Monthly Archives: May 2012

 

At the first council of ministers on Thursday afternoon, the government voted on its first measure, a 30% wage reduction for all ministers and the president, as promised by Hollande in his election campaign.

Instead of €21,194 (£17,045) a month before tax, the president and prime minister will each receive €14,836. Ministerial monthly salaries drop from €13,423 to €9,396.

As a symbolic gesture in times of austerity, it was a masterstroke. Better still, it sat in stark contrast to the actions of Hollande’s predecessor, Nicolas Sarkozy, whose first move upon taking office was to increase his salary by about 170%.

In another move in keeping with the tone of sobriety in office, ministers were told they would be expected to adhere to a strict code of conduct. The code rules out presents and private invitations, and encourages ministers to take the train whenever possible and, if travelling by car, to respect the highway code.

 

French Ministers Sign Up To Austerity Wages And Sober Code Of Conduct (Kim Willsher, Guardian)

 

Richard Bruton on The Last Word’s Europe Debate On Today Fm this evening hosted by Matt Cooper.

Matt Cooper: “Just imagine that the decision of the Irish people is ‘no’ – what
are you going to say to your counterparts in Europe?”

Richard Bruton: “I suppose I will have to say that we will need access to this fund
and Ireland will be looking to say can we vote again, because we will need access to this fund”

Cooper: “Are you suggesting that if there is a no vote, this government
will seek to rerun the referendum?”

Bruton: “No I’m saying that we will have a crisis on our hands and we will face a really difficult situation in funding ourselves, that is the reality.”

A government spokesman later said there would be no second vote.

Sure, what’s Greece got to do with us?

Irish two-year securities slipped for a 10th day after the European Central Bank said it will temporarily stop lending to some Greek banks, stoking concern the region’s financial crisis may deepen.

…The yield on Ireland’s two-year notes climbed 13 basis points to 6.82 percent.


Oh.

Bond Yields Decline To Record (Bloomberg)

Previously: The Pathetic Insularity Of Michael Noonan