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Irish Independent MP Lowry To Support 2011 Ireland Budget, Giving Budget Vote Majority Of Two In Dáil

Tyler Durden's picture


Update: Second Independent Irish lawmaker Healy-Rae to back budget, essentially guaranteeing budget passage.

Reuters reports that the Irish Independent MP Lowry says he will support the 2011 budget. Presumably this means that the Irish budget tomorrow should pass, which is likely good news for the euro as it means the eurozone has bought itself a few more months of breathing room. Or not. Who cares anymore. At this point just one more independent vote is needed to pass the Irish budget vote.

Here are the key excerpts from Lowry's statement, who has decided to effectively end his political career, endorsing a decision that is abhorred by well over half the Irish population (via Irish Times).

“The consequences of not passing a budget would be disastrous for
Ireland and its people. It takes experience, political maturity and
courage to make the hard decision and do what is right for our country,”

“Despite some adverse reaction in my constituency to this
decision I feel duty bound to put the country’s interests first.

to pass a budget would lead to further economic failure. If our
Government and political leaders renege on a vital condition of our
agreement with the EU-IMF we will suffer irreparable reputational
damage. Such an abdication of governance would attract ridicule and
scorn throughout Europe and the international financial markets”.

and here is how the vote is shaping up for tomorrow:

The Government currently has a majority of two in the Dáil, including Mr
Lowry and Mr Healy-Rae. If the two Independents abstain on the vote it
could be tied. If they vote against it the budget will face defeat
unless some Opposition TDs abstain or vote for it.


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Mon, 12/06/2010 - 12:49 | 782253 Ragnarok
Ragnarok's picture


Mon, 12/06/2010 - 13:22 | 782440 George the baby...
George the baby crusher's picture

There is no other word for it.

Mon, 12/06/2010 - 12:52 | 782266 aint no fortuna...
aint no fortunate son's picture

well, either breathing room or Lowry was bought

Mon, 12/06/2010 - 12:57 | 782294 Quintus
Quintus's picture

I expect he got a commitment from the Government to pass the changes to the law he was looking for to allow a new casino to be built in his constituency.



Mon, 12/06/2010 - 12:54 | 782275 scratch_and_sniff
scratch_and_sniff's picture

Hes only an independent...who cares, indeed.

Mon, 12/06/2010 - 12:55 | 782280 Id fight Gandhi
Id fight Gandhi's picture

WTF? Why the fuck are euro indexes at year highs when every other country needs a fucking bailout.

Mon, 12/06/2010 - 13:05 | 782342 Cdad
Cdad's picture

It is so because the criminal syndicate known has Wall Street is in bed with European criminal syndicate banks, and all of them have HFTs that can price stocks anywhere at anytime.


Mon, 12/06/2010 - 12:55 | 782283 claycalhoun
claycalhoun's picture

the irish go down without even a whimper, what a spineless lot.

Mon, 12/06/2010 - 13:03 | 782324 FreeMartinArmstrong
FreeMartinArmstrong's picture

the Irish only complain when they run out off potatoes ...

Mon, 12/06/2010 - 14:44 | 782792 Midwest Prepper
Midwest Prepper's picture

Unless of course they still have beer...

Mon, 12/06/2010 - 12:58 | 782298 Crisismode
Crisismode's picture

Sinn Fein and Labour are all over Ireland campaigning on how they will abrogate any budget that includes a bailout agreement. Fianna Fail and Fine Gael are going down big time in the upcoming election, and Ireland will end up with the most leftist government in Europe.

Let's see how nicely the ECB, IMF and the German, French, and British banks smoke that cigar.

Mon, 12/06/2010 - 13:36 | 782511 claycalhoun
claycalhoun's picture

they have a death wish!! 

they always have had.

Mon, 12/06/2010 - 13:07 | 782349 Salinger
Salinger's picture

Rosie coming up on Bloomberg tv during the noon hour


Mon, 12/06/2010 - 13:10 | 782365 johngaltfla
johngaltfla's picture

With this passing, I look for my Irish ancestors to partake in their two favorite cocktails:




Mon, 12/06/2010 - 14:27 | 782728 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

I believe they are our Irish cousins, not ancestors, cousin.

Mon, 12/06/2010 - 13:12 | 782380 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Hey Ireland you want to change the world?  Take your monie out of the banks?  Buy silver?  Block the IMF global takeover, I promise you will not regret it.  Also, if the fascist parliament passes the budget, do not let that stop you from protesting day after day after day for the rest of Ireland's existence, because if you do not, and the IMF/World Bank global banking syndicate takes over each country like they plan too, then you will wish you had.  Do not let Global Oilgarchs parlay your parliament out of existence.  Government is not good, but global government is far worse.

Mon, 12/06/2010 - 13:13 | 782391 john_connor
john_connor's picture

The real question is if their will be an election in January.  Does anyone have details on this?  Is an election a done deal, or can the European parliament simply say they won't allow an election?

Mon, 12/06/2010 - 14:56 | 782828 ViewfromUnderth...
ViewfromUndertheBridge's picture

The date is not set, simply announced that after passing the budget the country would go to the polls "early next year". Even though Oli Rehn said it would be inappropriate for Ireland to go to the polls before passing a budget the Europeans have no say.

Strange set of reasons for agreeing, I think he mis-read this one badly.

Mon, 12/06/2010 - 13:13 | 782393 vote_libertaria...
vote_libertarian_party's picture

Are the masses there even going to try and stop this? 


No mass protests tomorrow?


How weak.

