This page has been archived and commenting is disabled.
Irish PM Cowen May Be Facing A Vote Of No Confidence
The simmering situation in Ireland may soon be coming to a boil once again. The Irish Times reports that "speculation is growing in Leinster House that a motion of no confidence
against Mr Cowen may be tabled by backbenchers at a crunch Fianna Fáil
parliamentary party meeting this afternoon. [His] position is looking increasingly under threat following further
revelations about his contacts with Anglo Irish Bank officials in the
lead-up to the controversial bank guarantee in September 2008." Not surprisingly, this is the same bank that we wrote about in October, spotting one Goldman Sachs among the list of bailoutees. And, as we described in painful detail over two months ago, it is very likely that one Peter Sutherland, Chairman of Goldman Sachs International, may have been instrumental in discussions with the Irish government which led to a taxpayer funded bailout of not only AIB, but the preservation of Goldman interests. We are confident that if related allegations are proven, being fired from his post will be the last of Mr. Cowen's concerns.
From the Irish Times:
Minister for Finance Brian Lenihan insisted there would not be a motion of no confidence against the Taoiseach this afternoon. “We are heading into a general election now. Deputies are anxious about the future, after the election, of the party,” he said.
Mr Lenihan admitted TDs and party members were concerned about the survival of the party after the Spring election. Twelve Fianna Fáil TDs have announced their retirement from politics in recent weeks.
“Brian Cowen is the elected leader of the Fianna Fail party. As one of his ministers naturally I have confidence in him,” Mr Lenihan said.
Fianna Fáil backbencher Mary O‘Rourke also dismissed the latest speculation, saying talk of a leadership heave was wide of the mark. “It‘s far too late. I hate saying it but we are where we are,” she told Newstalk radio.
“We are so near a general election that it would be futile I think to go changing anything.” Eighteen signatures of TDs and Senators are required to force a vote on the party leadership.
However, Green Party TD Paul Gogarty helped to further fan the flames with a tweet sent this morning which suggested a heave against the Taoiseach.
"Did I hear a rumour people are doing their own dirty work for once rather than expecting us to do it for them? Coulda (sic) picked a genuine issue," he said.
Fine Gael TD for Roscommon/South Leitrim Denis Naughten meanwhile tweeted that there was a strong rumour going around Leinster House that the Taoiseach would call a general election this evening.
Mr Cowen told the Dáil yesterday “a big slowdown in our economy” had been discussed at the meal, but the affairs of the bank did not arise.
A motion of no confidence in the Taoiseach has been tabled by the Sinn-Féin led Technical Group in the Dáil.
The group, which comprises of Sinn Féin's 5 TDs and independent TDs Maureen O'SUllivan and Finian McGrath, called on Fine Gael and the Labour Party to support the motion.
As for allegations of improper behavior with regard to AIB, we read the following:
In response to a question from Sinn Féin Dáil leader Caoimhghín Ó Caoláin, who happened to be at Druids Glen for a function on the same date, as the informal dinner Mr Cowen disclosed yesterday that after his game with Mr FitzPatrick and Fintan Drury, who had stood down as a director of Anglo a few months earlier, they were joined for dinner by three other people.
These were Gary McGann, the chief executive of Smurfit Kappa who was a director of Anglo at the time, Alan Gray, an economic consultant who was on the board of the Central Bank, and a third man who was the Taoiseach’s Garda driver.
Mr Cowen said the golf outing and lunch were organised by Mr Drury, an old friend of his.
“It was about being able to sit down with people at the end of the day and having a chat about the economy.
“The deputy will recall we had a mini-budget and saw recession on the horizon and a big slowdown in our economy,” he told Mr Ó Caoláin.
“As Taoiseach, I was there chatting to see if there were ideas and to find out other people’s views of things and to see if things could be done which might be helpful. As the deputy will know, those people would have some views on that. That was basically the total sum of it.”
Last night, Mr Gray, who is managing partner of Indecon economic consultants, issued a statement confirming he was invited to attend an informal dinner with the Taoiseach at Druids Glen on July 28th, 2008. “The purpose of the invitation was to provide independent ideas to stimulate economic growth and to reduce unemployment in Ireland.” He said those present were Mr Cowen, Mr FitzPatrick, Mr Drury, Mr McGann and the Taoiseach’s driver. It was the first time he had met Mr Fitzpatrick.
“At no time when Mr Gray was present at the dinner was there any discussion of banking issues or of Anglo Irish Bank or any related matters. The discussion focused exclusively on initiatives to encourage new small indigenous firms, and measures to attract additional investment to Ireland and other responses to unemployment,” the statement said.
As to what happens to the Irish bailout facility, which just happens to be pari with the country's Pension fund accruals, in the case of a government overthrow, it is really anyone's guess. However, we are confident new European feudal overlord Olli Rehn will not be too happy with the outcome.
»
- 3817 reads
- Printer-friendly version
- Send to friend
- advertisements -
Nothing will change until heads start to roll.
Yes. When exterminating roaches, you can't just look under one of the kitchen cupboards. You have to flush them out entirely or they keep coming back.
Nothing will change until pain is inflicted on bank executives. Real pain. It is as simple as that.
"How does the representative from Platinum vote?"
"Platinum votes no confidence."
Platinum broke $1800 with authority while the rest of the market treds water.
Platinum, bitchez!
For a rounded diet, try grains and cereals.
Cowen could use an enema.
About time. Sold out the people of the Emerald Isle to the banksters. Aren't they all?
Goldman, et al, are hedging and fiddling with entire countries these days wit abandon
Hope all the polys get the message. The volacano in Italy speaks
He sold his soul for a pint of Guinness.
I understand in the Irish-style guillotine that they use the sharp edges of broken Guiness bottles as opposed to a blade.
good! whos next?
