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THE EUROPEAN CENTRAL Bank is threatening to withdraw emergency funding from Greek banks if the Greek government doesn’t do what it wants.
The central bank’s actions toward Greece occur less than two months after secret letters revealed that the ECB threatened to pull emergency funding from Irish banks if the State did not apply for a bailout, in what many saw as an overreach into the sovereign affairs of the country.
The ECB later pretended that Ireland had applied for its bailout voluntarily. The letters revealed that in fact the ECB had required the Irish government to apply.
It is one thing for the ECB to require individual banks to follow certain technical rules to maintain their liquidity. It is quite another for the ECB to pressure a government by threatening an entire nation’s banks with a sudden default by yanking their liquidity en masse.
That’s what is going on now with Greece.
The new Greek government, led by the left-wing Syriza party, is attempting to renegotiate the terms of its bailout deal with the Troika.
Syriza wants a shift in the focus of “structural reforms” toward increasing tax collection and government efficiency and away from crude budget cuts; a “European debt conference” to renegotiate the repayment terms on the country’s debt (including linking interest payments to growth and writing down some of the debt); and a reduction in the government budget surplus the country is required to run.
The Troika wants to keep the current deal, which requires the Greek to run a budget surplus and implement a programme of reforms to bring government debt down. The country’s access to the funding from the central bank that supports its banking system may be cut off at the end of the month unless a compromise is struck.
This, at least, is the message coming from members of the ECB’s governing board.
Currently Greece enjoys special dispensation that allows its banks to use Greek government debt and government-guaranteed bank debt as collateral in exchange for funding from the central bank, despite being rated as “junk.”
This waiver was granted as part of a deal under which the country committed to undertake a package of structural reforms insisted upon by the Troika in exchange for bailout money.
Yet, as Bloomberg reports, ECB Vice President Vitor Constancio told an audience at a conference in Cambridge, England, last week that renegotiation of that deal could put the country’s banks at risk. ”There will be no surprises if we find out that a country is below that rating and there’s no longer a program that that waiver disappears,” he said.
If the waiver is withdrawn, then Greek banks will no longer be able to exchange the bonds on their balance sheet for ECB loans. Without that support, the sector could face widespread bankruptcies and could in turn push the country closer to collapse.
Constancio may make it sound as if this is simply a technocratic decision — that the ECB is bound to cut off Greek banks if the country fails to agree a terms with the EC and IMF over its bailout programme — just as it said when it threatened to cut Cyprus off in March 2013.
But that simply isn’t the case, according to UCD’s Professor Karl Whelan. Instead, he says, this is purely a discretionary decision designed to pressure Greece into making a deal.
He writes (emphasis added):
[Don't] believe for a minute that this is a technocratic thing to do with “the ECB having to follow its rules.” And it has almost nothing to do with Greek government bonds being junk-rated. All of the issues discussed above come down to discretionary decisions by the ECB Governing Council (restrictions on T-bills, waivers on junk-rated government bonds, arbitrary lines-in-the-sand on government guaranteed bonds and the mysterious rules of ELA) and there is plenty of wiggle room for them to allow Greek banks to continue receiving various sources of funding next month in the absence of an EU-IMF program agreement.
But while the threat is discretionary, the results are very real. In the lead-up to the Greece election, nervous clients of the country’s banks began to pull their money out of their accounts at a record rate. In December, depositors pulled €4.6 billion out of Greek banks, taking total deposits to its lowest point since November 2012, and the Greek press is reporting that January saw similar levels of outflows.
As a demonstration of the fears surrounding the banking sector, Greek bank stocks tumbled after Syriza’s electoral victory. Investors were clearly worried about the response of the Troika to the new government’s pledge to seek a better deal for Greece.
But these fears are forcing Greek banks to be all the more reliant on ECB funding as local sources of capital dry up.
These signs suggests that a number of Greek banks, including the country’s largest lenders Eurobank Ergasias and Alpha Bank, may make use of the precautionary lines of credit that they set up with the ECB under its Emergency Liquidity Assistance (ELA). Further doubts surrounding the sustainability of emergency funding are only likely to increase the pace of deposit flight from Greek banks. That is, the ECB may be engineering the very crisis that it claims it wants to avoid.
Why would it seek to do this?
Well, although promoting this type of financial-market volatility may not be an effective way of helping the Greek economy back onto its feet, it has nevertheless proved useful in keeping countries compliant and appears now to be the model of choice rather than of last resort. The longer-term cost, however, may be that these institutions remain more reliant on ECB emergency funding than they would otherwise and much more difficult to rebuild confidence in.
