ECB's determination to crush Ireland over Anglo Irish shows its own shakiness!

The ECB is a structure of no substance, all it does is shield the activities of the German State, the sole EU entity with the funds and will to make any difference in the EU it has shaped.

A report in the Irish Times this morning, detailing the extra austerity expected of the Irish, to make good on the former Irish Government's suicidal pledge for its taxpayers to honour the debts of Anglo Irish and other similar rogue organisations owing money to German banks.

The new government was obligated to honour this pledge before gaining power, only when it refuses so to do, will Ireland see any light at the end of its nightmare of generations of indebted citizens still to be born. At least some of the prospective parents, now of an age to vote, will have their say before being forced to emigrate, in order for their children to be born debt free, as has happened so often in the past.

Ireland, its referendum and €31Billion of promissory notes on Anglo Irish

The referendum on the EU Fiscal Traety is now expected in June for Ireland. Already the Troika is showing signes of weakening on the unsustainable debt burden placed on future generations of the Irish people in being expected to pay off the creditors of Anglo Irish bank, as may be read in this passage quoted from this morning's Irish Times:

The comments by the IMF, made by the fund’s team leader on Ireland, Craig Beaumont, were the strongest indication yet from a member of the troika that a restructuring of the bonds would happen.
He said easing the promissory note burden would make Ireland’s overall debt position more sustainable.
Mr Beaumont gave no indication of when a deal would be reached, but said the first repayment on the notes, due at the end of the month, was not a “hard deadline”. The promissory notes, with a face value of just under €31 billion, account for just under one-fifth of total gross public debt (€164 billion).
The IMF estimates that the running of large though shrinking budget deficits in the coming years will push public debt to €206 billion by 2015. A deal on the promissory notes could keep public debt significantly below that level.

Eamon, things are not all right in Dublin!

Last night I reminded older readers of a bit of Python, read here, unhappily this morning as long expected there is absolutely no chance of a Constitutional settlement for Ireland, let me explain: 1. The mainly Anglo Irish Bank debts just announced are presently estimated at 34 billion euros, read here. 2. The Irish Government previously provided an open ended guarantee to meet these debts to save the assets of mostly foreign debt holders. Presumably for reasons of EU solidarity (hahahahahahahahehehehehe!!!!!). 3. The Irish Constitution is over-ridden by the Lisbon Treaty, formerly the EU Reform Treaty and before that the EU Constitutional Treaty. Like every other EU member Ireland now has no constitution of its own. 4. The Lisbon Treaty has no rescue mechanism or emergency support programme for member states in such difficulties as it is a non-transfer union as defined under the Maastricht Treaty under the terms of the Growth and Stability pact that was blown out of the water by France and Germany in 2003. (One post of many on Ironies on this topic is linked here scroll to 12th September 2003). 5. Ireland has thus bankrupted itself to aid the larger banks of the bigger member states and can now do nothing to either pay the debts or like Iceland, restore its competitiveness through devaluation. A new Constitution for the Irish Nation outside the EU and withdrawal from the Euro seems its best hope, unless we see an extraordinary display of EU solidarity from Germany in the very near future which would finally seal the fate of the EU once and for all with the German electorate!