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Kenny says ‘we’ll pay our dues’ a year after Varadkar said ‘not another cent’

Leo Varadkar during the press conference in which he made his now infamous comments about Ireland's banks.
Leo Varadkar during the press conference in which he made his now infamous comments about Ireland's banks.
Image: Sasko Lazarov/Photocall Ireland

EXACTLY A YEAR on from Leo Varadkar’s now infamous “not another cent” comments during the general election, Taoiseach Enda Kenny has restated that Ireland will not impose losses on bondholders.

Kenny has told Bloomberg television that Ireland will not seek any write-down on its debt and will not impose losses on bondholders.

“We’ll pay our dues in full and on time,” he told ‘In Business with Margaret Brennan’ in an interview recorded yesterday. He also said that Ireland still intended to get better terms on the promissory notes or IOUs to the now-defunct Anglo Irish Bank.

His comments are in stark contrast to those of current Transport Minister and Fine Gael party colleague Leo Varadkar during the general election campaign exactly a year ago today.

The then spokesperson for communications famously told a press conference outlining the party’s plans to halt emigration of young people that “the banks aren’t getting another cent”.

“All I can say to the Irish people – some of whom may be watching tonight – is that if things go our way there will be a new government in six weeks time and the banks aren’t getting another cent,” he said at the time.

“Anglo Irish Bank is not getting another cent of our money and any bank coming to us looking for more money is going to have to show how they’re going to impose losses on their junior bondholders, on their senior bondholders and their other creditors before they come looking to us for anymore money. Not another cent.”

Watch:


YouTube: jcrow06

Since the formation of the coalition government, the finance minister Michael Noonan has announced further measures to recapitalise Ireland’s banks to the tune of €24 billion.

While, last month the government repaid a €1.25bn bond that was owed to senior, unsecured bondholders in Anglo Irish – now the Irish Bank Resolution Corporation (IBRC) – amid much criticism and calls for the government to default on the payment.

Fianna Fáil – who in government introduced the full bank guarantee – has claimed that the video of the infamous press conference has been removed from the Fine Gael website.

“Last month, as Minister Varadkar and his colleagues abandoned their promise and repaid the bonds in full, those who ignored him and bought the bonds cheaply made a killing, doubling their money,” Senator Darragh O’Brien said.

The government has said that it is seeking to reduce the amount it needs to pay IBRC in promissory notes that were made to Anglo by the previous administration.

Currently, the State will have to raise about €3 billion annually to pay down the notes for the next 15 years. The availability of different lending facilities could reduce the burden with the government hoping for some concessions from the European Central Bank.

InBusiness with Margaret Brennan can be seen on Bloomberg Television from 4pm today

Greece leaders reach deal on more austerity and cuts

ECB interest rates remain unchanged

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Comments (100 Comments)

  • Brian Ward 09/02/12 #
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    Should we be surprised?

    Reply
  • Michael Sullivan 09/02/12 #
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    Politician lying to get into power shocker!

    It’s been more of the same since FG\Labour took over, absolutely no difference between them and FF.

    Reply
  • Jason Finnerty 09/02/12 #
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    In my opinion as the above video demonstrates, this current government lied to get elected. As such they have no democratic mandate to bee in power. You cannot promise one thing to get elected and then do a complete about turn and insist you were given a 5 year mandate to govern as they are not trying to do with the new treaty. Treason is, the word I use here and not lightly either.

    Reply
    • Report this comment

      Yes, correct Jason, I’m so glad I’m not they only one to say that. This is why democracy is dead in Ireland.

    • Donal McCarthy 09/02/12 #
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      You can twist things all you want but Leo’s solo run was not an election promise as the not another cent line had changed to ‘with the agreement of our partners’ by election day.

      The fact that this article doesn’t acknowledge that is poor form.

    • Neil Kettles 09/02/12 #
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      High treason Jason! Not sure about the law in Ireland, but to the best of my knowledge, High Treason’s still a hanging offence in the UK. The list of volunteers to put the noose around Leo’s neck would be longer than the dole queue!!