Critics will argue that the central bank is wilfully overstepping its mandate of price stability in the eurozone to meddle in the affairs of sovereign nations. At present, it is hard to find a good argument that they are wrong.
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They have invited everyone! That’s nice of them!
Vote Sinn Fein!
@Pád: any party but Sinn Fein, not fit to represent our people.
@Pád: Imagine a TV station actually being balanced for once!
@john gavin: Except they will represent about 20% of them. Remember that when you go to work tomorrow. One in five people you encounter everyday are a SF supporter.
@Whoswho: not balanced at all, one on one it’s easy to cut across you opponent to get your point across. With seven it just becomes noise
@john gavin: and FFG are? Have you seen the state of the country?
@Conan Campbell: Thank God for the other 80 plus per cent. Just study their policies and their background Conan, why on earth would you vote for them
@Conan Campbell: At least its only 1 in 5.
@john gavin: And the rest are ? Seriously
@john gavin: dry your eyes man!
@Brian Madden: yes Brian,I have, booming economy, full employment..yes,problems with Health and Housing which no doubt Sinn Fein would never solve. Sinn Fein are toxic, don’t be fooled!
@Whoswho:The additional ten million euro top up given/awarded to RTE by the FG majority government in December assures the established parties FF & FG of being afforded a comfortable RTE media journey through this present election campaign. I do not have confidence in RTE acting in an independent and impartial manner in the course of this general election campaign. It is my view that RTE have been bought off.
@john gavin:
In your wisdom whom is good enough to represent the people! Please do tell!
I’m very interested to hear your response to my question.
@john gavin: That’s your opinion John. We are all free to make up our own minds and vote accordingly.
@john gavin: Housing and Helathcare are the 2 most important things when you don’t have them. You may be ok John, a lot of other people are suffering terribly under this sham of a government.
@john gavin: FF ruined the country. That’s an easy response. They should have been outlawed after the crash. FG have tripped from shambles to shambles – Garda whistleblower scandal, cervical check scandal, children’s hospital scandal, RIC scandal, patients on trolleys scandal, homelessness scandal, housing affordability scandal etc etc. Anybody that votes FFG needs to be committed.
@john gavin: and ffg are???
@GDRebel: Feck yea!!! I’ve that song in my head now….
@john gavin:
@john gavin: Problems with housing?! Try being stuck renting as a young couple on low wages, about 50% of wages going on rent another 10% going on car insurance, literally having to go hungry at the month. This government won’t even attempt to fix housing or insurance except to rely on market forces fixing themselves, this is a capitalist ideology and has never worked.
@john gavin: Do tell us Why.
@john gavin: who’s your people
@Conan Campbell: and SFs only record of government is in Northern Ireland where st hey got paid for not turning up for 3 years, 12000 homeless in Northern Ireland, nurses went on strike lately up there. No infrastructure being built. The A5 on hold again, Casement Park is falling down. Need I go on
@john gavin: Any party but FFG, they have sapped the country dry.
@Conan Campbell: Not true. 20% excludes undecideds. Core vote much lower. This goes for other parties too!
@john gavin: go onto YouTube preferential voting juice media shit and shit lite parties
@john gavin: you’ve been fooled by same people running the country in the last 2 decades. They can’t fix the many problems in our country ie health care crisis, housing/homeless crisis, the gangland crime, the overspending of children’s hospital, national broadband and the golden printer and yet you still want to let the same people to run the government. No way!
@view2views: you’re not the only one who is suspect of that view, it may well backfire massively on FFG and we end up with a left rainbow with Taoiseach Mary Lou, Tanaiste Howlin, PBP, SDs and some independents.
@Patrick O Connell: comparing NI politics to ROI politics hahahahaha you’re having a laugh
@Sarah Connor: Thing is people talk about these two but dont really vote on them unless they have someone in hospital.
People vote on things like tax, the pension amd childcare.
Housing, homeless, environment, crime policies have less effect on voter decisions
@Pád: Sinn Fein are basically communists. Won’t be happy till someone earning 80K and someone earning 20K will have the same money in their pockets by the end of the week. Crazy tax polices that promotes laziness and will drive multi nationals out of the country. They haven’t sat in government in 3 years up north, them and their supporters are delusional. I strongly advise advise anyone who’s voting for them to read their polices and educate themselves before making a decision.
@Conan Campbell: this fool again
@Conan Campbell: mate you can support Sinn Fein and call out the past wrongdoings of other political parties. Pot kettle and all that.
