The man in charge of Germany’s finances has told Ireland’s taxpayers to forget about any bank debt burden relief in October.
German Finance Minister Wolfgang Schauble has effectively ended any hope of another EU package to aid Ireland’s ‘massive’ $100 billion bank debt. It means Ireland will not get new and favorable terms like Spain did recently.
Irish Prime Minister Enda Kenny had hoped to re-structure the debt by October in agreement with his EU counterparts.
But Schauble has ruled any new deal out as he believes any Irish debt-relief proposal sends a negative signal to financial markets, according to the Irish Times.
The paper reports that Schauble has said Ireland’s ‘massive’ reform progress should not be compromised by anything that would halt the ‘winning back of trust’.
He added: “We cannot do anything that generates new uncertainty on the financial markets and lose trust, which Ireland is just at the point of winning back.
“Naturally we want to help each other but I am not yet convinced, by any means, that some of the measures which are mentioned would not have the opposite effect.”
Kenny has ordered government officials to tour European capitals next week to garner support for a new approach to Ireland’s debt relief issues.
EU leaders had agreed in June to review the Irish problem after bailing out the Spanish banks.
Kenny had claimed that the deal would relieve the burden on the Irish tax-payer but the Germans are clearly opposed to any such measure.
The Irish Times reports that Schauble agrees that lower interest rates showed markets were honouring Irish reform efforts but he claimed there is a risk that markets would take a negative view of the need for further funding for Ireland.
The German Minister said: “We will have to avoid generating a headline like ‘Aid programme for Ireland topped up’, because then investors in California or Shanghai might not understand that this top- up is a reward for Ireland, but might be tempted to conclude that what was agreed two years ago for Ireland was not enough. And that is surely not what we want.”
Finland and Holland are also opposed to any new deal for Irish debt.
Schauble said: “It’s not about the German federal elections. We don’t want that Ireland does worse but that the winning back of trust continues. That is the measure of all decisions we will take.”
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Switch to the desktop site to post a comment.adrienrain | Aug 28, 2012, 11:27 AM EDT
Ireland - look to Iceland.........
R129 | Aug 28, 2012, 08:06 AM EDT
Do I get this right? First the Irish taxpayer and the country was bankrupter under German orders to save the German banks YES THEY ARE THE SENIOR BONDHOLDERS WE PAID OUT TO!!! then the German taxpayer says thanks Ireland we bankrupted you spo now F**k off we got what we wanter, then some idiot puts a post on this forum says it's our fault!!! Yes we borrowed foolishly. Yes the Irish banks were badly run and foolish Yes the German banks were foolish and greedy to lend stupidly to the Irish banks. Where in this equation does it make the Irish taxpayer responsible for this whole debacle? With hindsight it's obvious we should have followed the Icelandic example, look at where they are now and where we are, a puppet Taoiseach who can't even cling on to the coat-tails of the Spaniards and Italians for crumbs from the people's whose bank's and taxpayers we took a hit for. Thanks Germany your people haven't changed much in the last 70 years.
casualMBA | Aug 28, 2012, 01:35 AM EDT
Ba! Humbug! Collateral, Smalattteral!! Who needs another Bail Out?
EphraimKibbey | Aug 27, 2012, 09:00 PM EDT
@palmeiras - Note that the second comment by Kevin Longan is in direct opposition to the vile rant of the first. My guess is that some unscrupulous, evile-minded, anti-Irish commenter (know anyone like that?) who knows how to access this site without logging-on (and has done so repeatedly in the past) slipped in the first comment without owning up to it. When this site has a comment without a by line, it simply steals the by line from the next commenter and attaches it to the deficient one. Kevin Logan was just the innocent victim of this other truly "Ignorant Yank."
palmeiras | Aug 27, 2012, 08:34 PM EDT
kevin longan, u are one ignorant yank; u lot are only good at mass murder and economic imperialism; now go shoot up your work place you brainless fool.
Stiofain | Aug 27, 2012, 02:25 PM EDT
America is doing great with capitalism! That's why everybody wants to come here, greatest country in the world. Greatest health care in the world. And we will do better once we get rid of Social Security,Medicare and pesky universal voting rights. And Maggiepoo don't give me the "Love it or leave it" stuff either. Rommunism will work.
IrelandNorth | Aug 27, 2012, 08:52 AM EDT
Time to exit the Eurozone. Bring back the púnt (poont!). Associate membership of EU most appropriate for island nations. (England, Wales & Scotland knew that!) Geography predicates politics. Associate membership of Commonwealth of Nations possibly a good shoehorn to lever the EU off our backs. Enough of this Towering Babel called EU. At least Anglo-Americana/Aus/Can/NZ speak English. No translation booths necessary. Arise George Orwell's Oceania! Repatriate all foreign nationals. Limit migration to max 10% of island's population of native/settler. Hibernia uber alles!