    • Report this comment

      Nobody is twisting anything only you.
      We were all told, not a penny, it was a lie. Get real!!

    • Donal McCarthy 09/02/12 #
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      Jason said that the video shows the current Government lied to get elected.

      If that was the last statement before everyone voted, then this would be true, but it wasn’t.

      What they actually said was that they would burn bondholders if they could get the agreement of their partners, i.e. the Troika.

      There is plenty of things to attack the Government for without actually doing it for stuff that is not true.

      None of the main parties promised to unilaterally burn senior bondholders. The truth is clearly unpopular.

    • Report this comment

      No the truth is not unpopular, the truth is very popular, and the truth is that they lied.

      What they said they had no intention of doing, and used the Troika as an excuse, the same as Cameron has used Clegg.

      And if there was a statement before the election that said different, it was done in a away that no one knew about, and so believed in the original statement, which yet again shows they were lying.

      So no, you are not right.

      If made an agreement with you, then under my breath changed, so you couldn’t hear, I’m sure you would be anger when you found you were bing ripped off, so how can you back the goverment on this.

      Their main policies were LIES.

      They LIED to get in power.

      Simple!!

    • Jason Finnerty 09/02/12 #
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      @Donal – although you are seemingly a very avid but blind FG supporter you don’t seem to have the full facts of what your own party said prior to the election – please note the following quote

      “For instance, on page 16 of the manifesto Fine Gael states: “Fine Gael in government will force certain classes of bondholders to share the cost of recapitalising troubled financial institutions. This will be done unilaterally for the most of the junior bondholders . . . but could be extended – as part of a European-wide framework – for senior debt, focusing on insolvent institutions like Anglo Irish and Irish Nationwide that have no systemic importance.””

      Now after reading that quote and taking into account EK’s recent comments at Davos and to Bloomberg – do you still want to insist the government hasn’t lied?

      After all the above election manifestio clearly states that the bondholders should be made share the losses for the debts of Anglo and Irish Nationwide for instance – yet a year later – Kenny and Co – say – it’s the Irish peoples debts and they will pay every last cent – now if that’s not a 360 degree exorcist type head spin – i.e. bare faced lie – I don’t know what is and people who defend these shower and put party loyalty over country ala Hitler. Goebbels and Co, should be ashamed of themselves – country first – party a long way behind!

    • Report this comment

      Poor Donal and his revisionism

    • Donal McCarthy 09/02/12 #
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      Jason, firstly, I am not a FG member or voter, I just like accuracy. It really annoys me to see lots of people agreeing on something that is basically wrong.

      The text you quoted supports exactly what I was saying (i.e. that election manifestos said that we wouldn’t burn senior bond holders unless we had the agreement of our partners).

      “. but could be extended – as part of a European-wide framework”

      ‘could’ is not a promise.

      ‘European-wide framework’ = with the agreement of our partners.

      I presume you are aware that junior bondholders have taken a hammering?

    • Jason Finnerty 09/02/12 #
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      @Donal – Junior bondholder burning was instigate by Brian Lenihan and just continued by this current government.

      The FG Manifesto does not say “with the agreement of our partners” as you have said but rather says in a European wide framework – so lets look at that framework – Denmark – part of the EU – burning Senior Bondholders – Greece – part of the EU & Eurozone burning senior bondholders – Ireland – Government not negotiating at all and now saying its the Irish peoples fault and that we will pay every one of our debts!

      The word partners is not in the manifesto nor was it in Labour’s – simple fact is our government is all talk and no liathroidi and is not using it’s strongest negotiating position.

      The very fact that the so called “partners” or arm twisters as I like to call them – don’t wish Ireland to default shows that they are chronically scared of such an incidence occurirng – rather than using that to our advantage – our so called government – bends over and does nothing but play along – yet the Greeks – who have mismanaged their economy in every way – get a 50% writedown and the ECB are now going to write down some of their debt too – why – cause they play brinkmanship – and I tell you what they may have ruined their economy but they know how to play hardball in negotiations – not like our shower!