@Dave Lynch: *can’t
@john gavin: Any party but FFG, who have consistently proved they are not up to it and are in fact a hindrance to democracy.
@Conan Campbell: so 1 in 5 people support a party that campaigned for the early release of the murderers of Det Jerry McCabe, that’s not good
@view2views: what are you going on about?
Mary Lou is getting a very easy interview on RTE radio at the moment. David McCullough asking very easy questions.
@Wheresmyjumper: and who’s fault is that?
How bad have the establishment parties to be if the public think that’s a better option!
Youve only yourselves to blame
@john gavin: and FFG ARE?
@Pád: there is still one missing
@john gavin: booming economy where most people cant afford to rent or buy, FG want us to work we’re pushing 70. You say problems with health and housing well that’s the understatement of the century! Vulture funds and banks exempt from tax, Disco Dens companies being given govt contracts despite his track record, massive overspend on NCH and broadband and my personal favourite taking medical cards from cancer patients and children with down syndrome. I’m not saying Sinn Fein are the solution but FFG are most certainly the problem!
@john gavin: Because it is at least a change to FFG who will see perhaps now that they are for the people and not only for themself.
@Pád: Sinn Féin have a great scheme in mind to destroy the middle class with taxes.
@Robert O’H: Do tell? Given that their stated policy is to introduce a new tax band for those earning over €140,000. 95% of individuals in the state earn less than €85,000, and 99% earn less than €100,000…when did those earning over €140k become the middle class?
@john gavin: Says the man who is satisfied with a blueshirt / F.F. colition. Two parties since the foundation of this state have betrayed and ruined it.
@Dave Lynch: You’re a great FFG cheerleader Dave. Remind me again how SF caused the banking, housing crisis and debt which lead to mass unemployment in 2008? Cronyism, nepotism and FFG gombeen policies have ruined this country.
@Dave Lynch: “this fool again” – are you referring to me?
@Dave Lynch: Are the ‘two pint’ man Enda Kenny swears he met. Look at his profile folks. Couldn’t make this up!
@Wheresmyjumper: “so 1 in 5 people support a party that campaigned for the early release of the murderers of Det Jerry McCabe, that’s not good”. NO – everybody that voted Yes to the GFA voted for his release.
@john gavin: full employment means jackshit when those same people are just handing it all back in taxes, rent, highest mortgage rates in Europe, private health expenses if you want live, and if you have a euro left from that sure just go out and buy a new 40000 euro electric car which soon to be forced on us ! Oh and don,t forget the 90 billion we owe ! I,ll take me chances with any other party than FFG and Labour thanks.
@Conan Campbell: feck sake don’t tell John Gavin that, he’s head will explode!
@john gavin: Full employment? where people on low incomes are in receipt of family income supplement. Few can keep up with cost of living and misery everywhere except in the minds of FG/FF.
Ya a great little country we have, and no matter what you say boy- anyone and any party could not handle the housing-homeless and health service any worse than the FG/Landlord Party, So yes- its SF to the rescue!
@Dave Lynch: your post is the wrong discussion. You should have it in the comedy section.
@bombacho: been a fully paid up life subscriber since his YFG days at UCD he has developed Stockholm Syndrome
@Wheresmyjumper: Well a lot of people will vote blueshirt/F.F. after both destroyed this country.. That’s definitely not good.
@john gavin: I’ll vote for SF because the choice of FF/FG is no choice, FFG have looked at the state of the services we pay our taxes for, and they seem to think it’s acceptable, doesn’t directly affect them. They have no fresh policys on housing, so yeah I have looked at SF and yeah I will be voting for different policys.
@Wheresmyjumper: do u EVER have anything different to say? Parrot.
@Daniel Kelly: Agreed – 100 years of back scratching corrupt politics. But I would rather that than a country lead by SF. They would run the country into the ground. Free everything for everyone! Don’t bother trying to get ahead in life – what’s the point – a SF lead government will just tax you to bits and give it to someone who sits there scratching their arse
@Angela McCarthy: Good joke Angela.
@Dave Lynch: have you proof to back up that statement?
@Patrick O Connell: National Childrens Hospital and broadband. And let’s not forget that our nurses went on strike last year and teachers are balloting to go on strike this year. As for homelessness, it is a growing problem in EVERY country. So if you are going to do a comparison, do it fairly.
