Thread: Ireland: "Germany Is Our New Master"

Ireland: "Germany Is Our New Master"

Submitted by Tyler Durden on 11/18/2011 13:44 -0500
Comments: 332 / Reads: 14,828

Not only is Germany at the epicenter of the Italian-Spanish-French save-us 'discussion', they have now managed to add Ireland to their 'Uber Alles'. Reuters is reporting the leak of confidential Irish budget information by German lawmakers and Irish parliamentarians are seething - viewing the leak as 'incredible' and 'unprecedented'. Given the new laws, Germany now has the right to be fully informed about bailout countries' progress before new tranches of funds are paid out. As the Irish Daily Mirror put it perfectly "Germany is our new master."



Reuters: Ireland cries foul after German budget leak http://uk.reuters.com/article/2011/11/1 ... B920111118

The Irish government has complained to European partners after confidential budget information shared with its EU-IMF lenders was leaked by German lawmakers, sparking a political storm at home.

The media and opposition reacted furiously at the fact that the details of the December budget were presented to German lawmakers before their Irish counterparts, heightening fears that its EU-IMF bailout has undermined Irish sovereignty.

"Germany is our new master," ran a banner front-page headline in the Irish Daily Mirror. Opposition leaders in parliament described the leaks as "incredible" and "unprecedented" and demanded the government explain.

New German laws give its parliament the right to be fully informed about bailout countries' progress before new trenches of funds are paid out and Ireland's main opposition party led cries Germany was now calling the shots in Europe.

Germany is pushing aggressively for EU treaty change to create tighter fiscal discipline across the bloc and a spokesman for its finance ministry said there was a clear procedure allowing parliament to see confidential documents belonging to countries in EU/IMF programmes.

The leader of Ireland's largest opposition party said voters were entitled to an explanation of why the information was given to European partners before Irish lawmakers.

"I think it will be damaging in the sense that it plays to a narrative that Germany is calling shots all over Europe," Fianna Fail leader Michael Martin told Reuters.

"It will damage sentiment towards Europe and that is a problem."

And someone still thinks that this uber dysfunctional Europe can become a federal union?

It is evidently clear that sovereignty is indeed blurring at the edges - cue Nigel Farage. http://www.zerohedge.com/news/watch-nig ... uros-grave


http://www.zerohedge.com/news/ireland-g ... new-master

Either the ECB Prints and Germany Walks… or the EU Sees a Domino Debt Collapse Followed by Systemic Failure

Submitted by Phoenix Capital Research on 11/19/2011 12:43 -0500

Bond European Central Bank Germany Greece Gross Domestic Product International Monetary Fund Italy Monetization Reuters Sovereign Debt

By now, even the mainstream media is realizing what I’ve been saying for well over a year: that the EU in its current form is finished.

I initially believed that we would see Greece kicked out of the EU. However, at this point it looks much more likely that it will be GERMANY who leaves.

The reason is quite simple really. Germany WILL NOT tolerate debt monetization. They’ve seen how that situation plays out (Weimar) and will not allow it again, END OF STORY. If the ECB opts to print money, Germany is out.

So… the only other option for the EU to last is the leveraged EFSF. However, as we’ve seen, that option is a dead end as well:

No new Euro zone money for debt crisis at G20

The Euro zone won verbal support but no new money at a G20 summit on Friday for its tortured efforts to overcome a sovereign debt crisis, while Italy was effectively placed under IMF supervision.

Leaders of the world's major economies, meeting on the French Riviera, told Europe to sort out its own problems and deferred until next year any move to provide more crisis-fighting resources to the International Monetary Fund.

"There are hardly any countries here which said they were ready to go along with the EFSF (Euro zone rescue fund)," German Chancellor Angela Merkel told a news conference.

http://www.reuters.com/article/2011/11/ ... E920111104

Remember, the EFSF failed to even stage a 3 billion Euro bond auction without buying some of the bonds itself. And with no one in the G20 wanting to fund the EFSF, the EFSF is in no way going to backstop Europe.

So there are now only two REAL outcomes:

1) The ECB prints (and Germany walks) resulting in the Euro losing at the minimum 30-40% of its value

2) Massive defaults and debt restructuring accompanied by systemic failure in Europe

These are the facts. I know that the mainstream financial media and other “expertsâ€