Dáil to vote on Bailout

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DerKaiser

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The Dáil is to vote next Wednesday on the agreement between the Government and the EU and IMF.

The motion was proposed by backbenchers Michael McGrath and Thomas Byrne, and was supported by the Taoiseach Brian Cowen.

In a statement after the meeting, Mr Cowen said he looked forward to the debate, which he said would 'once again give the opposition the opportunity to either come clean and recognise that this deal is essential and in the best interest of the country, or spell out their alternative'.

http://www.rte.ie/news/2010/1209/imf-business.html
 
Labour has said that they will vote against the deal.

I don't really understand this. I had planned to vote for Labour in the next General Election as the least worst of an unpleasant set of choices, but I think that rules them out. There is nothing to be gained by voting against it and there is a small risk that they are putting the deal at risk. They are also forcing the government to negotiate with independents which is very bad for the country.

brendan
 
In the unlikely event it was voted down, what would happen?
Would be relying on borrowing on the markets, which I assume still have high rates?
 
The vote is more poliitcal or symbolic. It is deliberately not an international treaty so it does not need dail ratification. The budget stuff is passed as normal and the change to the NPRF has already been passed to let them shovel more billions down the banking black hole
 
According to the Shinners it's all down to them that the vote is taking place.
I watched their guy on Prime Time debating against Moan Burton. They are even more populist than Labour (I didn’t think that was possible). I found myself rooting for Moan. That's how much I dislike the Shinners.
 
One opinion is the debate is all about pre-election politics - just like the budget. Think of FF spin in recent days "we are only going back to 2006 etc."

The inevitable fiscal consequence of socialising private banks debts is some form of organised trip to the barbers for bank seniors some time soon. In the meantime the output gap -capacity for growth will have shrunk to a level that may mean even with a no 2 on bank bonds we still won't be able to grow our way our from underneath the residual bank and public debt burden.
 
kaplan;1116059 The inevitable fiscal consequence of socialising private banks debts is some form of organised trip to the barbers for bank seniors some time soon. In the meantime the output gap -capacity for growth will have shrunk to a level that may mean even with a no 2 on bank bonds we still won't be able to grow our way our from underneath the residual bank and public debt burden.[/QUOTE said:
That just about sums up where we are. The bank debt will bleed us dry if we don't cut it loose soon. First our pension reserve will disappear down the plughole, followed by what remaining assets we have left, just to try to pay an impossible debt, a lot or most of which is not ours anyway. :(
Click to expand...
 
If it is rejected we still have enough money until next year. If it was impossible to raise money on the bond markets couldn't we just re-negoiate a better deal on the basis that we don't believe this one could ever be paid back?
What about if we just dealt with the IMF?
From what I gather, they gave a better interest rate, thought the bondholders should take some hit and were not too bothered about our Corporation tax.
Would an IMF deal be better than an IMF/EU one?
 
Ireland has to stand up and not be so nice to everyone. Perhaps if we entered into negotiations with Russia to have some military bases in Ireland or access to the Ports for their navy we would get a bit of respect.
If we offered Putin the use of Cork harbour for a few nuclear subs the Yanks and EU would be quick to call off the IMF dogs.
 
Thats the point I was making. If we do need a deal, is it possible to go with the IMF exclusively?
 
One glimmer of hope is that irish bonds have rallied significantly.

If we managed to get the yields below the bailout interest rate within the next two years we'll be making very good progress and can accelerate a recovery by reducing our funding costs.

If we still cannot source money at a lower rate at any point in the next couple of years, we're probably screwed regardless.
 
Purple said:
I watched their guy on Prime Time debating against Moan Burton. They are even more populist than Labour (I didn’t think that was possible). I found myself rooting for Moan. That's how much I dislike the Shinners.
Click to expand...

I know Pearse and whilst I admire where he has got to in his young political career, the thoughts that Sinn Fein deem him suitable as a spokesman on the economy sends shivers down my back. I think Karl Whelan was a bit bemused that someone so out of his depth was on the panel of such an important debate!
 
Brendan Burgess said:
Labour has said that they will vote against the deal.

I don't really understand this. I had planned to vote for Labour in the next General Election as the least worst of an unpleasant set of choices, but I think that rules them out. There is nothing to be gained by voting against it and there is a small risk that they are putting the deal at risk. They are also forcing the government to negotiate with independents which is very bad for the country.
Click to expand...
If they oppose the deal, they have to vote against it. This is about having principles. It is not Labour's job to support this floundering Govt.
 
I think it might be worth attending this meeting to ask/encourage Lucinda Creighton to support the 4 year plan and the IMF deal as she is reported to have been prepared to break ranks and [broken link removed]f necessary. Given that Enda Kenny will be speaking, I think it's worth attending.

Brendan

Quote:
When: Tuesday, 14th December 2010 at 7.30pm
Where: The Hampton Hotel, Donnybrook, Dublin 4 (Formerly Sachs)
Who: Enda Kenny T.D., Leader of Fine Gael and Lucinda Creighton T.D.

Fine Gael Leader Enda Kenny T.D. will join Lucinda Creighton T.D. in addressing a public meeting in the Dublin South East constituency about what a new Fine Gael Government can achieve and how we will restore certainty, hope and opportunity to this country.

We want to hear your ideas and opinions as well as sharing our ideas about what a new Fine Gael Government can do to rebuild our economy and fix our broken political system.

All are most welcome.
 
The Dail has approved the the measure approving the EU-IMF deal for Ireland by 81 votes to 75.

Mr Gilmore described the vote as a cynical exercise in Fianna Fáil tribalism and another example of the political posturing that could be expected during the election.

Am I reading this correctly, were labour not the ones who wanted the vote in the first place? Who's really playing politics here.
 
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