@Patrick O Connell: how many times have people to be told sf stood in the six counties people who voted for them knew they would not take tgeir seats in stormount until civil rights were given to everyone, that the old status quo would not be allowed to return, do you not remember the old days when civil rights were denied. They signed up to the good friday agreement on the basis of civil rights and the dup would not fulfill their side of the bargain. As for Westminster they have always stated they would not swear an oath to the queen and they are keeping their word. Again people voted them and understood their position. Maybe people in the 26 counties arent used to political parties sticking to their manifestos.
@john gavin: The ongoing National Emergency in housing is a threat to the economy and competitivness Government own Advisory Group stated& UN said last year there was no affordable housing in Ireland!
There’s an ongoing National Emergency in homelessness.Homeless families with children has increased by 605% since 2011& homeless children in family units has increased by 677.7%& they are only the ‘official’figures as Ireland only uses 3 Catergories of ETHOS typology!
There’s an ongoing National Emergency in health with 1m people on combined hospital waiting lists & overcrowding in hospitals leading to higher mortality rates & last year there were 118,367 patients on trolleys!
There’s 1.7m workers earning €30,000& under who need affordable housing.Rents are much higher than boom years & twice to treble costs of mortgages yet the housing Government calls ‘affordable housing ‘ would need salaries of €100,000.
@Patrick O Connell: It’s important that all provisions of GFA honoured and that the people in the North not denied the same basic rights of a modern society.
NI uses all 13 Catergories of ETHOS typology re homelessness,here 10 Catergories of ETHOS excluded!
@Dave Lynch: Give a link to their policies you just made up!
You know there was an agreement but DUP pulled out of it!
I did read their policies and that’s why I will vote for them plus they put forwards good Bills in the Dail as solutions to serious problems eg ,housing,rents, health, insurance costs,etc&I’ve seen their performance on various Oireachtas Committees eg Finance, Health,PAC,etc
@Dave Lynch: You haven’t read SF policies so you can’t comment factually on them!
@john gavin: but fit enough to have achieved peace in Northern Ireland.Do you seriously believe Fg or FF are on a higher moral platform to SF??You need to open your eyes.
@Pád: I’d only watch if each of them were attached to a lie-detector — otherwise I’d rather sit and watch paint dry ugh!!!!!!!!!!
Sinn Fein for me
@Punters Pal: I don’t care what party gets in as long as it’s not Sinn Fein
@sam: that’s mature of u. I guess ur happy with ffg lining their pockets and looking after their friends
@sam: How very DUP of you. No surprise from an FG unionist.
@Conan Campbell: ask liadh ni riada about lining pockets.
@alan: Tell us there Alan. This dope Conon thinks SF are angles.
@Punters Pal: Id love to see where Sinn Fein really get their political donations. They are funded by drug dealing, bank robberies, diesel rackets…Don’t Vote SF!
@Dave Lynch: where are these facts published or substanciated. Jusy for those of us who dont know or follow politics.
@Dave Barrett: Give me a break mate.
@Dave Lynch: the moon USA big chunk of cheddar, Rudolph really has a red nose which lights up the path for Santa every year. And FFG are finally gonna deliver for the people after 100 years of delivering for themselves.
@alan: Come out from behind your coward’s cloak of anonymity and give us details.
@M Bowe: what are you talking about?
@Dave Lynch: “This dope Conon thinks SF are angles”. You must have had more than 2 pints today Dave. Even by The Journal comments standard that’s a really poor post.
@Dave Lynch: “Id love to see where Sinn Fein really get their political donations. They are funded by drug dealing, bank robberies, diesel rackets…Don’t Vote SF!” – keep spouting ‘Enda’s two pint man’, you’re sending people into the arms of SF in droves.
@Dave Lynch: But are they acute, right, obtuse or straight Dave? That’s what we need to know…
@sam: but I thought sf where in power when the ROI became
@Conan Campbell: What’s your take on Sinn Fein’s cover up of countless sex abuse scandals?
@Disabled Junkie: Godammit – feckin autocorrect.
@Dave Lynch: You send me an article from the Newsletter with a big picture of Sammy Wilson on it. Is this supposed to be an unbiased investigative piece on SF. Go away outta that you FG unionist shill.
@Conan Campbell: angles or angels
@Dave Lynch: And what is your take on FFGL, when they stood by and allowed the trafficking of tens of thousands of Irish children, the sexual abuse and rape of tens of thousands of innocent children and the murder of thousands of innocent little babies??? And that’s not to mention the enslavement of young girls who were locked up in institutions, for the rest of their lives, all because some feckless waster walked away from his responsibility. Just curious like
@Dave Lynch: You’d think they’d run 157 candidates then to fill the Dail instead of 42 candidates!!
