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THE COMMUNICATIONS MINISTER Pat Rabbitte has played down yesterday’s announcement by French presidential front-runner Francois Hollande concerning the Fiscal Compact Treaty.
Hollande vowed yesterday that, if elected, he would immediately ask other European leaders to renegotiate the fiscal treaty, which focuses on tightening budgets as a way to restore market confidence in the eurozone, to include a “growth pact”.
The presidential candidate said he wanted the growth pact to include a financial transaction tax and eurobonds — government bonds jointly issued by all 17 countries that use the euro — to finance infrastructure projects. He said the main risk currently to the European economy is that “we remain in recession because we haven’t freed up enough financing for companies”.
Today, Minister Rabbitte fully agreed that a growth agenda was needed in Europe, but said that “a whole series of growth-enhancing initiatives were agreed by EU leaders on the very same day they agreed the Treaty”.
He said that while Hollande had pushed for additional measures to promote economic growth in Europe, he had also made it plain that he was not be seeking to “unpick the Treaty text as signed or to dismantle the fiscal disciplines”. Rabbitte said the Irish Government believed that stance improved the prospect of returning stability to the eurozone, and that the additional measures did not need to be added to the text being voted on in May.
Ireland’s economic downturn was a result of a period of unsustainable growth, a construction boom, and the abandonment of a ‘good housekeeping’ system of national budget rules, Rabbitte said. As such, he said, fiscal discipline was a necessary pre-condition for stability – and that stability was a necessary pre-condition for a return to economic growth.
Rabbitte added: “When you’re in a hole, the first step is to stop digging. The next step is to haul yourself out of the hole – preferably with some help from your friends.”
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Dear Minister, if “a whole series of growth-enhancing initiatives were agreed by EU leaders on the very same day they agreed the Treaty”. your government would be ramming the details of same down our throats ad-nauseum to sweeten the deal for a ‘Yes’ vote, so please stop so blatantly lying through your teeth.
cont: It is simply not plausible that ‘growth enhancing initiatives’ were agreed at the same time the treaty was agreed, and the government would not tell us about them in view of them supporting a yes vote. Now, we just happen to find out about them when Hollande mentions changing the treaty?? Were they planning on holding onto information that would encourage a yes vote until AFTER the referendum? I think not.
His statement is an insult to our collective intelligence. You’ve been hanging out with the cute hoors too long Pat, or not long enough to spoof convincingly, one or the other.
Great comment!
For some reason, I don’t think Francois Hollande gives two f’s about pat rabbite and his interpretation of what he said. If Hollande gets elected and wants the treaty changed. He will have much more power to do this than the shower of cowards we have running our country. Rabbite is showing his allegiance to sarkozy and his policies.
isnt that a bit premature? it seems to me that this government rarely knows what each other is doing never mind a different countrys
Shouldn’t we be supporting Hollande on this, though? Apart from the cynical fact that he’s probably going to win and you can never start buttering someone up too early, the fact is that everyone agrees that the terms of the treaty are pretty terrible and anti-growth. The only difference is that the Yes camp believe the alternative is even *worse* and the No camp are persuaded that *worse* eventuality won’t happen.
If the Treaty can be renegotiated so that we can retain access to the ERM while being tied down to somewhat less batshit crazy conditions (and everything Hollande has suggested so far is an improvement) then, y’know – yay?
I think that depends entirely on you definition of “worse”.
The trouble with politicians though, didn’t our guys say the same thing pretty much?
I strongly support Hollande on this, so much so that I am going to Paris on Tuesday to work for his campaign. I was also at the meeting yesterday where Pat Rabbitte gave this speech and find it interesting the particular interpretation that journal.ie, who were not at the meeting, are putting on the speech.
This speech was significant because for the first time a govt minister specifically recognised the need to link the Fiscal Treaty with a balancing effort for investment in jobs and growth. It was also the first time that an Irish minister associated himself with Hollande’s position, specifically that the Fiscal Treaty was only part of the necessary response to the crisis and that much more, by way of a treaty protocol for example, needs to be done to address the economic and fiscal crisis.
I’m attending a Labour Party meeting today hosted by Eamon Gilmore and Joan Burton and you can be sure these issues will be further explored there.
Some of these tools in Gubbermint
actually makes aul eejits like me look good!
These clowns are simply makin it up as they’re goin along.
Oh, and Pat,
with friends like we have in europe
who needs enemies.