    • Donal McCarthy 09/02/12 #
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      Jason, you claimed the Government lied about burning senior bondholders to get elected. The manifesto quotation you provided proves that is untrue. It says ‘could’.

      So, you’re a FF? Figures.

    • Jason Finnerty 09/02/12 #
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      @ Donal – I actually dare you to find the place in my comments where I said the government lied about burning senior bondholders – I said they lied pure and simple – which they did – several examples – burning bondholders all types – unilaterally if necessary – in an European wide framework and not with partners agreement as you claimed – that was a lie – and I have demonstrated where the European framework exists in my previous comment so yes they have lied – other examples – renegotiate the deal – haven’t done it – no rise in 3rd level fees – well they didn’t live up to that either – not close roscommon health facilities – guess what they lied about that too – can’t be bothered or haven’t got the time to list all of their lies – your argument is not legitimate and unfortunately shows you put party before country – shame on you!

    • Donal McCarthy 09/02/12 #
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      Jason, party before country is a FF disease that fortunately no other party, possibly other than SF, suffers from.

    • Jason Finnerty 09/02/12 #
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      The problem with this country and our form of government is very simple – we elect people who are not able to do the jobs they are appointed to in ministeries – example Vardkar, Kenny etc., – so what do these guys do then? – they hire advisers who are usually mates of theirs of their party – they may not be the most qualified but as long as they have the right connections they get the job.
      So in effect we pay 2 people, both of whom may not necessarily be able to do the job – I mean how messed up is that.
      The only way to fix this is to have a combination of elections via poll and a list system – a list system employed y other countries allows people of note who are not politicians to be appointed to a certain area of expertise – an example of this would be say selecting Michael O’ Leary – who although not a politician running for election – could be nominated to say run the department of public expenditure – therefore we would pay one highly comptetent person with a particular area of expertise to do a certain job – no need for advisors – not mafia famiy with generational legacies in politics but actually people with the skills necessary to do the job.
      The benefits – we pay only one person – remove cronyism and get an effective individual doing a job they are well capable off.
      Of course the issue with this is that the politicians will never go for it – after all as they say – “Turkeys don’t vote for Christmas”

    • Report this comment

      @ Donal

      - your words “…party before country is a FF disease that fortunately no other party, possibly other than SF, suffers from.”

      Donal, please tell us your not that blind!

    • Seamus McDermott 10/02/12 #
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      We know who the “bond holders” are now, don’t we?
      And we know who is working for the “bond holders” now, don’t we?
      And if he’s working for them, why are WE paying him?

      What’s next? Fire brigade paying arsonists to drum up business?

    • Donal McCarthy 10/02/12 #
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      Unitedpeople Ireland, sorry, should have included an ‘ideology before country’ section for your lot as well.

      Jason, while you didn’t actually specifically say the Government lied about burning senior bondholders, you did actually say the video proved they lied to get elected, a video that everyone uses to beat the Government up for n not burning senior bondholders.

      The text you quoted clearly shows that they did not promise to do any such thing.

      The only political traitors are those who agreed to Guarantee Anglo.

  • Daithí Byrne 09/02/12 #
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    At what stage will people decide that they’ve had enough?

    Reply
    • Aydo 09/02/12 #
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      Ive had enough. Change is needed, sooner rather than later.

    • Bernadette Dunne 09/02/12 #
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      Well my ENOUGH came last June when Kenny announced the closure of our A+E Dept in Roscommon and. Sentenced us to long journey,s Android then the closure of our coronary care unit Android told blatant lies to justify the closure this government are LIARS AND TRAITORS and. WE NEED THEM OUT

  • D Burns 09/02/12 #
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    “Kenny has told Bloomberg television that Ireland will not seek any write-down on its debt and will not impose losses on bondholders.”