@Dave Lynch:
Mary Lou is acute angle
Mary Lou’s time to shine. Good luck. Elevate SF to the next level.
@Conan Campbell: May the loo is not fit for purpose all she does is winge all the time. Get rid of her then SF might have much better chance
@Joseph Molloy: I’d rather Pearse there myself.
@Joseph Molloy: get rid of Gerry you’ll have a chance. Get rid of Mary Lou you’ll have a chance.
They’ll have a chance just fine thank you for your genuine concern.
@Joseph Molloy: she’s got a lot to whinge about
@Geoff Bateman: Due to FF and FG ineptitude yes.
@Joseph Molloy: Pearce Doherty would be the people’s choice I think..
Sinn Féin for me too. Time for change, if we need to give them a chance to try.
I have become disillusioned, I honestly think there is very little between any of them, even the candidates on the posters never seem to change. Anyway it’s the top Civil Servants in each department that run the show and they had a mandate from nobody…….
@Sean Higgins: spot on.
Unless TDs actually manage to pass these promises into law – they are up against seasoned civil servants calling the shots.
@Sean Higgins: Exactly! So why not give Sinn Féin a chance for once, seeing as it’s the Civil Servants running the country?!
Change is in the air. Ffg are in meltdown. Expecting a lot of anti Sin Fein articles and programs from our media as they fear the change.
@Willy Mc Entire: you are right, I’m thinking & hoping Sinn Féin will be the second biggest party in the Dáil, nothing will change if people keep voting for FF/G
It will be interesting to hear Mary Lou tell us about the hundred thousand houses the shinners are going to build considering it’s near impossible to get any tradesmen at the moment mostly due to the lack of apprenticeship over the last number of years.
May be she intends importing them like in the good old days only problem though is where we are going to house them and that’s without even mentioning the cost or will she let Pierce explain that one.
@Jp Murray: and let leo and michael tell us a load of nonsense just to stay in power. They need to merge and have a proper opposition
@Jp Murray: yes all the promises that sf make, yet I’m yet the see how exactly they are going to fund these promises
@Bleurgh: It will be in their manifesto. Fully costed and vetted by the Dept of Finance. But you know that already.
@Jp Murray: is it not hard to get a trades man at moment because FFG forced most of them to go seek employment in Canada. And Australia.
@Bleurgh: vote SF and you will see how..
@Jp Murray: How are Fine Gael and Fianna Fáil going to build 200,000? Which is the figure in their Manifestos. So if you’re questioning Sinn Féins ability to deliver, really I’d be more inclined to question the other two on a figure of twice Sinn Féins
@Jp Murray: She might even show you how they can and will be built. Mr. Landlord/FG
@Jp Murray: Not as interesting as the economist’s who have come out and said that FFGL housing targets are nothing but pure fantasy. Mind you don’t blow a gasket
@Bleurgh: maybe they’ll tax the banks and undo the disastrous Michael Noonan amnesty of 20 years tax free banking…and you think FG were on our side….Jesus wept
Vote sinn fein ..
@james r: No, they are idi0ts. Don’t vote for Toxic SF
@Dave Lynch: Since the foundation of this state Blueshirts and F.F have governed. Elected by an electorate who voted for these parasites time after time. These two parties are toxic and will continue to be until put out of government.
@Donal Desmond: And Sinn Fein aren’t toxic? Please explain.
@Dave Lynch: Please explain how they are….but just remember about the blood all over FFGL’s hands from turning a blind eye, before you start talking about the IRA.
@Dave Lynch: I would check your facts man…even Alan Dukes yesterday had to admit that SF have some seriously talented people on board ..ie Eoin O Broin and Pearse Doherty to mention just 2…imagine the insurance reform agenda had Pearse not highlighted what was going on..and Eoin is across the board accepted as the leading authority on housing,homelessness.
No. Not interested now that they’ve excluded Aontú and Peadar Tóibín. The media establishment controlling what we hear. Thanks to social media, their message is still getting out there.
@Maria Conroy Byrne: Aontu, the self described socially conservative Party, all I need to hear from them to know they go at the bottom of the list. Anti everything that’s none of their business.
