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Another eyebrow-raiser from last night statements was that the bailout funding would be exclusively European. No IMF money would be involved and two EU countries which are not in the euro area - Britain and Sweden - might "possibly" chip in.
It's an article of faith here that the only red line for negotiations is the corp tax rate. Not subject to debate.
Now they demand collective bargaining agreements be scraped and huge numbers of public servants to be fired, leading to a "liberated" labor market of (even more) pauperized workers at all levels (because the skilled ones are already leaving the country). Is that within their mandate in Ireland?
I'm not sure how much of the labor market is left to "liberalize" in Ireland, neither what the teacher to pupil ratio is in public schools. But the ECB is bad news on both counts
The road of excess leads to the palace of wisdom - William Blake
Let me just point out that the IMF was the good cop in Greece's case. The ECB was the bad cop
Jean-Claude Trichet is an incompetent fuckwit ideologue.
Friends come and go. Enemies accumulate.
Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
What is the institutional framework here? Who can impeach, fire, and appoint?
Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
But the whole point of having a constitutional crisis is to re-write the institutional relationships...
I'd suggest going after Weber. As satisfying as putting Trichet's head on a pike would be, he has only a year left as chairman of the Politburo ECB. So Weber and Stark are the clear and present dangers. And when the Council tells us to fuck off and die, we have a perfectly fine argument for when Weber and Stark blow up the -zone political economy again a few years down the road: "We told the Council that this was insane, but they went and did it anyway. Clearly it is time to make the Council more receptive to democratic input and less to shady back-room deals."
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