Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Here's the official ECB position:
The Frankfurt-based institution wants social welfare entitlements reviewed and is also calling for greater efforts to facilitate pay cuts in private employment contracts.

Interviewed by The Irish Times,  ECB executive board member Jürgen Stark said the Government should capitalise on improving market sentiment towards Ireland by "frontloading" cuts outlined in the EU- IMF bailout plan.

The government here is trying to persuade the ECB that it's a dumb idea for us to pay off billions of unsecured Anglo Irish Bank bonds that aren't covered by the guarantee:

He is dismissive of a renewed Government push to avoid repaying about €3.8 billion of the senior debt in Anglo Irish Bank and Irish Nationwide Building Society. That's the total amount we're meant to be cutting from the budget next year.

The ECB remains opposed to such an initiative and Mr Stark says Ireland is "not autonomous to take this decision". The question is a "non-issue" for the bank.

Which of your alternatives do you think they're going to go for?

by Colman (colman at eurotrib.com) on Mon Sep 12th, 2011 at 05:44:32 AM EST

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