Ireland opposition balks at high-cost rescue

Source: Reuters

Reuters) - Ireland entered the final hours of negotiations for an EU/IMF bailout on Saturday, but the parties expected to form the next government said the deal would be unacceptable if the interest rate was too high.

Labour Party leader Eamon Gilmore described as "deeply disturbing" Irish media reports that the rate Irish taxpayers would have to pay for an estimated 85 billion euro ($113 billion) rescue might be as high as 6.7 percent.

"If true, it would be an appalling capitulation by the Irish government. And it would be a betrayal of the founding principles of the European Union," he told a party conference.

The main opposition Fine Gael party said on Friday that any rate over 6 percent would be unacceptable.

Ireland has been forced to turn to the European Union and International Monetary Fund to save it from a financial crisis rooted in years of reckless bank lending that turned bad after the collapse of a property boom.



Read more: http://www.reuters.com/article/idUSLDE6AO0HG20101127

how very sad.

:grr: :nuke: :grr:

Is there a way to reverse that decision and let the banks fail?

ANALYSIS: THE SUCCESS of Pearse Doherty in the Donegal South West byelection provides an opportunity for Sinn Féin to work towards becoming part of a “technical group” of seven TDs in the Dáil.

Questioned on the issue at the byelection count in Stranorlar yesterday, party leader Gerry Adams said: “Caoimhghín Ó Caoláin and our team will look at all of that over the next few days.”

Other party sources were equally circumspect. The Sinn Féin TDs, now augmented by Doherty as the “fifth man”, would meet in the coming week, along with Mr Adams, to discuss the implications of the byelection result, including the technical group issue. A technical group requires a minimum of seven deputies. Sinn Féin now has five and Independents Finian McGrath and Maureen O’Sullivan have already expressed a willingness to discuss the issue.

Similar to a fully fledged political party, a technical group is entitled to certain privileges, including participation in Leaders’ Questions, generally the most high-profile part of the Dáil day.

http://www.irishtimes.com/newspaper/ireland/2010/1127/1224284260932.html

I sure miss the days when US politicians were "circumspect".

Why do politicians all over the world always try to save the financial system? how about the manufacturing system?