Peggy P | Aug 26, 2012, 03:46 PM EDT
Why should they give Ireland a pass and not Greese? These countries, especially Germany, stand on their own and expect the rest of the EU to do the same. If Ireland needs help from these financially successful countries they should how do you do it and not share it with us.
lyoness555 | Aug 26, 2012, 12:39 PM EDT
handouts dont work . Get back on your feet by yourselves . Handouts bring more failure
curtisjohnson | Aug 25, 2012, 09:22 PM EDT
The anglican Chuch needs to pay back all of the "tithes" forced on the Irish people for the centuries of the penal laws (with compounded interest, of course). Then the british terror state should begin making reparation payments.
casualMBA | Aug 25, 2012, 12:19 PM EDT
A small note on real estate. It allows big notes on a society (i.e., Ireland.) Ireland could get 100 Billion in debt (inconceivable as that many bad loans might seem) because Ireland HAS real estate. The unpardoned Fitzgeralds had real estate. At least 574,645 acres of it. They did not make bad loans. That collateral was not given to Germany, or the Fitzgeralds.
surfsidetx3 | Aug 25, 2012, 11:46 AM EDT
Presumably that 100 billion was in bad real estate. A simple solution would be to take the "bad" real estate and bundle it. Secure it to shares not notes. As the homes are sold pay off the debt. They could set up a corp to sell shares. Oh lets say at 10 per share. On St Patrick's day go to every Irish bar throughout the world. Sell the shares. I am thinking of 1,000,000,000 shares easily sold. 10 billion per annum. If the Irish wont buy it, the Chinese will. China is busy buying up the USA at bargain prices. Why invade when you can own it outright? oh maggiepoo the banks incurred the debt not the people of Ireland. Socialism is a handout , capitalism is a bailout. The banks were bailed out.
WoundedKnee | Aug 25, 2012, 04:42 AM EDT
KerryGold: " there will be no people left to lead, we will have emigrated". That's nonsense. There will always be lots of people in Ireland. About a thousand people--maybe more--emigrate TO Ireland every week.
KerryGold | Aug 25, 2012, 03:58 AM EDT
"Drunken monkeys", what a stereotype. How was that insulting commenting allowed on here. Not all Irish people drink or not all Irish people are drunks. "A nation of fools, voting for the same" we actually voted in a different political party that made promises they never delievered on. So at least be correct and intelligent in your insults. It is time to tell Germany where to go and have leaders that can stand up for the Irish people. Because of Germany saying NO we will have more tax increases and public sector cuts. If we do not have the leaders that lead with determination to resolve this, there will be no people left to lead, we will have emigrated. And the Germans think we will thank them because of the excuse of market preception. I donn't know which is more sad, the pathetic excuse from the Germans or the pathetic Irish leadership. History will not reflect well on the Germans.
Kevin Longan | Aug 25, 2012, 03:52 AM EDT
The Germans didn't mind taking mega-aid after their second loss to the Allies but now won't help the country that allowed their spies free reign during WW2. Live and learn, cousins, the perfidious Teutons aren't going to give you squat. Your best retribution is to boycott all German goods and stop kissing their asses when they go to Ireland and lord it over you. The past damn sure affects the future, you better believe it!
Kevin Longan | Aug 25, 2012, 01:06 AM EDT
Invite them to the stupid gathering(they might fall for that one )get them drunk (thats all the Irish are good for)and rob them.You dont deserve any better you lot behaved like drunken monkeys during the celtic tiger,and then you voted for more of the same what a nation of fools
jacersagain | Aug 24, 2012, 09:18 PM EDT
There was an old nursery rhyme that we as young kids used to sing while playing on the see-saw in our local playground - “See saw, Margery Daw, Sold her bed and laid upon straw”. Sometimes you were up, sometimes you were down. Me Ma and Da, God rest them, used to use this to explain why sometimes we had lotsa money and why sometimes they had to struggle to give us pocket money. Recession / Boom times happen like a see saw operates - Up and Down. When you’re down, there’s only one way to go – back up. The Germans did that after World Wars II, even if with a good bit of help from the USA’s Marshall Plan. They should remember that. Now that they are doing so well out of us “other” European countries and America buying their exported products (do the names BMW, Mercedes-Benz, Audi, Volkswagon, Porche, Phillips Home Cinema systems, Adidas and Puma sports goods, MAN Trucks, Hugo Boss, Siemens, Aldi and Lidl ring a bell with anyone?) don’t’cha think we should demand payback time of them? And screw them by not buying their products if they don’t? In other words, use the unique Irish phenomenon – the Boycott. Boycott all German products and don’t allow German tourists coming to Ireland on self-contained tourist buses to enter our country... they don't spend a cent in Ireland and yet come here to see our glorious countryside through the windows of the bus (Gack!). The Germans need to be reminded that, like on a see-saw, when you’re up, there’s only a down coming. Who was Margery Daw anyway??
