Very worrying stop press news re Anglo Irish

gozomark

it also helps build national unity
http://www.irishtimes.com/newspaper/frontpage/2009/0227/1224241894653.html

A POLITICAL consensus is developing between Government and Opposition about the need for a new budget to raise extra tax this year to deal with the crisis in the public finances

Last night, Government sources indicated that if there was a prospect of all-party agreement on the need for a budget, such a move would be given careful consideration.

Separately, German chancellor Angela Merkel indicated that Germany would consider assisting Ireland and other euro-zone members in financial difficulty, but only if they made clear the true state of their banks’ finances at Sunday’s EU summit. “We have shown solidarity and that will remain. We should use Sunday’s summit for member states affected to give an honest report of their situation,” she said.

JamesJames101

I think that in a couple of years we will look back and chuckle that we even considered 'Ireland going bust' a possibility. In my opinion we are nearing the bottom now - when everyone is shouting doom and gloom there is no more doom and gloom to come! That's not to say that things wont be difficult for the next few years - that's how the future sleek economies will be created for future growth - but the perception of how bad things are has nearly run its course.

joemardo1

JamesJames101 wrote: »

I think that in a couple of years we will look back and chuckle that we even considered 'Ireland going bust' a possibility. In my opinion we are nearing the bottom now - when everyone is shouting doom and gloom there is no more doom and gloom to come! That's not to say that things wont be difficult for the next few years - that's how the future sleek economies will be created for future growth - but the perception of how bad things are has nearly run its course.

Not too sure about that James as lots of people civil service, doctors and police in Ireland taking to the streets and threatening industrial action. I just feel as regards Ireland things will get a lot worse before they do get better.

On a lighter note I have just got a letter from anglo irish telling me that my bond is maturing and what would I like to do with money, reinvest or withdraw.

You may be able to guess what I am going to do. Any good suggestions on where I should put it?

thanks
Joe

Andrew64

There are people with money in Irish banks who are concerned that Ireland may go bust. But what about the other possibility - that Ireland may leave the Euro? Would that affect savers in Irish banks?

Breaking point for the eurozone?

http://www.telegraph.co.uk/news/4864532/Breaking-point-for-the-eurozone.html

Ireland's 'miracle' economy has turned terrifyingly sour - and as it strains against the inflexibility of the euro, its next crisis may shake the entire EU.

But the most startling fact to emerge this week is that the country which is seen as the most vulnerable, and therefore the most likely to ditch the euro, is not Slovenia, or Cyprus, or Greece, but Ireland.

gozomark

Ireland won't want to leave the Euro as it would be a disaster for Ireland

The other Euro countries won't want Ireland to leave as it might lead to the Euro zone breaking up

Manics_2

Consortium looking to buy Anglo Irish...middle eastern £$€...

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLR31070720090227

melbury

Manics wrote: »

Consortium looking to buy Anglo Irish...middle eastern £$€...

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLR31070720090227

Would that make my money safer?

bendipa

I would say no, it would not IMO. That could really spell disaster. I would not want ANG to be taken over by another bunch of rich, greedy bar stewards with the possible intent of lulling new investors/depositors into a sense of false security to part with their funds. Then milking the situation by paying themselves huge salaries out of those deposits. If anything goes wrong then savers could really be stuffed with no possible government bail-out either, as ANG will no longer be nationalised or even necessarily come under the jurisdiction of Ireland. Imagine that scenario if jurisdiction transferred to a middle eastern country. :eek::eek:

Only if the deal meant the bank came under US jurisdiction would I feel better Otherwise ANG is best left where it is, especially if Ireland is put under an EU budget to amend its finances, which looks very likely. The outlook is very uncertain, but better the devil I know. .

gozomark

bendipa wrote: »

Imagine that scenario if jurisdiction transferred to a middle eastern country. .

well, less chance of them going bust than Ireland or the UK.....

bendipa

Probably one of the best articles I've read on the current plight of the EU. It would appear that Ireland would be bailed out in the opinion of the writer, but that some of the Eastern European countries' problems pose a far greater threat to the EU stability..You need to register to read the article, but it's free.

Essential reading.