    So, in effect, he said “I can’t negotiate, so if you invest in our country and lose, you have absolutely nothing to worry about”

    Reply
  • pagan 09/02/12 #
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    No we will bleed the Irish people dry to pay for your gambling on Anglo and any other banks you took a bet on.I really thought FG and Labour would be different.I won’t be fooled next time into voting for these two partys.Come knocking on my door they better have body armer.

    Reply
  • Ciaro 09/02/12 #
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    I v

    Reply
  • Ciaro 09/02/12 #
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    Dear Leo and ruari, for your pre election lies you have lost the votes of 2 lifelong non Fianna fail voters.
    FOR EVER!

    Reply
  • Francis Stokes 09/02/12 #
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    This Government will tell you that there was a deal made by the last Government. They can if they wanted to undo the deal.They new before they were elected what the situation was so they should not make promises they could not keep. There is no difference between Finna Gale and finna Fail after all they are Parties of the Civil war.They are has beens. We need a government that can relate to modern Issues.Labour is stuck in the middle. They are not to happy with the Policies of their collation Partner but they will still stay the the course to be in Government.The two Parties now in Government are not compatible so it remains to be seen how long this Government will last.

    Reply
  • Daniel O'Sullivan 09/02/12 #
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    nothing ever changes same shite different day

    Reply
  • Stephen Maher 09/02/12 #
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    This headline should be quoting that brainless dope kenny as saying “you’ll pay THEIR dues”, as that’s surely what he means.
    It’d be interesting to see what sort of pressure was brought to bear on the spineless wonder before he collapsed.
    30 years and they’ll release the papers I suppose. Pity half of us’ll probably be dead of starvation by then, and the other half scattered to the 4 corners of the earth thanks to emigration.
    Cheers Inda!!
    Yer some boyo!

    Reply
  • James Ohare 09/02/12 #
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    Sure hes right…borrowing more money to pay off your debts makes great sense. NOT!!! Edjit….fact.

    Reply
  • Martin Brady 09/02/12 #
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    5 point lies.

    Reply
  • Peter 66 09/02/12 #
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    Dopey Leo, what a gobsh*te he looks.

    Reply
  • Kerry Blake 09/02/12 #
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    I’d say a lot of smart business men in that room will look at Ireland’s debts and compare it to Kenny’s claims of paying it all off and wonder how Kenny ever managed to get elected to office…….

    Reply
  • Padraic Burke 09/02/12 #
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    Just another example of how the Government is protecting big corporations at the expense of the taxpayer. Along with the banks the current Government is protecting the major companies in the cement and concrete industry (CRH, Readymix, Quinn) who are operating a cartel to the detriment of the Irish Economy. Its also worth noting that CRH and Readymix have historically always had cross directorships with the banks. No guesses whether this influenced the introduction of 100% mortgages for houses which main ingredients are cement and concrete!

    After the cement cartel was busted in Germany in 2003 prices decreased by 50%. Imagine how much public money has been wasted on over-priced cement and concrete throughout the years. All because these major companies (CRH being the ring leaders) have exerted their influence on Government and ensured that no investigation has ever been carried out. An absolute disgrace and the current Government is no different. Richard Bruton – former employee and current shareholder in CRH!

    Reply
  • Report this comment

    Both FF and FG have proven that they are not fit for purpose and unelectable. Both have lie and have not keep the election policies they promised, so to be elected.

    Like Jason said earlier, this means FG have lost their mandate to govern the country, they have no legal right to impose any further destruction upon us, and an election should be called,if we live in a true democrcy, which we do not.

    The people of Ireland, must now get this show on the road, and find without fail, a way to create a goverment, without and FF/FG involvement, and also look, at possibly making sure FF and FG and their crones, ever take power in Ireland again.

    We need Ireland for the people, not the Fat Cats and Thieves!!

    Reply
  • Leslie Alan Rock 09/02/12 #
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    Enda says he can’t change the deal. Part of his election promises was to change it and everyone told him he couldn’t.