Stiofain | Aug 24, 2012, 07:12 PM EDT
Wounded Knee,Richard P you seem to know JohnnyMac pretty good. This could be a symptom they have in the United States, the south won the Civil War (just look at us with Voter Rights) Europe should face the fact Germany won WWII...it just took a longer then anticipated.
aloistmartin | Aug 24, 2012, 06:30 PM EDT
EU Member States are dropping around The Germans like WWII Allies !
greensod | Aug 24, 2012, 05:57 PM EDT
Possibly this will wake the people of Ireland up.Adams told them what would happen, McDonald told them what would happen,Doherty told them what would happen,but o no they kissed the asses of the Europe minders,handed over the pension fund and now they get the long finger.This is the history of the land.No point whining about WW2 and all Ireland did for the Germans.Stop the dam begging tell Angela to get lost,pull out of the criminal gang and hold a general election.This time elect Sinn Fein and watch how fast they get Ireland back in the game.Its all about choices,lets make the right choice before it is too late.There is still time,but it is running out.Ireland needs leaders,not beggars looking out for their interests.Ireland has these leaders but they must have the mandate from the people to get the job done.Time to do the right thing.Everything else has been tried.
cillowen | Aug 24, 2012, 05:49 PM EDT
ENGLAND has been left in possession not only of the Soil of Ireland, with all that grows and lives thereon, to her own use. but in possession of the world’s ear also. She may pour into, it what tale she will: and all mankind will believe her.
KerryGold | Aug 24, 2012, 04:27 PM EDT
The Germans will succeed in turning other nationalities against them. They will suceed in being hated for a long time. They have forgotten the debt relief they got after WW2. But I hope the Irish will never forget and remember respecially the next time the Germans want a treaty past, well they can forget it.
krisdaly | Aug 24, 2012, 04:23 PM EDT
This is what Ireland gets from Germany for being neutral in WWII. It is called the Nazi boot to Ireland.
herselfathome | Aug 24, 2012, 02:36 PM EDT
It has been a great puzzle to many people in the EU, not least we Irish, as to who exactly put Germany in charge of the Europe. It appears to follow that the bigger the size, the bigger the bully. Time our elected European politicians let these bullies know of our resentment to their dictatorial attitude.
WoundedKnee | Aug 24, 2012, 12:56 PM EDT
RichardP: I'll second you on JohnnyMac, he is a fool.
handsome68 | Aug 24, 2012, 12:48 PM EDT
Ich spreche deutsch ein Bisschen aber nicht zo Gut. Youse liberal omadhauns always want your cake and to eat it too. It's high time to take your medicine.
AoifeNicSeáin | Aug 24, 2012, 12:10 PM EDT
One minor mistake in it - it's not the Germans, it's the self styled German government only. On 25th of July the German Constitutional Court decided parliament and therewith government is illegal ... current one as well as all past ones. Strange situation, seems that's the way it looks if there's a revolution and noone attends ;)
Dublinborn | Aug 24, 2012, 12:08 PM EDT
Genau kein pfennig mehr fur euch. Geht zueruck zum Pfund
Silling | Aug 24, 2012, 11:53 AM EDT
We'll serve neither King nor Kaiser.
RichardP | Aug 24, 2012, 11:48 AM EDT
@ johnnymac:Apart from your total ignorance of historical fact, your bitter bigotry makes you look like a total moron.
ThisisnotBritan | Aug 24, 2012, 11:19 AM EDT
Hold it a moment: Wasn't the deal that the Irish pass the Fiscal "Treaty," in return for a restructuring of its "debt"? Seems like there are a lor of Irish referendum voters witth egg on their faces and with a new understanding of just how corrupt and immoral the EUSSR is.
FastEddy | Aug 24, 2012, 11:10 AM EDT
See? I told you all. No help from the EU and no help from the IMF, either. There is only one way out now, Ireland's g'ment is absolutely going to have to cut taxes ... so that business will come back and create more jobs. Your banks are not "too big to fail" and your debt will have to be addressed the old fashioned way. You are going to have to go back in business and to do that you are going to have to cut taxes, period, end of story. "... It’s the Labour Government that have brought us record peace-time taxation. They’ve got the usual Socialist disease — they’ve run out of other people’s money." - Margaret Thatcher. "Government is not the solution, government is the problem!" - Ronald Reagan in His First Inaugural Address, 1981. All inflation is caused by government, government prints the money and government can too easily print too much. And that's the facts, Jack.
casualMBA | Aug 24, 2012, 10:21 AM EDT
Ireland, it seems, must pay its dues for the benefits accruing from the euro...if it is any consolation, fitzgeraldsforequity.com - in its own campaign for shored up trust - no longer seeks membership or support funds on its website (ref. the accruing benefits from Ireland's collateral)
johnnymac12 | Aug 24, 2012, 10:21 AM EDT
This is typical backstabbing by the very country the Irish republic helped in the 2nd world war by giving shelter and aid to the German forces. I suppose you will now turn to the British Government to again bail you out despite your government supporting and funding murdering ira to kill and maim British soldiers, innocent women and children, innocent civilians and catholics during the troubles. Sickening.