Ireland’s Economic Crisis Becomes A Political Crisis

Irish Taoiseach Biffo Cowen is getting close to the edge.  At a radio interview this morning, it is alleged he sounded hungover and disinterested, as he declared that Ireland will have to undergo further cuts of 3 billion Euros.  The crisis, although he denies it, is starting to overwhelm him and his europhile buddies, as the anger felt by ordinary Irish people wells up and focuses in on them.

http://www.irishtimes.com/newspaper/breaking/2010/0914/breaking16.html

EXTRACT –


Mr Cowen was interviewed by RTÉ’s Morning Ireland  at 8.50am in the Ardilaun Hotel.





Fine Gael’s transport spokesman Simon Coveney claimed in a post on Twitter this morning that the Taoiseach sounded “between drunk and hungover”.
“God, what an uninspiring interview by Taoiseach this morning. He sounded half way between drunk and hungover and totally disinterested,” the post said.
Speaking on RTÉ’s Pat Kenny Show , Fine Gael finance spokesman Michael Noonan claimed the interview raised concerns over the Taoiseach’s leadership of the country. He said Mr Cowen’s performance did not inspire confidence.
“I was listening to the interview. He certainly was a man who was coming at the interview after a very late night,” he said.

“He was uninspiring. He certainly didn’t sound like man who was going to lead the country out of the problems it’s now in,” Mr Noonan said. “There was a feeling this morning – and it went across political lines, and it wasn’t political point-scoring – that this can’t continue, the game is up.”


It must be tough being the leader of a country which has become insolvent.  Cowen is trying to rescue the situation, and the ECB is buying Irish bonds to help bail him out, but the cost of borrowing is rising every month.  Which will break first?  The Taoiseach or the economy?  Both together, more like.


The FT writes –


The FT reports that evidence is growing that “addiction” by banks in eurozone countries such as Portugal, Ireland and Greece to European Central Bank liquidity support remains high, and may even have increased. The ECB bought €237 million of government bonds last week – the biggest amount since the middle of August – in a sign of continuing problems in the eurozone.


How soon before the cantagion spreads and the ECB is funding Spain and Italy, as if it wasn’t already on the QT.
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