    Reply
  • Paul O'Keeffe 09/02/12 #
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    What do people expect? This is what you get when you elect a bunch of neo-liberal anti-social right wingers. They will continue to go out of their way to bleed the country dry for the benefit of a few money men in London, Berlin, Paris and New York. This will only get worse until they are stopped dead in their tracks.

    Reply
  • Karl Doyle 09/02/12 #
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    I am really getting sick of these idiots now I’m 16 and I can see what they are doing is wrong I love politics but not with these involved anymore, they should leave office seriously this is what they are doing:
    30% tax break to foreign skilled workers, €170 million on household charge, €810 million on septic tanks(w/ repairs) probably over €1 Billion on septic tanks with all that are to be charged, joint highest VAT in Europe,€210 Million universal social charge, 14% unemployment, proposed charge for healthcare even for those on medical card, every promise broke, 659 school closures, an additional 500+ schools being left with less teachers, less for those poor people on social welfare who already don’t get a basic standard of living, 29% less than required in hospitals, one hospital with only 50% the amount of required midwifes, lives needlessly put at risk,€4.8 Billion per year to pay unsecured private debt,€2,250 minimum college fees per year, almost every tax raised, where does it end?

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  • Report this comment

    Varadkar was spokesperson for communication of all things at the time and he says one thing and the big boss says another.Ironic that.And still the Irish political circus goes on……..

    Reply
  • jimbo 09/02/12 #
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    Leo and kenny are compulsive liars

    Reply
  • Barry Lynch 09/02/12 #
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    When did Fianna Fail make the bank guarantee and when did they sign up to the IMF?

    Reply
  • Chris Mansfield 09/02/12 #
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    How much money has been paid to recapitalise the banks (as opposed to pay bond holders) since the current government took power?

    I know that there was the timebomb created by Brian Lenihan where he put off one payment to make sure the next minister got it, but apart from that what has been paid over?

    I ask out of genuine interest as I have no idea what the answer is.

    Reply
  • Eric Edert 09/02/12 #
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    Time is coming close when we will have to get up off our arses and take out the government and start over. We need honest to god people now to get us out of this economic misery which was created by FF, developers and bankers, and now FG/Lab are continuing to destroy our hearts and souls

    Reply
  • James Doyle 09/02/12 #
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    Surely Ireland needs a new party without fianna fail fianna gael at it’s helm,we have to change the way our governments are been run cos it’s clearly not working the last 20 years at least with the lies,cheating cronyism ways,

    Reply
  • Billygoatmuff 09/02/12 #
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    I have just enough cash to pays my own debts so unfortunately I cannot pay other people I don’t know/ likes debts. Now please run our country with our interests in mind…… Or rev up and FCUK off.

    Reply
  • Gerard Mooney 09/02/12 #
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    We should have stuck with the devil we knew.

    Reply
  • Ed Appleby 09/02/12 #
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    So they have finally morphed into Fianna FAILure! Henceforth Fine FAEL and their Liebour Party cohorts will carry on with the same policies as their predecessors, same shit different day, one set of gombeens replaced by another set of gombeens, this is not what people voted for, the current shower have lied their way into power on the back of peoples anger with the incompetent FF so now the alternative is either re-elect the incompetents corrupt fools who banjaxed the country or elect a bunch of Shinners with all the consequences that would entail. What a choice! Will the last one to leave please turn out the lights!

    Reply
  • David Higgins 09/02/12 #
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    The FF government already gave billions to Anglo, that’s the money that paid off the bond holders.

    Since this government has come to power no more money has gone into Anglo.

    Those are the facts.

    Should the government have told Anglo not to pay the money back, yes!

    Has another red cent gone into Anglo yet? No!

    Reply
    • Report this comment

      The bondholders are still being paid for bonds in a non exsistant bank, Anglo.

      Have they recieved money since FG came to power?

      Where did that money come from?

      Did the goverment therefore pay Anglo bondholder?

