Who will we have to bail out next? Britain pays out as Ireland implodes

[WestVirginiaRebel]

UK Daily Mail:

Britain is in danger of being sucked into yet more multi-billion-pound EU rescue packages as the Irish bailout threatens to spiral out of control.

Under the terms of a deal signed by Alistair Darling after Labour lost the May election, the UK can be required to offer guarantees to other EU countries until 2013.

So if the chaos continues to spread through Europe, we could have to bankroll other ‘basket-case’ economies such as Portugal and even Spain.

As the money markets took fright after a day of high political drama:


■ Chancellor George Osborne faced dissent from his own back benches as he insisted loans and guarantees of up to £10billion to Ireland were simply helping a ‘friend in need’.

■ Banking shares crashed.

■ The euro sank as the bailout failed to ease fears about the debt contagion.

■ Demonstrators took to the streets of Dublin and Ireland’s coalition government appeared to be imploding.

Experts warned that the joint European and International Monetary Fund bailout package might have to be postponed, threatening the stability of the entire eurozone, after a snap general election was called in Ireland.

Prime minister Brian Cowen, who at one stage had appeared on the brink of quitting, was instead forced to announce a poll early next year after his Green Party coalition partners effectively pulled the plug on the government.

The Taoiseach now faces the nightmarish task of trying to push through the country’s most controversial austerity package for a generation as a ‘lame-duck’ leader.

In Dublin, police had to eject a number of protesters, some from Sinn Féin, who forced their way into government buildings.

In Westminster, Mr Osborne told MPs it was ‘overwhelmingly in Britain’s national interest’ to support a major trading partner with which it had an ‘interconnected’ banking system.

‘Ireland is a friend in need and we are here to help,’ the Chancellor declared.

He said the Irish deal should not set a precedent, but officials revealed that Britain could be forced to prop up other stuttering economies under the deal signed by Alistair Darling two days before the coalition was formed.
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This is what happens when everyone expects a handout...

[Pepper]

WestVirginiaRebel

 

Let them eat cheese: anger as Ireland plans handouts of cheddar to the poor

Irish government's offer of chunks from EU cheese mountain prompts outrage from opposition politicians and public

 

 

Brendan Smith, the agriculture minister, announced a European Union-funded scheme today that will enable the country to tuck into the EU's cheese mountain. 53 tonnes of fresh cheddar will be distributed from 15 November with collection centres in towns and cities around the country.

 

The minister said the scheme was "an important means of contributing towards the well-being of the most deprived citizens in the community".

 

 

This is not much different than Obama's $250 sop to social security recipients.