I VOTE YES FOR STREET RIOTS!!
Tunis riots death tole : 66
Irish riots : yet to start
WHAT THE HELL IS WRONG WITH THOSE PEOPLE!!
Even riots and deaths don't change anything unless the right people die. Peasant deaths don't stop the flow of money from taxpayer treasuries to bank executive bonus pools.
no one... just kidding, people are far to, too stupid to begin to comprehend...
I am warming more and more the the idea that print and extend will be a great social experiment that worked! love it, hate it...
It's a good thing the Irish are known for even tempers.
They sing loudly.
Great to Party with!
In fact it was a Sinn Féin wedding: this is more or less the definition of 'small country'.
If Cowen steps down as leader of Fianna Fáil in the next few days but stays on as taoiseach (prime minister) then the situation is substantially unchanged: there will be an election in several weeks or months' time as already announced, the "bailout" deal is a /fait accompli/, and the incoming, non-Fianna Fáil government will be left to renegotiate, repudiate or buckle under to the agreement as it sees fit. Fine Gael (the largest opposition party) wants to haircut the non-guaranteed senior debt in the banks, but we'll see what actually happens.
FF could instead try to replace Cowen as taoiseach as well as party leader, but that probably won't happen. Among other things, the Greens and the independents propping up the government probably don't have the stomach to vote in a new Fianna Fáil taoiseach at this point.
So a third possibility is the dissolution of the Dáil and an immediate election. This is where things get more interesting, because the 2011 budget isn't actually free and clear yet. The budget itself has been voted through, but the associated Finance Bill has to be passed as well, and that isn't due to go before the Dáil until late January at the earliest. (They're still drawing it up.) So an incoming government could still reject the budget by voting down the Finance Bill. That's not to say that it would though.
Judging from what I'm hearing on RTE I'd say the third possibility is certianly plausible .
+1
A taoiseach is a anachronism if he cannot throw red meat into the redneck circus cage.
Irish leaders do not generally do leadership - there only role is to feed the pack.
Trichet for taosieach if he can pull off a FF ard fheis.
Cowen and Fianna Fail are on the ropes . However , you have to remember that they've stubbornly held on throughout the whole crisis since 2008 . The situation is very similar to the one Gordon Brown and Labour faced before the general election last year . They will attempt to hold onto power for as long as possible . However at this stage such a tight fisted grip is pointless . They've been financially hamstrung by the November bailout and they're legally bound to announce an election within the next few months . There is no scope for damage limitation . They're coalition partners have rebelled and they're popularity among the Irish electorate is at record lows . Their demsie is imminent and I'll gladly be contributing by casting my vote for the opposition
The real cute-hoorism now would be to sack Cowen and appoint as taoiseach ... John Gormley. (That's the leader of FF's current coalition partners, the Greens.)
The drunken, incompetent and corrupt bastard should have been kicked out a long time ago. What does one have to do these days to get booted out of office?
A big chunk of them are retiring. They know they have no chance. That creates a whole new dynamic re: the concept of holding onto power to the very last clock tick. If you are retiring anyway, you don't bother.
There is potential here for upheaval.
In the end, anything that triggers CDS instruments via anything that looks like a default is the be all and end all for the EU. They would negotiate anything to avoid that. I have thought from the start that Ireland could have gotten the whole package as a GRANT rather than a loan because of the EU's terror of the swaps.
For a moment there I thought the article said 'Obama Faces No-Confidence Vote'...
Then reality set in...
Brian Cowen has done the state some service by not being a Obama like feel good bullshitter - the executive has no clothes - even the thickest spud scratcher can now comprehend the chain of command.
I hope the farce continues - a leader with the illusion of power will do even greater damage to the country.
My working assumption is that Cowen is effectively just the messenger boy for Dermot McCarthy, "Mr. Social Partnership". (Bertie was a different story - well, mostly.) I think that's why we got Croke Park, and why we still have it after going to the EFSF/EFSM/IMF. Five euros says that whenever you see Cowen on telly, sneering at the baying mob in the Dáil, he's longing to just get the ugly business of slanging Blueshirts and ramming through bills over with so he can resume the real work of government, discussing the weighty matters of the day with his frend Dermot. Unfortunately most people are still largely or completely unaware of McCarthy.
Destroying social partnership will merely transfer the new surplus to external interest payments - it might even create a decade of stasis at most before exponential interest takes its toll again.
The money supply is not going to grow again in my lifetime - the local and soon the global financial system is over , its based on a false premise of infinite underground capital that can be magically turned into credit.
The central European powers hope we can take the austerity as we have form in that regard and therefore protect the core from strife.
In the long run we are goosed as we have zero internal capital now and no means to nurture it.
Its quite funny really - Irish austerity to balance Chinese growth - withen a few years Dublin will be wall to wall bicycles.
We don't even have a peat industry of critical mass now - nothing but grass and bluster.
Plenty of nice thick granite walls in Dublin. Perfect for lining them up for a firing squad.
A quick straw poll on RTE radio today was 7 to 3 in favour of kicking this guy out. If we get to vote in a new general election over the next few months ;we should have an immediate referendum . subject.... should we default now or force the EU/IMF/EFSF to renegotiate. Ireland does not have a hope at these crippling interest rates.We have bought time for the eurozone! But time is running out.
What makes you think a Prime Minister can pull the chains of goverment ? , even if he called for a default another replacement would be summoned immediately - we are all Trichets bitches now.
The ECB wants all the credit its banks have created back with interest - if the patient is about to die it will give it a stimulus of central bank money to keep the patient alive just a little bit longer.
Maybe when all its clients have escaped the rollover risk it may default and throw us into the arms of the BOE but not before.