Irish defend corporate tax rate

Deputy Prime Minister Mary Coughlan said the 12.5% rate - much lower than the EU average - was "non-negotiable".

Her comments come as speculation grows that France and Germany want the Irish Republic to raise the tax in return for aid.
B92

The good old Germans and French want their pound of flesh in the shape of a rise in Ireland's corporation tax rates in exchange for loans. Bye bye Google, Dell ,Microsoft, Facebook et all as they now will relocate somewhere more conducive to their business.

The consequences of Ireland raising corporation tax will be to drive hundreds of call-centresand other business to India, unemployment will go up, tax take will go down, Ireland will default and Britain will need a bailout to plug the hole in their banking system because their banks hold billions of Irish debt.

Now the EU is saying to Ireland that the answer to their problems is more debt.
No matter how good a deal the EU might say it is, it is still something that Ireland cannot pay back and they will be knocking at the door with the begging bowl again.

I just hope the Irish people hit the streets and tell the I.M.F,the EU and the rest in the money market loony bins to pxxs off and tell the bankers they got their fingers burnt.Tough luck.

Nice piece Leonidas.

Columnist Matthew Lynn writing in Bloomberg give you right in your predictions:

"Nov. 16 (Bloomberg) -Who's next? First Greece went bust. Now Ireland is on the brink of a bailout from the European Union and the International Monetary Fund. When it happens, we'll hear plenty of soothing words about how contagion has been stopped, the euro area has been put on a firmer footing, and the single currency saved.

... Don't listen to a word of it. The euro has turned into a bankruptcy machine. Once the markets have finished with Ireland, they will simply move on to Portugal and Spain, and after that to Italy and France. There is a domino effect at work, and, with each rescue, the fault lines within the euro grow wider and wider. This process isn't going to stop until the euro is taken apart."

I dont expect a certain extremly booring and deeply fanatical romanian spam-robot to understand how things works out in Festung EUropa, but even the most naive sorosian day dreamer should, by now.

Don't listen to a word of it. The euro has turned into a bankruptcy machine. Once the markets have finished with Ireland, they will simply move on to Portugal and Spain, and after that to Italy and France. There is a domino effect at work, and, with each rescue, the fault lines within the euro grow wider and wider. This process isn't going to stop until the euro is taken apart."

I dont expect a certain extremly booring and deeply fanatical romanian spam-robot to understand how things works out in Festung EUropa, but even the most naive sorosian day dreamer should, by now.
(wtf, 19 November 2010 17:47)

I couldn't agree more with you wtf.Only last weekend Portugal's finance minister Fernando Teixeira dos Santos said his country was at risk of a possible contagion, as "we are not facing only a national or country problem - it is the problems of Greece, Portugal Ireland,and Spain".If this happens the contagion effect will shift to Italy which in effect will finish the monetary union off.

Obviously the problems facing each country are different in nature.Greece has huge problems on the fiscal side of the economy with a bloated state sector rampaged with corruption whereas the problems of Ireland and Portugal are mainly located on banking lending and real estate.Only one bank Allied Irish needs approximately £60 billion to stay afloat.

But the main problem facing all those countries is the single currency which was created by the Germans for the benefit of the German industry and also the absorbtion of the unification costs incurred by Germany.By tying all those EU countries into monetary union, it meant that those other countries could no longer compete economically with German exports.

The endgame of monetary union is an EU made up not of equal states but by chiefs and indians.The chiefs in this case will be the Franco-German axis and the indians the rest of the EU.

I think the sovereign debt default within the EU will accelerate in the near future.As the monetary union starts to crumble then so will the undemocratic empire called the 'European Union' with it.

Deputy Prime Minister Mary Coughlan said the 12.5% rate - much lower than the EU average - was "non-negotiable".

Her comments come as speculation grows that France and Germany want the Irish Republic to raise the tax in return for aid.
B92

The good old Germans and French want their pound of flesh in the shape of a rise in Ireland's corporation tax rates in exchange for loans. Bye bye Google, Dell ,Microsoft, Facebook et all as they now will relocate somewhere more conducive to their business.

The consequences of Ireland raising corporation tax will be to drive hundreds of call-centresand other business to India, unemployment will go up, tax take will go down, Ireland will default and Britain will need a bailout to plug the hole in their banking system because their banks hold billions of Irish debt.

Now the EU is saying to Ireland that the answer to their problems is more debt.
No matter how good a deal the EU might say it is, it is still something that Ireland cannot pay back and they will be knocking at the door with the begging bowl again.

I just hope the Irish people hit the streets and tell the I.M.F,the EU and the rest in the money market loony bins to pxxs off and tell the bankers they got their fingers burnt.Tough luck.

Nice piece Leonidas.

Columnist Matthew Lynn writing in Bloomberg give you right in your predictions:

"Nov. 16 (Bloomberg) -Who's next? First Greece went bust. Now Ireland is on the brink of a bailout from the European Union and the International Monetary Fund. When it happens, we'll hear plenty of soothing words about how contagion has been stopped, the euro area has been put on a firmer footing, and the single currency saved.

... Don't listen to a word of it. The euro has turned into a bankruptcy machine. Once the markets have finished with Ireland, they will simply move on to Portugal and Spain, and after that to Italy and France. There is a domino effect at work, and, with each rescue, the fault lines within the euro grow wider and wider. This process isn't going to stop until the euro is taken apart."

I dont expect a certain extremly booring and deeply fanatical romanian spam-robot to understand how things works out in Festung EUropa, but even the most naive sorosian day dreamer should, by now.

Don't listen to a word of it. The euro has turned into a bankruptcy machine. Once the markets have finished with Ireland, they will simply move on to Portugal and Spain, and after that to Italy and France. There is a domino effect at work, and, with each rescue, the fault lines within the euro grow wider and wider. This process isn't going to stop until the euro is taken apart."

I dont expect a certain extremly booring and deeply fanatical romanian spam-robot to understand how things works out in Festung EUropa, but even the most naive sorosian day dreamer should, by now.
(wtf, 19 November 2010 17:47)

I couldn't agree more with you wtf.Only last weekend Portugal's finance minister Fernando Teixeira dos Santos said his country was at risk of a possible contagion, as "we are not facing only a national or country problem - it is the problems of Greece, Portugal Ireland,and Spain".If this happens the contagion effect will shift to Italy which in effect will finish the monetary union off.

Obviously the problems facing each country are different in nature.Greece has huge problems on the fiscal side of the economy with a bloated state sector rampaged with corruption whereas the problems of Ireland and Portugal are mainly located on banking lending and real estate.Only one bank Allied Irish needs approximately £60 billion to stay afloat.

But the main problem facing all those countries is the single currency which was created by the Germans for the benefit of the German industry and also the absorbtion of the unification costs incurred by Germany.By tying all those EU countries into monetary union, it meant that those other countries could no longer compete economically with German exports.

The endgame of monetary union is an EU made up not of equal states but by chiefs and indians.The chiefs in this case will be the Franco-German axis and the indians the rest of the EU.

I think the sovereign debt default within the EU will accelerate in the near future.As the monetary union starts to crumble then so will the undemocratic empire called the 'European Union' with it.