Mon, 12/06/2010 - 13:29 | 782480 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

The longer this goes on, the more I come to believe in the ebb and flow of civilization.  It's only Zero Hedgers and Ron Paul supporter types who think there is a "fight" to be won to change the course of history.  


People are driven to these behaviors.  As a group, we have no choice about destroying our civilization. 


If you are cursed with self-awareness, you should spend your time preparing for the various forms of legal and monetary debasement that necessarily will follow these actions.

Mon, 12/06/2010 - 13:20 | 782429 Cdad
Cdad's picture

I don't doubt the political sellouts in Ireland.  However, if you look at the daily chart of the actually hear a bell tolling. 

Officially, it is all well beyond me because I cannot see how with the conflagration of MASSIVE problems in every single direction you look...I cannot see how the Euro will survive.

As for the Irish folk themselves, that remains to be seen, I guess.

Mon, 12/06/2010 - 13:30 | 782453 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

This was predicted by a number of people here (not me).  Those who thought the Irish would put up any kind of a fight should integrate this into their thought process for next time.


I don't want to come on here in a month and have to read about how the Spaniards are FOR SURE not going to take being told what to do by the likes of the IMF.


I always wondered if having "independant" politicians would solve anything.  Guess not.

Mon, 12/06/2010 - 13:24 | 782454 Ferg .
Ferg .'s picture

Make no mistake , regardless of whether this passes tomorrow ( which it almost certainly will ) once a new government takes office in January there will be an entirely new budget . All opposition parties have stated this . The question is to what degree will it affect the IMF/EU bailout . Fine Gael's proposed budget contains cuts roughly equal to those of Fianna Fail , but Labour's fall far short . I do agree with one of the persons above that there will be a marked increase in leftist TD's in the upcoming new Dail . I doubt however that they will gain enough seats to stop what I believe will be the most likely outcome : a Fine Gael/Labour coalition . Given that there would have to be a considerable degree of compromise over any budget put forward by such a coalition it is highly probable that the cuts in spending will not match those conatined in the current Fianna Fail arrangement and so the entire EU/IMF bailout package will inevitably have to be renegotiated . This will cause even more uncertainty in the euro-zone when the time comes . For the moment though the can has been kicked down the road for another month or two .

Mon, 12/06/2010 - 14:23 | 782707 beastie
beastie's picture

Happy to see someone comment with an informed opinion rather than the stereotypical potato, drinking and fighting commentary. Those comments have a negative value. They simply reinforce misinformed bullshit and sidetrack any debate or worthwhile opinion or FACTS.

You are correct Sir, those whores will pass the budget. There will be a general election mid Jan and there will be a major shakeup. IMO "The Real IRA" will start shooting if Sinn Fein can't influence via the ballot box. They (Real IRA) will be quiet until the election.

Mon, 12/06/2010 - 13:54 | 782590 Id fight Gandhi
Id fight Gandhi's picture

Cant they freeze the google and Microsoft tax loop hole money hostage and take the world by the balls?

Mon, 12/06/2010 - 14:21 | 782697 steve from virginia
steve from virginia's picture

The Irish gov are losers. They have the chance to get a much better deal from the EU by rejecting the budget.

No bail and the bondholders start to bleed out. A few weeks and haircuts look more and more appealing to them. Diminishing the bondholders' choke- hold on the euro diminishes, the chance of runaway deflation at the same time. Kicking that can is a prescription for disaster, frankly.

The incoming Irish government is not likely to be so accommodating. Let's hope, anyway.

After Eire comes Portugal or Belgium, then Spain or Italy. January will be fun ...

Mon, 12/06/2010 - 15:06 | 782867 Fearganainm
Fearganainm's picture

Anagram for Michael Lowry : I Calmly Whore - pretty much says everything about his political career...

Mon, 12/06/2010 - 15:52 | 783013 jmc8888
jmc8888's picture

So that's what they call political capture and bending to the will of the banksters in Ireland.  Political Maturity.

I sure hope you receive your King Dong up the ass for bending over so nicely and being so 'politically mature'.  I sure hope they forget the lube.


Mon, 12/06/2010 - 15:58 | 783033 M.B. Drapier
M.B. Drapier's picture

It will probably pass, but the possibility of some FF backbenchers trying to skip out can't be ruled out.

Mon, 12/06/2010 - 16:10 | 783078 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

The naievety/incompetence that led Lenihan to guarantee the Irish banks losses is now compounded by this fuckwit.

If this was any ordinary country,and I include Ireland fifty years ago in this,the Dail would be on fire and the treasonous scum that have led Ireland into this would be on the end of pitchforks.

As it is,like the population of the UK,they are waiting for the next leg of the property bubble to deliver them from the errors of their overextended malinvestments in property and for their respective central banks to deliver the imaginary wealth they believe is theirs.

God help us all.

Mon, 12/06/2010 - 16:49 | 783210 M.B. Drapier
M.B. Drapier's picture

Oh, by the way, you have all heard about the secret side letter relating to the banks that's a part of the EU/IMF deal? I don't want to be overdramatic about it, as it could be mostly inoffensive, but who knows?

Mon, 12/06/2010 - 19:14 | 783846 Browncoat79
Browncoat79's picture

I am withdrawing my savings out of my bank here in Ireland tomorrow, and have already placed an order for some (physical) gold. There are protests happening tomorrow evening outside the Dail (our Parliament). This Budget should not be allowed to pass without a fight. Default is our only viable option.

Wish like hell Wikileaks would release some useful info on Anglo Irish and Fianna Fail's involvement and the very likely deal with the IMF/ECB which promised no-one would ever find out about it all if they just agreed to the bailout on the ECB's terms....Now that would be a leak worth reading.....

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