european union stinks in every way and is over finished
    and the euro with it

    the revolution will take care of that and anyone stuck in the way of change will go to the gallows with it

    when people loose everything they loose it remember that if you are in a big 7 bedroom house behind securty gates wont stop the people
    expecting the police to come to your rescue i think not


  • Comment number 90.

    This is simply throwing good money after bad.

    My good money, stripped from me and my family in the form of British taxes (on pain of imprisonment if I don't pay them), being handed over to bail out a virtual Third World country and it's rubbish economy. All this because of bankers taking gross profits by being criminally irresponsible with other peoples money.

    Now, explain to me why this is good for me?

  • Comment number 91.

    This is amazing, we can dish money out to other countries and the banking system but we are apperently skint? and have nothing in the pot after the labour party!!!!

    What gives, is Cameron saving for a diamond studded throne to sit on?

  • Comment number 92.

    #82
    "Throwing money at ex Guantanamo Bay inmates" is not on a whim, it is an admission that the lawsuit the Government were going to have to defend was not defensible and we would have ended up paying even more. Additionally a lot of information the government didn't want released would be disclosed.
    It was avoidable, but we cooperated in unlawful activities and are now being called to account.

  • Comment number 93.

    This seems like a lot for a small country, its 70% more than Greece got but Greece is twice the size of Ireland. Our friends across the North Sea will be paying this back for a long, long time to come.

    I think the Irish should have considered letting one of their banks go bust or be takenover as they are playing with silly amounts of money and don't have the resources to back it. It's like the Iceland mess all over again.

  • Comment number 94.

    If there's £7 billion to spend on Ireland, then there's money enough to keep our prisons staffed. There should be money enough to police our streets. I demand an explanation as to where this £7 billion came from. Did we borrow to lend? How much are the Irish going to be charged in interest rates?

    #87 - We should not be apologising for the mistakes of the past....again. Britain has repeatedly apologised to the world for everything we've ever done. Enough.

  • Comment number 95.

    Can anyone remember when any Government decided to spend Taxpayers Money on saving a failed Company?
    Exactly what is the difference between a Bank short of money,and a productive company short of money?
    Over my lifetime Governments have tried to save failing companies.
    Very few of these companies exist today.
    Find it very strange that we allow Manufacturing Companies and Productive Companies to go to the wall.
    But willing to spend Billions on Banks that make no useful product.
    Funny,isn't it?
    We can afford to sack our Tradesmen,our Engineers,our Steelworkers our Public Service Employees etc etc.
    But remain unwilling to let a Bank in trouble,go into liquidation.

  • Comment number 96.

    Incoming transmission to the Captain of the Starship Ireland.

    Resistance is futile.
    Lower your defences and we will add your biological and technological distinctiveness to our own.

    signed
    Borg HQ
    Brussels 2010

  • Comment number 97.

    if cameron gets to throw out 11,000 foreign inmates in british jails that leaves just enough room for all the corrupt puppet politicians elite oligarch bankers and the royals and a few media puppets at the bbc sky as well as some rotten police chiefs
    treason is treason is treason

  • Comment number 98.

    Robbed by the banks again? How do we get rid of these malignant organisations?

  • Comment number 99.

    Not only does the British tax payer own a sizable chunk of the British Banks - it looks like they will also own a sizable chunk of Ireland? This will further devalue the worth of the Pound, and dilute the value of our savings - God help the Elderly and our retirees!

  • Comment number 100.

    When are we going to learn that the Euro does not, and cannot ever, work. The whole of the EU is a mess, corruption, waste, incompetency. We need out ASAP.

 

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