The One Percent

at

Gülpen.

Further to yesterday’s EU 750 billion coronavirus bailout….

[pro-Brexit] Euro Guido writes:

Ireland, with 1% of the EU’s population, is going to be the fifth biggest contributor to the EU bailout…

Seems fair.

For Leprechauns.

Yesterday: Make Out Like Bandits

Meanwhile…

There you go now.

30 thoughts on “The One Percent

  1. Charger Salmons

    *** Opens metric-sized bag of popcorn and permits oneself a small heh chuckle ***

  2. Mountain Talk

    Should we have our Tax-reRouting Scam Cake and eat it too. We owe everything to Europe. Some people think capitalism is our friend – our buddy. That these companies won’t jump ship as soon as….. Learning it’s 50 cent cheaper elsewhere, w/ no uppity union organising.

  3. Otis Blue

    Guido doesn’t appear to cite any source for the figures. The bailout figure – as distinct from the general EU budget- is comprised partly of debt to be mutualised across all member states.

    On a general point, its worth considering that contributions to the EU budget are made on the basis of GNI rather than GDP which moderates the distortion effect of multinationals transfer pricing.

    Maybe Michael Taft could parse the figures as they relate to Ireland?

    1. Joe Small

      That’s a level of detail that’s lost on most people here.

      What’s more important is why, even if you are a large net contributor like Germany, its a worthwhile investment. Much of Germany’s wealth is based on a successful single market. As a small open economy, we benefit disproportionately from this. Facebook, Google Apple, Pfizer, Intel etc. are all here in part because their Irish base gives them EU access. No tax incentives in the world could attract them to an Ireland not in the EU.

  4. Charger Salmons

    Well now Blighty is off the hook for 80 billion big ones I think it’s a wonderfully magnanimous gesture on Ireland’s part to pick up the slack.
    What’s that you say ? Tony Connelly never said anything about this on RTE ? Called the deal a triumph for Europe ?

    1. ReproBertie

      Tony Connelly and RTÉ have been reporting that Ireland would be a net contributor to this deal for weeks. Maybe cut back on the gin and pay more attention.

      https://www.rte.ie/news/2020/0721/1154538-eu-pandemic-summit/
      “Ireland is forecast to contribute €2.7bn towards the EU budget this year, according to figures from the Department of Finance. In 2019, Ireland’s contributions to the EU Budget amounted to approximately €2.4bn.”

      That’s an increase of €0.3bn but what’s this?

      “The Taoiseach welcomed a €5bn reserve fund to support countries worst affected by the impact of [Sasamach]”.

      So, which is bigger, €0.3bn or €5bn?

      “Blighty is off the hook for 80 billion big ones”
      It’s a pity that’ll cover less than half of the cost of Sasamach.
      “Research by Bloomberg Economics estimates that the economic cost of [Sasamach] has already hit £130 billion, with a further £70 billion set to be added by the end of this year. The British economy is now 3 per cent smaller than it could have been EU membership had been maintained.”

          1. Charger Salmons

            This from the poster who has air-brushed from history his prediction that Brexit would never happen.

          2. ReproBertie

            You’re right Giggidy, I didn’t. Spoofer throws it out all the time rather than face the truth.

          3. bisted

            …in fairness, I thought brexit would be fudged and never happen…delighted I was wrong…why do you think Boris is going through the motions of talks when a no-deal brexit is closest to what was voted for – twice…

          4. Charger Salmons

            It’s part of the agreed process.
            I don’t think either side ever expected anything other than a bare bones deal and even that looks unlikely.
            Having seen the unsavoury horse-trading in Brussels over the weekend and the EU becoming even more of a federalist state with massive amounts of borrowing being foisted on member states I would imagine the feeling in Blighty is one of relief that we’re out of it.
            Certainly Boris’ steadfast intention of sticking to what was voted for twice is doing him no harm in the polls.
            It’s wonderful to see democracy in action.

        1. Charger Salmons

          It’s the innocence of Repro thinking Ireland has done well out of this deal which is so charming.
          It’s exactly the Irish gullibiity that the EU have been able to count on for so long.
          They have our backs …
          Shoulders to the wheel lads.
          Time to dig deep once again.
          Heh x €3201

          1. ReproBertie

            You misunderstand. Ireland does well out of this deal because the deal helps our biggest market recover, strengthens the EU as a unit and, of course, sets aside €5bn for the Sasamach fall out. Failure to reach a deal could have been disastrous for the EU as an entity.

          2. Charger Salmons

            Help your biggest market to recover ?
            You might as well load up the Government bi-plane with €16billion in notes, fly over to Spain,Italy and Greece and drop them like confetti on a grateful populace.
            You’re shovelling more money into a bottomless pit you silly.

          3. bisted

            …as a border dweller I anticipate great benefits from brexit…but you don’t have to wait Charger…you will be aware that £sterling has taken a further nosedive this past few weeks…I was able to pop into Sainsburys in Newry, get 3 x litre bottles of Gordons, 6 x litre bottles of Schweppes Tonic, and get change out of €60…as you might say…aontach!

          4. ReproBertie

            Ah the insults. Another clear sign that you can’t handle the reality of the situation.

            This is how the EU works. A big budget for the Union where some states pay more than others so that all states benefit. Ireland has long been on the receiving side of that agreement but we’ve moved to the giving side thanks to our economy growing. That doesn’t mean we no longer get anything from EU membership.

  5. Pee Pee

    Arguing against 1% of the population will be the 5th biggest contributer to the EU bailout fund is silly. How wealthy is Ireland right now?

    1. Charger Salmons

      That depends if you add the outstanding debt from the banking crisis to the ongoing debt mounting up from Covid-19 to the payments into the EU budget and take away the tax shelter status when the EU come after Ireland again and I’d say not very.

  6. GiggidyGoo

    There’s an answer to that tweet which says it all though.

    “Micheal Martin went to Brussels and secured post-Covid-19 funding of €5bn for Ireland, and he agreed to repay them €16bn in return.” Noonan economics. The morphing is complete.

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