      YES

    • Jamie Walsh 09/02/12 #
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      I like the way you ask ‘Has another red cent gone into Anglo YET?’ You’re obviously a FG politician in training, David.

      You know full well that more tax-payer money will be paid into Anglo and that your party have committed this country to years, if not decades, of austerity. You can only blame FF for so long before you have to start looking at yourselves.

      I’m not politician-bashing here. I admire people involved in politics. Most are there for the right reasons and work very hard. It’s strange though that party members feel they cannot speak out if they believe something the Government has done is wrong. Does one undergo a spinal amputation when entering a political party? It seems so.

      Incidentally, what do you make of Leo Varadkar? Don’t feel bad about bashing him if you’re not a fan. After all, he made a public mockery of ex FG leader, Dr. Garrett Fitzgerald. Empty vessels tend to make the most noise, eh?

    • Andrew Logue 09/02/12 #
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      You’re talking utter shite a bond for 1.25 billion was redeemed on 25th of Jan. the govt could have refused to pay this as they now own Anglo …….oh wait a minute it’s now called IBRC so you are right after all no more money has gone into Anglo……what a great job the govt has done

    • Report this comment

      Ahhh, FG revisionism and by taking down their “not one more cent going into any bank” video from their website they think it will disappear, if they can’t see it they mustn’t have said it – what a pathetic bunch of clowns….actually clowns are funny, FG are just pathetic.

    • David Higgins 09/02/12 #
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      So did most of you actually think that the not another cent line meant that Anglo would default on everything it owed?

    • Jamie Walsh 09/02/12 #
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      Thanks David. Would you like to answer any of the questions? What you’re doing is a bit cowardly.

    • Andrew Logue 09/02/12 #
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      I’d say Varadkar didn’t know what he was saying to be honest….getting elected was the only thing on his mind at the time. I don’t think they had an actual plan other than get elected and then see… Total incompetents as can be seen in the way they have (mis)managed the cuts in the public service . They’re not even capable of carrying out the orders of our European overlords effectively

    • David Higgins 10/02/12 #
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      @Jamie

      Let me first say that I’m AGAINST the paying of these bonds so no I haven’t undergone any operation and it’s just one of the many issues that I disagree with the government on.

      But when you use the phrase “committed to austerity”, That makes no sense because austerity is a naturally occurring phenomenon. When our tax base collapses as it has, you’ve no choice but to raise taxes or cut spending.

    • Rommel Burke 10/02/12 #
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      Lol David,
      Earthquakes and tsunami are naturally occurring phenomena and are out of our control.
      Is that going be FG’s next excuse for not standing up for this countries people?
      There are choices with austerity, choices this Government doesn’t have the balls to impliment!

  • Dermot Murphy 09/02/12 #
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    Scumbags is too good a word for them in power

    Reply
    • Eileen Gabbett 09/02/12 #
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      WE should take the power back and empower ourselves . Don’t register ,don’t pay .
      Join the massive non payment ”campaign against the house hold and water tax” and show the government that
      we all have had enough of their lies . Stand up and be counted .

  • Karl O Flynn 09/02/12 #
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    When are you guys going to get up and cast this blue shirt, fascist neo-liberal shower of f…….s. out of “OUR” parliament. They are ruining this country and its people for generations. They are so unconnected with the reality on the ground. It’s unreal. When Irish people are eating grass at the side of the road they might stand up for themselves. Until then, more of the same I’m afraid.

    Reply
  • made 09/02/12 #
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    Now that we have video evidence of the lies that were told during the edition campaign surely something can be done about it, I don’t know what but surely something. How can they be left to run the country when they have lied to everyone.

    Reply
  • B7584 09/02/12 #
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    Liars!!!!

    FG/Lab OUT!!!!

    Reply
  • Lisa Saputo 09/02/12 #
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    I may be very cynical but I never believed that FG/Labour would do anything differently anyway. Who ever said you had to keep election promises?

