The Company of Wolves

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German finance minister Wolfgang Schaeuble and Michael Noonan

Wolfy and Wily.

Bad cop. Bad cop.

Mr [Michael] Noonan sided with Germany in warning the provision of day-to-day emergency ECB lending to Greece cannot continue indefinitely.

The Finance Minister was among the toughest contributors in talks on the EU’s response to the Greek crisis.

At a heated finance ministers’ meeting, Mr Noonan and his German counterpart, Wolfgang Schaeuble, argued that the ECB governing council could not keep meeting every day to approve emergency loans to Greece.

But ECB officials told the ministers not to interfere with monetary policies.

Noonan backs Germans in Greek cash standoff Thomas Molloy, Independent.ie)

(AP)

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28 thoughts on “The Company of Wolves

  1. Mikeyfex

    That’s what I look like with a certain guy who insists on sitting with me at lunch most days.

  2. ahjayzis

    It’s a whole different type of national humiliation, innit?

    Please don’t beat us, boss.

    Let us beat up the little guy for you boss.

    Fancy a blowie Boss?

  3. collynomial

    The ECB is independent and will remain so; harsh criticism of it by national governments is typically shrugged off. The very fact that the ECB didn’t stop the ELA when all the negotiators started throwing their toys out of the pram is indicative of its aim to be apolitical. The Minister can shout as loud as he wants, but he is only shouting into the wind.

    1. ahjayzis

      They’re hardly apolitical – all the testimony at the Banking Enquiry shows they strong-armed a sovereign government.

        1. ahjayzis

          Hang on, who told you either one person is entirely responsible or no one is at all? This isn’t a report into HSE failings, ‘systems failure’ isn’t a get out clause, a hell of a lot of people f*cked up.

      1. Domestos

        Not sure if apolitical here means unaffiliated to political parties, which the ECB is, or politically unbiased, which is harder to discern, but it’s definitely independent.

  4. Paolo

    The Greek Government borrowed money that it cannot repay.
    Now it wants more money in order to pay for its day-to-day running.
    Greece cannot get money from any source other than the ECB, EU and IMF.
    Greece wants this money but is unwilling to make changes to ensure that it doesn’t get into the same fix again.

    Why would anyone in their right mind lend them more money before they sort out their own problems (pensions, tax evasion, budget deficits)?

    If they default then they WILL see hyper inflation, banks failing, food shortages and more.

    1. LOL

      They can get money from Russia, China, Brazil, the Saudis.

      Their objections to the EU/IMF is that they are trying to change the Greek economy into one which favours international corporations over indigenous Greek owned businesses. That’s exactly what happened in Ireland but our politicians rolled over on their backs like docile idiots.

      The IMF is a money lender and extortionist.

      1. Owen C

        “They can get money from Russia, China, Brazil, the Saudis.”

        And what exactly do Russia, China, Brazil and the Saudis get from this deal? Do u think they are offering loans as a result of solidarity or charity? How much do u think they would be willing to lend the Greeks vs what Greece needs? This is naivety bordering on idiocy.

      2. Paolo

        No they can’t, that is why they tried to delay their proposals for 48hrs with schoolboy excuses while simultaneously negotiating with Putin for emergency cash. Putin wouldn’t give them what they wanted (because Russia is broke and Greece doesn’t pay its debts) so now they turn in their real homework.

    2. ollie543210

      Paolo, budget deficits: Greece actually runs a budget surplus if the interest on their loans is removed, as does Ireland.
      Pensions: Greek pensions are no less generous than Irish pensions.
      Tax Evasion: Greek tax evasion is no worse than in any other European country.

      Finally and importantly, your blue shirt is ironed and ready to wear.

      1. Miko

        Fantastic. I have a massive budget surplus when you take my mortgage payment out of it. It’s no wonder we got into the situation we did when people like you can vote…

  5. phil

    Next time we get into trouble this period is going to come back and bite us , I reckon that should be in abour 4 yrs time , the boom bust cycle is getting shorter …

  6. chris

    Right or wrong, you can understand Noonan’s position.

    We were the good boys, we took our punishment, and all of the promises of different breaks never cam through. So now, Noonan doersn’t want to see Greece get a break, because that would show up our great leaders’ policy of obedience

    1. Miko

      But but but …. Our unemployment is way down and we have fastest growing economy in the EU. Perhaps we were right and the idea of a la la land where you welch on your debts with no consequence leads to… well Greece!

  7. Anne

    Brown nosing weasel.. You’d think a teacher from the Comp in Limerick wouldn’t be telling European countries how to run their affairs.

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