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Posts Tagged ‘ Troika ’

News in Brief-Brooks Mania Grows As BBC Makes Unfortunate Error

bbc

NIB has been away swimming through Cork (you may have seen us on the news), hope no one was too distraught, anyway we’re back now, stop crying.

Seems while we were gone the Neknomination craze took off with dire consequences. The latest story following the Facebook phenomenon has seen an Irish girl in Australia swallow a goldfish in her “neknominated” pint. NIB hoped it was the classic carved carrot joke but sadly not. The girl, a trainee solicitor no less, from Newry has since received death threats and online abuse, to which she replied, celebs do it on I’m a Celebrity Get Me Out of Here (How did she get through the entry exams?) and, you know, she get’s it yeah? Writing on her Twitter “feel depressed.” To what extent can humans become more ridiculous? Continue reading

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Austerity Was A Mistake Says Former IMF Mission Chief

File:Protest against bailout of Anglo Irish Bank.jpg

A reliance on austerity as a measure of combating the economic downturn is actually counter-productive, said Professor Ashoka Mody, a former International Monetary Fund (IMF) mission chief for Germany and Ireland.

Speaking on RTE’s Morning Ireland, Professor Mody said that the Troika had other options besides the imposition of austerity, and added that the bondholders could have been forced to bear some of the burden. “We are seeing a belated recognition of the fact that the constraint imposed only by austerity was untenable,” he said on the programme. “Clearly the experience, if experience was needed, has demonstrated that reliance on austerity is counterproductive.” The option of burning the bondholders wasn’t considered at the time, because the government was concerned about causing further financial instability.

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News in Brief-Consumer Fear Decreasing While HSE Announces Major Cuts

After last week’s fear of the number thirteen putting the clamps on car buying, this week the Central Statistics Office reports Irish consumer fear is in fact decreasing. We’re increasingly more happy to splash the cash despite the recession being far from over. However rather than an indication of increased wealth these figures only represent the ‘sentiment’ of Irish shoppers, so we’re not crying over our cabbages anymore but we’re still far from boom buying.

The HSE has announced it is to make cuts worth €130 million over the remainder of the year in order to meet Troika’s targets and remain “within budget”. Furniture is listed as one of the areas the executive plans to cut back as well as advertising those crazy, comfortable commercialists. More worrying education and training are also noted as being for the chop. Where will we go when our Doctors don’t know what they’re doing? And where will we sit?!
Apparently 79% of elderly people who live alone do not have internet access, according to the Central Statistics Office (those guys!). Is this news? Age Action Ireland obviously think so. A representative is quoted by thejournal.ie as saying the findings are “worrying”, what because they don’t know what’s trending at the moment? They don’t know what a face book is? The poor sods. Lack of access also causes “barriers for older people to upskill in IT”. Just what we need, more job competition. What a load of . . .

Talking of which Elvis Presley’s unwashed underpants are up for auction. Expected to reach €13,000 next week in Stockport, Cheshire the pants were part of one of Presley’s stage outfits designed to prevent a VPL (visible panty line, for those not versed in the frustrations of fashionistas everywhere.) If only I had a spare €13,000 – then I’d have a spare €13,000.

Back in Ireland it’s Electric Picnic weekend! Hurrah! The final festival of the season and it’s bound to be a good one. Festival survival guides suggest bringing along the usual sun cream, wet weather gear and allow plenty of time for travel. Happy campers are also advised only 48 cans of alcohol per person are allowed. That’s sixteen cans each evening Friday, Saturday and Sunday. If you do manage to get through that lot, festival organisers have advised that alcohol will be available for purchase on site. Thank god.
It is officially silly season – especially after all those pints – the time of the year when with politicians set to out-of-office the media is full of frivolous drivel and a general stupid stupor descends until Christmas. No more so than the Essex lion that stalked Clacton on Monday igniting the nationwide intrigue as well as a hastily created Essex lion twitter account. A mass scrambling of police searching out the beast was called off when it turned out to be a house cat.

News in Brief-Broke Westlife Star May Seek Band Reunion

Under inspection from TROIKA feels like when your mum checks if you really have tidied your room. This week officials from the European Commission, European Central Bank and International Monetary Fund have arrived to check up on us to deem if Ireland is worthy of another cash biscuit from the barrel.

