Goodbye Irish Sovereignty: EU Commissioner Olli Rehn Issues His First Directive As Overlord Of The Emerald Isle

Now that Ireland is a vassal state of the EU, and its democracy as its citizens know it, is finished, it was only a matter of time before the EU's Economic Affairs counsel started telling Ireland what and how to conduct its affairs. Sure enough, it took all of 24 hours between the "bailout" and the first order. RTE reports that Olli Rehn "says it would not be advisable for any new government to try to renegotiate key aspects of the IMF/EU deal." In other words, the EU is promptly realizing that the new Irish government is likely to reneg in part or all of the just struck deal and is therefore interjecting itself in the process. "In an interview with RTÉ News, Commissioner Rehn said it did not want to involve himself in democratic politics in Ireland, but he said: 'They are key parts of the programme so I would not advise re-opening these'." In other words, despite hating to do so, Rehn is now supreme dictator of Ireland, and the nation must do his every bidding if it wishes to not receive the Mutual Assured Destruction treatment and not get any banker Holiday greetings cards this year.

More from RTE:

He said he 'fully understood' the frustration and anger of the Irish people about the banking sector, which he said had made big mistakes in the past. 'However we have to move on and the essential thing is to complete the repair, implying both the restructuring and downsizing of the banking system,' he said.

Of course, only those moving on are the bankers who get no impairments whatsoever, while Irish taxpayers, now in perpetual servitude to the plutocrats, are forced to pray that potato famines do not make a sudden reappearance.

The one thing the corpulent bureaucrat is most opposed to is preserving the illusion that Irish pensions are for anything but pension funding:

On the use of the NTMA's cash buffer and the pension reserve fund, Mr Rehn said: 'These are part of the programme in terms of self-financing by Ireland. It increases the ownership and commitment of Ireland to the success of the programme, and it is also important for other EU member states because this package will have to be adopted in all the other euro area member states.'

Mr Rehn said he did not see any tensions or reservations in other member states approving the loan. 'I trust there is the same sense of responsibility and solidarity both for Ireland and Europe as a whole,' he stated.

As to why bankers once again get away scot free, here it is: Mutual Assured Destruction:

Mr Rehn denied there was any difference of opinion between the ECB, the European Commission and the IMF on whether or not senior bondholders should be 'burned' in the Irish banking sector.

He said senior debt would not be jeopardised, otherwise there could be the risk of further contagion in the system.

Of course, this is a lie as various states had expressly indicated an interest in senior impairments. But who cares. Fat politicians have to be bribed and fed. That's all that matters.

In the meantime, we present the Spanish 10 year. We wonder if Olli Rehn is already practicing his first speech as Viceroy of Katalunia.

h/t Mark Mansfield