@Maria Conroy Byrne: The media establishment? You must have missed your sister-in-law Breda’s party political boradcast for Aontú in The Irish Times yesterday then https://www.irishtimes.com/opinion/breda-o-brien-time-to-smash-tweedledum-and-tweedledee-politics-1.4150256
@Sarah Connor: Do we only hear voices that we agree with? Aontú have some very good policies that seek to support those on the margins. I’d put them more on the left. A good choice for those who support all human rights. We’re adult enough to at least be given the chance to hear other viewpoints even if we don’t agree with them. Is it up to the media establishment to censor what we do or don’t hear? Is that not the very definition of what the media call fake news?
@BillyCroft: Nice catch mate!
@Maria Conroy Byrne: . “The media establishment controlling what we hear.”
As opposed to a political party who wants to control what women do with their bodies…..pot, kettle.
@Maria Conroy Byrne: The Aontú logo includes the message “life, unity, economic justice”. In County Meath, the Aontú Councillor, Peadar Tóibíns sister Emer, voted along with her grouping including FF and FG AGAINST a reduction in Local Property Tax… Where’s the “economic justice”? Pathetic.
@Maria Conroy Byrne: I can see where your coming from in a way Maria, but realistically they are having a debate with the 7 leaders of the 7 main parties. That’s already a lot of people talking over each other. There isn’t room for fringe party leaders, the like of Aontu, Renua, Irish nationalist party etc, they just don’t have enough support to warrant taking time off the others.
@Maria Conroy Byrne: There is no Aontu candidate running in Dublin Bay South. If there was, I would give them a vote.
Voting for Sinn Fein. Sick of the other 2 parties being on the gravy train. They have no interest bar self interest
@Emmett Currie: gravy train? What about Sinn Fein MLAs drawing down salaries for the three years of the Stormont collapse? Receiving taxpayers money whilst leaving their constituents without representation during the Brexit negations period?
There are so many reasons. not to support them. Derry is one of the most deprived cities in the UK with 1/3 of children being raised in poverty yet SF supported austerity in the North while claim they’re opposed to it in the South. Their then MEP Lynn Boyle voted in favour of progressive water charges. They were very late in supporting a woman’s right to choose and have zero interest in animal welfare as along with FF and FG they voted against Maureen O’Sullivan’s bill to ban hare coursing. SF is probably the most hypocritical party of all.
@EillieEs: You do of course realise that the UK exchequer provides €12.1 billion annual subsidy to Northern Ireland? The British exchequer paid the European Union £8.1 billion annually to be part of the EU and all of it’s benefits, and the people weren’t happy about it. Meanwhile they give the north £9.2 billion. And what do they get for that £9.2 billion – a massive headache and a lot of hassle. They no more care about the people in the north than they do the people in Bolivia.
And as for your SF have zero interest in animal welfare. Are you for real?? FF have pledged an extra €6 million for children and have pledged €16 million to the greyhound industry. And FG have done what, since the puppy farming under cover investigation? Yep, that would be nothing.
Was always ff voter but leaning towards sinn fein this election
@John Moloney: Good man :)
Thinking to myself, what if there were another major crash in the next few years. .
Very possible as we are over leveraged with no tools left in the bag and the world is so volatile.
What government makeup do we need in there to protect people before institutions..
We know who has already sold us out when push comes to shove.
It also looks like we can’t stop FF being in power.
So we can only demand they work with SF to keep us someway protected when pressure comes again to destroy our society to fund investors that gambled and lost.
Never again..
@Shayne O’Donoghue: Good question Shayne. If the country has it’s pants down during the next crash then we are well and truly screwed financially.
@Shayne O’Donoghue: Very valid point. Recessions are an inevitability in our market-based economic model. The only questions are when will it happen and how deep of a recession will it be i.e. how long will it last?
We know from experience that FF won’t protect the citizens of this country, but rather big business and their overlords in Europe will come first.
We also know that FG & Labour will do the same. Remember “Labour’s way or Frankfurt’s way” & Leo stating that “not 1 red cent extra” would go into the banks? Yet when they got into power in 2011, they didn’t even try to give us Labour’s way – they just rolled over & gave us Frankfurt’s way!
We have €200bn of debt hanging over our heads that our children, grandchildren & most likely great grandchildren will be paying back!
@Martin O’Callaghan: It’s akin to War Reparations that Germany had to pay back for 70 years. Yet, we never invaded any country!
Instead, we just elect weak people to lead this country, who allow us to be bullied and intimidated at a European level – never mind the absolute reckless policies that they pursue time and again that have caused absolute catastrophe for our citizens, whilst they relax with their big fat cat salaries & pensions!
