NAMA group structure.jpg From Wikipedia: “The National Asset Management Agency (NAMA; Irish: Gníomhaireacht Náisiúnta um Bhainistíocht Sócmhainní) is a body created by the Government of Ireland in late 2009, in response to the Irish financial crisis and the deflation of the Irish property bubble. NAMA functions as a bad bank, acquiring property development loans from [...]
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Photo: (Wiki). Department of Foreign Affairs, Dublin. Author: Jnestorius. w:Iveagh House, 80-81 w:St Stephen’s Green [South], Dublin 2: Headquarters of the w:Irish Department of Foreign Affairs – http://en.wikipedia.org/wiki/File:Iveagh_House_morning.jpg Irish Times – European officials are examining a new revision of the EU treaties to create a “fiscal union” in which member states would transfer another [...]
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Written by Foras Teamhrach
“You could argue that the people who lent the money to them have a responsibility, and they do, but nobody forced Greece to borrow the money, nobody forced Ireland to borrow the money or banks or Irish households to borrow the money,” Bruton said. “One must first face up to one’s own responsibilities.” Former [...]
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Written by Foras Teamhrach
“The debt is becoming excessive. It is inevitable that it will be reduced, so the debt is not transmitted to future generations.” [The CFDT’s (French Democratic Labor Confederation – WSWS]. * The measures include: * A hike in sales tax from 5.5 to 7 % on a range of goods & services: water, food, [...]
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Written by Foras Teamhrach
Greece Ireland Portugal CADM Statement: “The agreement made at dawn on the 27th October 2011 brings no solution to the eurozone crisis, neither to the banking crisis, the sovereign debt crisis or the euro crisis. The decisions taken do not solve any of the problems in an acceptable way, they only postpone them. CADTM [...]
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Written by Foras Teamhrach
“Someone will have to pay,” … “If they are not willing to pay for the euro they will have to get out of the euro.” (Bloomberg Interview with the former head of the Central Bank of Argentina) According to Mario Blejer, the former President of the Central Bank of Argentina, who took charge after [...]
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Written by Foras Teamhrach
Irish Times News – “A new agency with legal powers to enforce debt restructuring agreements between banks and struggling home owners is being considered by the Government to deal with the rise in distressed mortgages. The Cabinet is awaiting a report from an expert group, which is due by the end of next month, [...]
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Written by Foras Teamhrach
Dean Baker – “The Wall Street crew that wants to cut your Social Security and Medicare benefits are sensing that victory is in sight. They have managed to knock jobs completely off the agenda and have made deficit reduction the near-exclusive focus of economic policy in Washington. They are now setting the stage to [...]
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Written by Foras Teamhrach
Guardian – The International Monetary Fund warned European leaders that their hesitant response to Greece’s debt crisis risked triggering the world’s second global financial meltdown in three years. As EU finance ministers scrambled to build a second bailout of Greece in the space of a year, but delayed throwing Athens a €12bn lifeline until [...]
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Written by Foras Teamhrach
Paul Krugman – “OK, I guess I don’t quite see how Argentina’s default, of all examples, can be viewed as a cautionary tale for Greece: Argentina suffered terribly from 1998 through 2001, as it tried to be orthodox and do the right thing. After it defaulted at the end of 2001, it went through [...]
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