Menu
22/11/2010
Fianna 'Failed' The Irish People
After weeks of speculation, the Irish Government has formerly applied for an economic rescue package from Europe - despite repeated denials of a bail-out.
Taoiseach Brian Cowen and Finance Minister Brian Lenihan confirmed on Saturday night that Europe had agreed to the opening of formal negotiations to allow Ireland to seek financial assistance.
The move will involve 'tens of billions' of Euro being made available to Ireland to stabilise Irish banks.
However, many will see this a major failure, as speaking this morning, Brian Cowen (pictured) began to outline some of the effects the loan will have.
Firstly, Irish banks will become "significantly smaller" than they have been in the past, Mr Cowen revealed, claiming instead this will enable them to be gradually brought to "stand on their own two feet once more".
Secondly, Mr Cowen said a key element of the agreement will include plans to further reduce the budget deficit. The Taoiseach said the Government had to increase taxes and reduce spending to levels "we can afford". It's not yet clear whether this reduction will be in excess of the already planned austerity measures, and if so, then by how much.
"In order to help Ireland complete these essential tasks, and to safeguard the stability of the euro area, we will receive funding which we will repay over time."
Mr Cowen said he welcomed the "supportive statements" from Prime Minister Cameron, Chancellor Merkel, President Sarkozy and others and the leaders of the European institutions.
Despite Mr Cowen's positivity, there have been less than favourable reactions to the events. After a number of protests outside the Dáil and Merrion street last night, Labour accused the Government of leading the nation to the "brink of ruin".
"The time has now come for them to stand aside and let the Irish people take control of their own future," said the party's Spokesperson on Arts, Mary Upton.
Meanwhile, the Government Minister for Community, Equality and Gaeltacht Affairs was embarrassed on RTÉ show Primetime, after receiving a scathing censure from Labour's Pat Rabbitte.
Mr Rabbitte told the Government Minister that he "ought to be ashamed of yourself." "You ought to be ashamed to show your face in this studio after what you have brought our country to penury tonight and the damage that you have done to people's livelihoods and start the young people emmigrating again," Mr Rabbitte said.
(DW/GK)
Taoiseach Brian Cowen and Finance Minister Brian Lenihan confirmed on Saturday night that Europe had agreed to the opening of formal negotiations to allow Ireland to seek financial assistance.
The move will involve 'tens of billions' of Euro being made available to Ireland to stabilise Irish banks.
However, many will see this a major failure, as speaking this morning, Brian Cowen (pictured) began to outline some of the effects the loan will have.
Firstly, Irish banks will become "significantly smaller" than they have been in the past, Mr Cowen revealed, claiming instead this will enable them to be gradually brought to "stand on their own two feet once more".
Secondly, Mr Cowen said a key element of the agreement will include plans to further reduce the budget deficit. The Taoiseach said the Government had to increase taxes and reduce spending to levels "we can afford". It's not yet clear whether this reduction will be in excess of the already planned austerity measures, and if so, then by how much.
"In order to help Ireland complete these essential tasks, and to safeguard the stability of the euro area, we will receive funding which we will repay over time."
Mr Cowen said he welcomed the "supportive statements" from Prime Minister Cameron, Chancellor Merkel, President Sarkozy and others and the leaders of the European institutions.
Despite Mr Cowen's positivity, there have been less than favourable reactions to the events. After a number of protests outside the Dáil and Merrion street last night, Labour accused the Government of leading the nation to the "brink of ruin".
"The time has now come for them to stand aside and let the Irish people take control of their own future," said the party's Spokesperson on Arts, Mary Upton.
Meanwhile, the Government Minister for Community, Equality and Gaeltacht Affairs was embarrassed on RTÉ show Primetime, after receiving a scathing censure from Labour's Pat Rabbitte.
Mr Rabbitte told the Government Minister that he "ought to be ashamed of yourself." "You ought to be ashamed to show your face in this studio after what you have brought our country to penury tonight and the damage that you have done to people's livelihoods and start the young people emmigrating again," Mr Rabbitte said.
(DW/GK)
Related Northern Ireland News Stories
Click here for the latest headlines.
20 November 2024
DAERA Minister Confirms Commitment to Deposit Return Scheme
DAERA Minister Andrew Muir has reaffirmed his commitment to introducing a Deposit Return Scheme (DRS) in Northern Ireland. The DRS is designed to encourage recycling by offering a monetary incentive for returning single-use drinks containers. The scheme will cover PET plastic, steel, and aluminium containers ranging from 150ml to 3 litres.
DAERA Minister Confirms Commitment to Deposit Return Scheme
DAERA Minister Andrew Muir has reaffirmed his commitment to introducing a Deposit Return Scheme (DRS) in Northern Ireland. The DRS is designed to encourage recycling by offering a monetary incentive for returning single-use drinks containers. The scheme will cover PET plastic, steel, and aluminium containers ranging from 150ml to 3 litres.
19 November 2024
Justice Minister Announces Additional Funding For Department
Justice Minister Naomi Long has welcomed the allocation of an additional £39.3 million to the Department of Justice following the October Monitoring Round. This funding will be used to address various pressures within the justice system, including those arising from the civil disorder during the summer.
Justice Minister Announces Additional Funding For Department
Justice Minister Naomi Long has welcomed the allocation of an additional £39.3 million to the Department of Justice following the October Monitoring Round. This funding will be used to address various pressures within the justice system, including those arising from the civil disorder during the summer.
19 November 2024
Minister Announces Funding For Winter Road Maintenance
Infrastructure Minister John O'Dowd has announced additional funding to improve road safety during the winter months and address waste-water infrastructure challenges.
Minister Announces Funding For Winter Road Maintenance
Infrastructure Minister John O'Dowd has announced additional funding to improve road safety during the winter months and address waste-water infrastructure challenges.
18 November 2024
Minister Lyons Highlights Northern Ireland's Engineering Heritage
Communities Minister Gordon Lyons has praised the engineering heritage of Northern Ireland during a recent visit to the Ulster Folk and Transport Museum. A particular highlight of the visit was the Ferguson Black Tractor, a groundbreaking piece of machinery that revolutionised agriculture worldwide.
Minister Lyons Highlights Northern Ireland's Engineering Heritage
Communities Minister Gordon Lyons has praised the engineering heritage of Northern Ireland during a recent visit to the Ulster Folk and Transport Museum. A particular highlight of the visit was the Ferguson Black Tractor, a groundbreaking piece of machinery that revolutionised agriculture worldwide.
18 November 2024
DAERA Minister Outlines Path To Net Zero For Northern Ireland
DAERA Minister, Andrew Muir, has outlined a roadmap for Northern Ireland to transition to a net-zero economy. Speaking at the 2024 Re[Act] Festival in Belfast, he emphasised the urgent need for ambitious climate action.
DAERA Minister Outlines Path To Net Zero For Northern Ireland
DAERA Minister, Andrew Muir, has outlined a roadmap for Northern Ireland to transition to a net-zero economy. Speaking at the 2024 Re[Act] Festival in Belfast, he emphasised the urgent need for ambitious climate action.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