    Reply
  • Karl O Flynn 09/02/12 #
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    Who do we put in is the question? The previous generations are so entrenched in civil war politics that they are afraid of real change. After so many years of being told what to do by church and state and believing the lies it is engrained in the Irish mind. The current generation is the only group who can transcend and move to real freedom and self determination. “The greatest tool in the hands of the oppressor is the mind of the oppressed” S.Biko.

    Reply
  • Oliver Brennan 09/02/12 #
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    Hi, my name is Leo Varadkar. I would like to clear up this little matter to avoid any further confusion among the electorate. I said not one more cent and despite outrageous claims to the contrary the government has actually lived true to that promise. We have only given the banks euros, not cents, billions and billions of euros. Thank you for your understanding.

    Reply
  • Nigel Kenny 09/02/12 #
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    They’re not “our dues” to pay though..

    Reply
  • Report this comment

    Hopefully we will have all learned a lesson for the next election and get what FG promised and have failed pathetically to deliver – change, complete political change where scum like FG, FF and labour will be confined to the shitpile of history where they belong.

    Reply
    • Dermot Murphy 09/02/12 #
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      Yes Dermot,but who is there to vote in.All the parties have shown they are all in power for money alone We have to find new blood,who actually care about Ireland and her people,because these fuckers dont give a shite for anyone,or anything,but their huge salarys,expenses,and pensions for life,all paid for by us mugs

    • Report this comment

      Ultimately it’s down to us but that needs us making a stand and rejecting the failed civil war allegiances inherited by too many people, we need to stand up and say that we want proper politics, we don’t want another semi retired schoolteacher from a political dynasty been put forward for us to waste votes on.
      The likes of Kenny and his apologists will argue otherwise, they are content to keep us mired in civil war bullshit, they don’t want change and that’s whats wrong and what has been wrong with this state since partition.

      Reducing politicians wages to the average industrial wage would weed out a lot of these inept, backward clowns from standing in elections.

  • Justin Tighe 09/02/12 #
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    Varadakar is a knob

    Reply
  • John Wooldridge 09/02/12 #
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    We got rid of one set of corrupt and useless assholes and replaced them with another carbon copy set. How did so many people fall for their lies and spin? In the next election just don’t fall for more spin and lies and vote FF or our present morons back into power.

    Reply
  • Ryan Murphy 09/02/12 #
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    Ya see, here’s the thing I don’t get about this whole bondholder malarkey.

    The original bondholders are gone. Yes, seriously. When Ireland’s yields went through the roof, and all Biffo could do was get pissed and sing songs, they saw the writing on the wall, and legged it. They sold up, for considerable losses. In layman’s terms, a hundred euro worth of bonds was sold for, say, seventy five. Or in many cases, much less. Effectively, the bondholders, many of them, burnt themselves. The big ones mainly. Which is how capitalism is meant to work when the gamble goes South. Cut your losses and all that.

    In stepped the sharks and speculators, who could afford to take the hit, buying these bonds (which were considered junk by the markets for quite a while).

    So, what I’m getting at is this; Enda’s conviction that we must pay our way is simplistically meritorious, but painfully wrong. His actions will gift someone a thousand euro (or million-who’s counting?), for something they paid maybe five hundred euro for. Assuming these individuals (or individual institutions, goverments or central banks) can show a paper trail to indicate what they paid for the bonds, he could justifiably assure himself that he is honouring Ireland’s debts by paying them what they paid in order to redeem said bonds.

    Now, why isn’t he doing that?

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  • Alan Dunne 09/02/12 #
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    Leo wanker

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  • Dermot Murphy 09/02/12 #
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    Greed reared its ugly head,and all the parties joined the gravy train,endlessly fuelled by us

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  • Stephen Pluck 09/02/12 #
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    It will be the cheapest bailout in history… Remember that one

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  • Jason Finnerty 09/02/12 #
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    The problem with this country and our form of government is very simple – we elect people who are not able to do the jobs they are appointed to in ministeries – example Vardkar, Kenny etc., – so what do these guys do then? – they hire advisers who are usually mates of theirs of their party – they may not be the most qualified but as long as they have the right connections they get the job.

