Mr [John] Teeling, above [who sold Cooley Distillery for €70m] states that austerity has never worked in any country or during any time in history. He says the Government can not continue to take money out of the economy, continue to raise taxes and to cut benefits and still expect demand to grow. He says this way of thinking will only lead to great stress and strain and may eventually even result in civil unrest.

The businessman says the first thing the Government should do is restructure our too high debt levels. He says that we should defer paying the next €80 billion and not pay anything for the next six years – similar to what has happened in Greece. He says Ireland should adopt ”Noonan Bonds” like the ”Brady Bonds” in the 1980s in South America. We should pay nothing until we get back on our feet, he stresses.


Morning Ireland Business News (RTE)

(Cooley Distillery)

11 thoughts on “Strong Stuff

  1. orieldude

    Our government knows all this. Our problem is that our European ‘partners ‘don’t give a shit – they want their money.

    We should be dealing exclusively with the IMF

  2. rapmachine no diggidy no doubt

    The sooner we have someone in goverment who has the liathroidi to stand up to our EU masters the better. This will lead to civil unrest? the sooner the better.

    1. rapmachine no diggidy no doubt

      we were told noonan had the kahoonas before they got into power. he does not.

    2. cluster

      We make this argument and our European ‘partners’ ask us to explain why Irish doctors, civil servants, ministers, guards etc. earn significantly more than their European equivalents while at the same time the country runs a huge current account deficit.

      Until the government is politically able to deal with these issues (and yes social welfare and possibly even corporation tax) we will have a hard time playing the poor mouth in Europe.

  3. Darragh

    He’s John Teeling, not Jim. ‘Leaning to the Centre’, every Irish person has a vested interest in this issue.

  4. Robert Browne

    Teeling is talking absolute sense. However, our government are behaving like the landlords who collected tithes and rents for British landlords. Who better to squeeze the Irish than the Irish themselves? “We (the the plebs) will pay every bond,, no bondholder will be left behind, Ireland will pay its debts.” this is the constant syncopated response from Cowen and now Kenny Irelands finest. Meanwhile, the rules for Greece have been rewritten before our eyes. Remember Morgan Kelly’s account of the famous Troika negotiations “On one side was the European Central Bank, unabashedly representing Ireland’s creditors and insisting on full repayment of bank bonds. On the other was the IMF arguing that the Irish tax payer would be doing well to balance their government’s books, let alone repay the losses of private banks. And the Irish? On the side of the ECB, naturally.” Only, when the “betrayers” who include large numbers of trade unions are outed and brought to justice will this country have any chance of recovery.

  5. philjoe

    stop dreaming people, a small number of people are gonna get rich from all of this crack, alot of us will be poorer because of it. We will take it because thats what we always do. Pretty pathetic nation, but then aren’t most

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