Daft Property - Irish Property News

The creation of a European superstate has moved a step closer, after the Irish people voted to accept the Lisbon Treaty, paving the way for a powerful new President of Europe... Frightened for their jobs, no longer confident in their ability to govern themselves, the Irish finally surrender to Europe. But at least they were allowed a vote. So, out of the smog of dishonesty that has long concealed it, we at last see the true shape of the thing that threatens us. A great grey Tower of Babel reaches up into the sky over Europe, lopsided, full of cracks and likely to collapse in the fullness of time. But unlike the mythical original, it is complete – even though its builders neither understand nor particularly like each other. The new European State finally exists and has given itself life – life of a rather Frankenstein sort, but life all the same. It no longer needs to ask the permission of its member states to act. Ireland, for instance, will no longer be able even to hold a referendum ...

GOVERNMENTS have been drinking at the Last Chance Saloon when it comes to rescuing the world financial system, but it seems there is still a great reluctance to pay for the rounds. Last night's announcement from the emergency meeting of EU leaders fell short of the all-out strategy now being advocated by most economists. This would see governments putting fresh money (capital) into the banks so that they can begin counting and admitting all the capital they have lost through making loans which have not been repaid and, worse, buying loans and derivatives of loans at prices far above their real value. How far above was horribly illustrated on Friday at an auction of bonds issued by failed investment bank Lehman Bros. They were sold at less than 10 cents on the dollar, which means those banks which bought the bonds have lost over 90pc of their money. There is a general consensus now that losses in the global banking system are over a trillion dollars ($1,000 billion). It is an unimag...

Where do we go from here? As the State stepped in this week to avert a collapse of the Irish banking system, Joe and Mary citizen were left pondering a very uncertain future ... ' WE ARE WHERE we are . It's time to move on. Just do the vote. Just . . . just get it done. Okay?" blustered a Wall Street trader last Monday, minutes after the US Congress rejected the $700 billion (€505 billion) bailout for the banks. The CNN interviewer persisted with a question about the rage bubbling under Main Street USA. The tetchy trader ignored it. "We are where we are," he repeated. "It's time to move on. Just do the vote." Sound familiar? It should. The mantra was snapped up on this side of the Atlantic this week and used to quell the rabble demanding that the Irish masters of the universe be made to account for themselves before Ireland Inc's reputation was sold to save their necks. "Listen. We are where we are," snapped one cheerleader dismissivel...

Ireland's decision to guarantee all bank deposits will contribute to the demise of the single European currency, because it will erode the euro's credibility ...Hugh Hendry, chief investment officer and Partner at Eclectica Fund, told CNBC on Thursday... Watch the video: Promises of lavish spending such as this and others being discussed in Europe will erode investors' confidence, Hendry warned. The plan pledges to guarantee the liabilities of six Irish-owned banks totaling some 400 billion euros ($565 billion), more than twice the country's annual gross domestic product . "The decision, if left to stand … my prophecy is it will bring down the currency. The euro is not a tenable currency if you have politicians making such decisions. The reality is there is no such thing as a free lunch "... Irish lawmakers backed the plan and the government said it may be extended to foreign banks with retail units in Ireland, but it has raised questions in Brussels and Londo...