    So in effect we pay 2 people, both of whom may not necessarily be able to do the job – I mean how messed up is that.

    The only way to fix this is to have a combination of elections via poll and a list system – a list system employed y other countries allows people of note who are not politicians to be appointed to a certain area of expertise – an example of this would be say selecting Michael O’ Leary – who although not a politician running for election – could be nominated to say run the department of public expenditure – therefore we would pay one highly comptetent person with a particular area of expertise to do a certain job – no need for advisors – not mafia famiy with generational legacies in politics but actually people with the skills necessary to do the job.

    The benefits – we pay only one person – remove cronyism and get an effective individual doing a job they are well capable off.

    Of course the issue with this is that the politicians will never go for it – after all as they say – “Turkeys don’t vote for Christmas”

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  • Philip Davis 09/02/12 #
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    Bye bye Leo

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  • Geoffrey Collins 09/02/12 #
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    only way to teach lying scum is wipe em all out in next election and vote in some more independents like steven donnelly, while Tipp keeps returning their local cowboy Lowrey it shows the electorate haven t changed.

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  • Karl O Flynn 09/02/12 #
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    Unfortunately there are not enough citizens in our country truly engaged with politics, economics etc. The majority only think of these things at election and budget time. This is one reason why the same idiots keep getting elected. People vote according to party name rather than platform. Not that, that means much after the last collection of promises and lies. In a non -banana republic an election manifesto usually has some merit. So what do we do? Offer an alternative!!! The time is right. Easier said than done. How many of us would be willing to dedicate time, effort and more time and effort and maybe money to build a viable alternative. “Not too many I’m afraid”

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  • atoast2toast 10/02/12 #
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    the euro is at a critical point in its history, it may not last another week – in the words of a respected commentator John Maudlin a few weeks ago:

    ‘I think “polite” Ireland is just waiting until its $60-billion default is seen as small potatoes, which will not be too long, as Italy must raise almost €350 billion just to roll over current debt’

    I doubt Ireland will end up paying all this money back and everything Enda says is stage managed by our Franco-German owners. The issue we now face is do we wish for Eurozone implosion to save Ireland , thereby ruining it …

    Bertie and McCreevy via Cowen/Lenihan have left us at a fork in the road and either road is fraught with peril, we cannot even choose which one to take.

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  • Paul A Byrne 10/02/12 #
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    Whats needed here is a non partisan government, the type ot leadership that is not affilateted with any party. Since the foundation of the state politics has been corrupt, successive generations of families have voted ff, fg, sf, l, etc. just because mammy and daddy have done. It’s rotten to the core, government has no respect for tax payers money, waste is still going on this day, just look around. E.G. €6 million in unvouched expenses for these fucking freeloaders. And as for ” the most vunerable in society” €23 billion in social welfare in the past 12 months? It’s a fucking joke, I understand that there are many people on the breadline, but this is not sustainable. Many of us work 5,6,or 7 days a week and still don’t bring home the money some people on the dole do. These are the people that keep the pubs in business week in, week out. And we keep on paying our draconion taxes.??????? First and foremost job creation is the priority here, why pay a government worker ridiculous wages while there are 1000′s of people bleeding the country dry, getting paid to sit on their arses.?
    There shouldn’t be a scrap of paper on the streets. It’s high time us hardworking taxpayers stand the fuck up for ourselves. Enough is enough. Maybe if we refused unilaterally to pay our taxes this excuse for government might wake up and realise the people are the power, we are in charge and warrant proper respect. They can’t put us all in jail…….

    Please read this comment carefully, because if you agree you should not be offended.

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  • Seamus McDermott 10/02/12 #
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    We’ll pay our dues–and we’ll pay their dues as well.

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  • Alan Quinn 10/02/12 #
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    Ok some of my comments deserve to be deleted! But not that. Worse things have been left up. Disgusted!!!

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