But instead of being objective on this and judging FF/FG & Labour on their merit, the good little sheep of Ireland will vote them back in. These mainstream parties know this, which is why they have no problem lying to you with ridiculous pledges during canvassing as they can relax in the knowledge of being re elected without consequence.
I find it interesting the amount of people (real people in the real world, not bots or party hacks on here,) who are willing to give SF a chance, not because they think SF are brilliant, but because the other two are just that bad. Then there are the opposite, those will to stick to FF/FG because they think SF will be way worse.
That really does sum up politics for me, having to vote for the least worst option, not the best option.
@Brian McDonnell: If you check the ballot paper closely you might discover there are more than those 3 options so you don’t have to support the party you consider the 3rd worst.
@Rochelle: And if all of those other parties came together, they still wouldn’t make up the difference to have a majority coalition with either FF or FG. I mean, I can’t see PBP throwing their hat in with FG. Labour however, well they’re not fussy, they’ll bend over for anyone, as long as it means a seat on the gravy train. Stephen Donnelly left the Soc Dems and moved over to the dark side, so I cannot see Soc Dem’s throwing their hat in with FG or FF.
Question? Why is Arlene Foster appearing on the late late show one week before polling day. She is entitled to access of all media, but the timing of this interview is nothing short of R.T.E. interfering with the outcome of the election. If a counter balance was was present on the show fair enough. R.T.E. held a debate between two leaders of all but the same party. This effort of propaganda Badly backfired. Next step bring on Arlene to save the Blueshirt/ F.F. colition.
@Donal Desmond: because that ponce turbridy and arlene are going to try stitch Sinn Fein up !
@Ken Bramley: Enabled and abetted by Rory Coveneny…Simon’s brother.
The Sinn Fein bots are very active on the Journal. Coming from an undecided voter.
@Paul Potts: I get the impression most of them like me, are not bots. Just people who have finally had it with FFG.
@Paul Potts: They’re not very effective, I must admit. Their points revolve around negative issues with FG and FF rather than any actual positive reason to support SF.
Much like FG and FF supporters they also have the same kind of arrogance that seems to ignore the option of smaller parties and independents.
@Paul Potts: what’s this obsession with calling people who are thinking about voting SF bots? Must have u worried.
Not unless they invite the eighth party leader. Peadar Tóibín of Aontú. I hope he wins his court case tomorrow against RTÉ. Fair play. Vote Aontú number 1.
@Pat Kelly:…. The Aontú logo includes the message “life, unity, economic justice”. In County Meath, the Aontú Councillor, Peadar Tóibíns sister Emer, voted along with her grouping including FF and FG AGAINST a reduction in Local Property Tax… Where’s the “economic justice”? Pathetic.
@ObsidianShine: And Boris Johnson’s brother resigned his ministerial position. So what point is it, that you are trying to make. My sister likes coffee, I don’t. My favourite colour is red, my sisters is blue. Sibling differ in many different ways, and that includes their political leanings.
Richard Boyd Barrett always gives themhell im glad solidarity pbpb have dragged them all left sinn fein where for water charges and anti choice
vote solidarity pbp to keep them left
I couldn’t cope with Mary Lou
@Rory: makes me happy that you couldn’t cope with mary-lou. That’s yere penance for all the bad deeds of the past years in office.
@Rory: okay so just cope with the 90 billion that we the tax payer have to pay back !
Wake up smell the coffee they’re all out for themselves. For those in society who think different keep on siffin the cocaine…. Nobody matters… We haven’t learn from the past and never will.. Their all of the one cloth top pensions free tax breaks.
@Joseph Molloy: How do we know that for sure if we’ve only every given FF or FG the majority. What’s baffling is that despite very few people being happy with the state of the country, people insist on just switching between the 2. Time to give someone else a go, vote anyone but FF or FG!
@Sarah Connor: Do you think any of others are different? I don’t think so…
@Sarah Connor: who is there to replace them?
@Joseph Molloy: Well by the looks of it they’re not going to be replaced. I’ve never voted SF in my life, but will be this time I think. I know they won’t get a majority, but hoping they might get in a coalition. Traditionally the minor coalition party just does what they’re told, I don’t think SF will. I think they might have the balls to collapse the government if asked to sell out the people, which would lead to another election, and then possibly they could gain power with in a left coalition. What do we have to loose? Our people are dying on trolleys, children fundraising to go abroad for urgent healthcare, homelessness out of control.
The Sinn Fein bots are very active on an Election related article on the Journal.
@Paul Potts: Back under your bridge.