It’s not looking good for Westlife’s Shane Filan, in trouble with creditors over alleged €4million debts incurred by his property company. At least this may mean for Filan fans that a Westlife reunion may be quickly scheduled after their summer farewell tour.

Filan’s financial forecast has been echoing the weather this week with heavy rain and gale force winds. Despite the rain only two races were called off yesterday at Punchestown where race goers were often forced to take shelter from the wind and rain. On walking the track Ruby Walsh assured race organisers the ground was fine – on a two mile stretch he only had to change his mud covered goggles four times – fine indeed.

Ray D’Arcy has refused to retract his outburst directed at the Catholic Church last Friday. Whilst apologising for his use of language on an early morning show the Today FM presenter refuses to retract his statement to the Church hierarchy. This isn’t the only controversy concerning the church this week.

Alan Shatter announced on Wednesday a new bill outlining mandatory reporting in cases of child abuse. However confusion exists concerning whether this law will include priests that hear of pertinent details during confession although if outside of confession they must be reported under the same regulations. Auxillary Bishop of Dublin Raymond Field has stated the seal is ”unvioable” and other priests, according to the Irish Independent have suggested they would be uncomfortable about compromising the Seal of Confession regardless.

There is a loop hole in the legislation preventing the imprisonment of non-reporters if another enactment entitles a person to the refusal to disclose. Does this loop hole (more of a loop tunnel it seems) not already make the argument void, nullifying the need for priests to come forward?

Simon Cowell has been altogether too forth coming in his confessions this week. With sordid affairs and admitting regular colonic treatments to give him that ’sparkle’ in his eye. At least Cowell has had the decency to apologise for the sordid serialisation of his private life in The Sun throughout last week. Simon said he was forced to ’hide under a pillow’ as more and more of his escapades were revealed. The media coverage of these ”exclusives” we’re widespread last week with almost every tabloid running a feature, whilst Simon may have been able to escape, those of us not able to leave the country were forced to greet his smearing face at every turn.

Senior Economist Warns Ireland “Should Be Praying” for Second Bailout

The head of Economics at Dublin City University today claimed that a second bailout in inevitable for Ireland and insisted we “should be praying” that the European Union, International Monetary Fund and European Central Bank would be willing to facilitate it.

Professor Tony Foley made the comments when speaking on RTÉ’s Morning Ireland radio programme. He said such an offer would be preferable to the Government’s current proposal of borrowing approximately €12 billion on international financial markets next year as this would invariably lead to crippling interest rates as the country attempts to repay its massive debt – estimated to reach €206 billion by 2015.

Professor Foley’s comments come less than 24 hours after Citigroup economist Willem Buiter stated that Ireland should negotiate a ‘standby’ second bailout in the event we are unable to return to the markets.

European Commissioner Olli Rehn’s spokesman, Amadeu Altafaj, has labelled such speculation as unhelpful given that the first programme was delivering and that Ireland had enjoyed positive growth and banking sector reform in 2011.

In another blow to the Irish economy, a new Goodbody Stockbrokers report has predicted further protracted growth in 2012 and claimed Ireland will not achieve the 3% of gross domestic product deficit target by 2015.

Goodbody chief economist Dermot O’Leary said he expects the country’s GDP ratio to rise to 124% in 2014 and has revised down GDP growth estimates to 0.7% for this year from 1.2%.  GNP, excluding multinationals, and domestic demand will fall by 0.8% and 2.6% respectively.

Officials from the EU, IMF and ECB are in Dublin today, undertaking their fifth review of the €67.5bn loan programme. The talks are being headed by the IMF’s Ajai Chopra. The troika will review figures for 2011 and establish targets for the Government and the economy over the coming months.

Mr Chopra said, “A restructuring of the circa €30 billion in promissory notes (in relation to Anglo) provides an opportunity to reduce debt to a more sustainable level without the difficulties that Greece is currently experiencing with private sector involvement.” He added, “Another important issue is the speed at which the banking system is deleveraging.”

An Taoiseach Enda Kenny will meet British Prime Minister David Cameron in Downing Street on Thursday to discuss the ongoing debt crisis.

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