Ireland Votes, Merkel Drinks


If she’s not drinking this weekend she’s not very bright.

The unprecedented and historic defeat, Fianna Fail’s worst result in 85 years, makes the Irish government the first eurozone administration to be punished by voters in the aftermath of the EU’s debt crisis. Voter turn-out was exceptionally high at more than 70 per cent, indicating public anger at the government and the EU.

Late last year, Ireland was forced to accept a £72 billion EU-IMF bailout to cover huge public debts that were ran up to save failed Irish banks.

The bail-out was designed to prevent financial contagion that threatened the existence of the euro…..

The problem is, as noted, that the bailout wasn’t for Ireland’s benefit and they were effectively forced to take it.

Well, now they’ve got a new government.  And it can say “Screw off.”

But neither the two European leaders nor the European Central Bank or EU will permit any substantial changes, despite the huge popular Irish revolt against the bailout.

What are they going to do?  Invade?  I doubt it.

This isn’t about “permission.” It’s about sovereignty.

Chancellor Merkel will tell Mr Kenny that if he wants to reduce the high, punitive 5.8 per cent interest rate charged on EU loans then Ireland will have to give up its low corporate tax rates – a measure regarded as vital to Ireland’s recovery and one of the few economic policies it has not yet handed over to Brussels or Frankfurt.

No it doesn’t.  Merkel needs to be told to take a running chainsaw up the back door – sideways.  Extortion is not an acceptable tool of negotiation.

The new Irish premier will also be warned that there is no question of forcing privately-owned financial institutions to assume Ireland’s £85 billion bank debts because the resulting market panic would spread to Germany and France, tearing the euro single currency apart.

Good.  Then they have leverage and lots of it.  I suggest the Irish use it, and since the ECB, France and Germany have demonstrated that they’re willing to extort and threaten, the rules of engagement have been set – there is no longer a need for pleasantries.

A European diplomat, from a large eurozone country, told The Sunday Telegraph that “the more the Irish make a big deal about renegotiation in public, the more attitudes will harden”.

So what?  The “European Diplomat” would be wise to stay the hell out of Ireland.  I hear the Irish tend to have bad tempers, especially when screwed and drunk.

Have some more whiskey, my friends….

“It is not even take it or leave it. It’s done. Ireland’s only role in this now is to implement the programme agreed with the EU, IMF and European Central Bank. Irish voters are not a party in this process, whatever they have been told,” said the diplomat.

Oh yeah?  What if they decide that serving heads on a plate is an acceptable response if these banksters try to come into the country?  What are they going to do about it?  

They can’t exactly force Ireland to comply now, can they?

I suggest the Irish set up a line of these at all international ports of arrival, and anyone who is a European Bankster, including those from the ECB, Germany or France gets their passport stamped while having their picture taken with head forward through the hole.

France has sufficient experience with these devices that I’m sure that Trichet will figure it out.

Some folks in Ireland appear to get the point:

“We have a hostage, it is called the euro,” he said. “The euro is insolvent. The only question is whether Ireland should be sacrificed to keep the Ponzi scheme going. We have to have a Plan B to the misnamed bailout, which is to go back to the Irish Punt.”

Ireland needs to tell the German and French bankers they’re not going to pay – and that isn’t a negotiation.  It’s a statement.

If they need that in more-graphic form, it’s simply this:


The Market-Ticker