May watch for 5 mins – my attention span will be truly tested.
Watch as the fake left attack Sinn Fein instead of the parties that have been in government.
Micheál Martin supports animal abuse https://twitter.com/chantel77427953/status/1221252016464367617?s=21
Same nonsense every election, fg and ff have the same sheep voting them in every time, Also RTE needs to be shut down as its unwatchable , the people of Ireland really need to wake up.
Thunderdome….2 men enter 1 man leave
@nicknack: what happens the other man? Kneecapped?.. the Shinners are arriving to post here as directed by Party.
@john gavin: It’s time you grew up John.
@john gavin: Did you not see the recent polls John? SF are the 3rd most popular party in the country, with not much between them at all. Makes perfect sense they’d be well represented in the comments.
@john gavin: what has my post got to do with sinn Fein you weirdo
@john gavin: You just can’t stand it John, SF posters here don’t know each other. We are simply like minded individuals drawn together by our love for our country. Parties outside SF just don’t get that SF is a calling. A desire to see a better Ireland for the people of Ireland, all of it. As long as FFG only look after vested interests they will only ever be a broad gathering of people who want to look after themselves. This will be their demise in the long run.
@john gavin: This is the very reason there’s no hope for change in this country just too many John Gavins. The past 12 years or so the people have been governed by politicians that have proven to be totally incompetent at their jobs, not a week goes by without a new scandal. Yet no matter what they do they know there are enough gombeen party die hards out there to get them elected.
@Sarah Connor: FG don’t do figures well, as we have seen!
@john gavin: u live in ur little mind in the past dont u. Stay there, ur comments are so predictable.
Sinn Féin trolls are really out on their keyboards today
@Robert O’H: Wow. 16 thumbs up side show Bob. Well done!
I’m watching none of the debates
This debate will be funded by the television license fee all the same people up there debating will not oppose the new digital broadcast license.
Pass. They will all attack each other then majority act like a pack of ravenous wolves, finish up by centering around one particular party growing, before going in for a PR kill.
Pointless! It’s Michael or Leo
I’ll be watching to see how they all behave to each other, see who’s the biggest faker and child
Yes, happy to listen to what all the parties are proposing. Inclusive debates are the best way forward!
@Rochelle: You mean all the pro abortion parties? If it was inclusive Justin Barrett would be on to give a nationalist perspective.
Not if Sinn Fein are present. The only debate that matters is FF and FG.
@Phillip O’Brien: You might want to change the phillipobrien.com link on that twitter page of yours… People might not like that Adult Video Catalogue of yours. You are also a Homeless Service Day Shift Coordinator, surely you have seen the issues whihc have been caused by FFG and FF?
Love Island is on for the first 25 minutes anyway. If im not too tired after that I might flick over.
Interested to see what sf say, considering the first canvaser for the party to my door was from Belfast and couldn’t tell me anything about their manifesto in the south (his words), so his buddy from the area came and told me to look up sf manifesto online!! As I didn’t ask the populist question on homelessness!
In fairness I’d watch almost anything with Claire Byrne
@Simon Doyle: ok Simon. Calm down.
In fairness I’d watch almost anything with Claire Byrne -even politicians :)
In fairness I’d watch almost anything with Claire Byrne
Mad how so many people won’t watch it
Nope already decided it’s time for change, SF and PBP
Yes but if they start shouting over each other I’m out of it
Or if Sinn Fein are present. The only debate that matters is FF and FG.
All lies, why bother.
FFG out.
I’m washing my hair unfortunately……..
Ben Gilroy needs to be running Ireland not these embecils that have been screwing the country for 30 years
In fairness I’d watch almost anything with Claire Byrne
We know their past, their record in Government so what’s the point listening to waffle and empty promises?
Of you Vote FF/FG/Green/Lab you know the rich will get even richer but everyone else will get poorer, if you disagree with this then look at CSO statistics, they don’t lie.
Sick of the electorate voting for people that actually damage them, tribal politics is alive and kicking in Ireland and it’s moronic
9.35 ffs, why so late
In fairness I’d watch almost anything with Claire Byrne
I will only watch cause clare is presenting very easy on the eye
On a different note ,Why do we have to stick to this stupid voting system and go the first past the post as in Britain…Their election was one day and results by the following morning and that was for 60 million people…We’ll be still counting votes a week after the election and in all fairness if it takes 10 counts for someone to get in then they weren’t really wanted in in the first place.Its a typical Irish non decision making approach…ah sure we’ll get you in somehow!
have your say