Yeah, they’re pullin us up outta the hole…..
so they can pull our pants down and have their wicked way with us
This fat little liar needs to start treating the electorate with a modicum of respect. Growth enhancing initiatives? When were they going to tell us about them?
Rabbite just opens his mouth and the Bullshit starts pouring out.
So, I’m sure that after Mr Gilmore is now onto him, Mr Hollande will now immediately rethink his politics. Mr Gilmore……just shut up please, you’re a nobody!!
Of course I meant Mr Rabbitte … They really are all the same FFS
where would we be without Policeman Pat?
He better send a text to Hollande telling him not to then.
Why not maybe ask him to sign over the ownership of Burgundy to Ireland, while he is issuing commands.
God Pat doesn’t half Rabbit on about a load of tripe.
Oh and is it just me or does it look like he’s put on a ton of weight in that photo? No problem filling the fridge in his house.
sorry Pat, unable to afford shovel to assist in ‘dig out’ exercise.
Oh yes he will….!
Oh no he won’t
*panto moment*
Mmm. He now can read the mind of Hollande. Fair play Pat. The French will do whatever they want.
Ya know….I get an awful feeling Pat, Inda and Pinky Gilmore are gonna have their collective arse handed to them on a plate on this referendum….
I’d nearly vote yes to see that but that might be self defeating.
I am sure Hollande has rabbitte on his speed dial.
What a spoofer behaves more like Jimmy Rabbitte from the commitments
Rabbitte must not know something we know ….. In other words ,is Rabbitte suggesting that Hollande will be got at ?
”preferably with some help from your friends” So suddenly they are friends with Hollande !!!! Curiouser and curiouser….
Hollande’s socialist election pledges – how can a right wing politican like Rabbitte claim to speak on his behalf?
-Deficit and growth targets:
*3 percent of gross domestic product public budget deficit and 1.7 percent GDP growth in 2013.
*Zero percent deficit in 2017 and 2 percent to 2.25 percent growth.
-Debt targets:
*88.6 percent of GDP in 2013.
*80.2 percent of GDP in 2017.
-Taxes:
*Impose a tax on financial transactions.
*Impose a 75 percent income tax on earnings above 1 million euros ($1.32 million) and raise the rate to 45 percent for the income bracket between 150,000 euros and 1 million euros per year.
*Repeal 29 billion euros of tax breaks over the next five years.
*Increase total tax level to 46.9 percent in 2017 from 45.1 percent in 2012 (payroll and profit).
*Increase tax on biggest companies to 35 percent.
*Reduce tax on small and medium companies to 15 percent.
*Scrap Sarkozy’s 1.2 percent VAT increase.
-Public spending:
*Raise state spending by 20 billion euros over next five years.
*Limit growth in public expenditure by 1.1 percent per year.
*Allow those who have worked more than the legal minimum of 41.5 years to retire from the age of 60.
*Limit pay of executives at state-owned companies to 20 times the lowest wage.
*Total number of civil servants won’t rise.
*Hire 60,000 teachers and school employees and 5,000 police officers over next five years.
*Hire 150,000 youths in state-subsidized jobs over the next five years.
*Cut French president’s and Cabinet ministers’ pay by 30 percent.
-Salaries:
*Index the minimum wage to economic growth.
-Banks:
*Pass legislation to split banks’ retail and investment activities as early as July or early August.
*Impose a special tax on banks (no details given).
*Curb bonuses, ban “toxic” financial products, ban French banks from operating in tax havens.
*Create a French public bank to support industry.
-European Central Bank and European Union:
*Request that the ECB expand its mandate to support growth, lend to directly to states and give the European Stability Mechanism a bank license.
*Renegotiate the EU’s fiscal accord to allow for the issuing of joint euro bonds and for funding industry and growth measures.
*Amend the fiscal treaty to add growth measures and oppose European policy that’s based only on austerity measures.
*Opposition to balanced budget “golden rule.”
-Energy:
*Impose a carbon-emission tax at EU borders and create an EU energy policy.
*Cut France’s nuclear energy share of total electricity output to 50 percent from 75 percent today.
*Freeze gasoline prices for three months after elections.
*Restore a “floating” fuel tax to allow prices to drop when the price of refined fuel products falls.
*Close the Fessenheim nuclear power plant, finish construction of the Flamanville nuclear reactor and abandon construction of Penly nuclear reactor.
-Defense and Security:
*Withdraw all French troops from Afghanistan by the end of 2012.
*Maintain France’s nuclear weapons as deterrence.
*Could reject NATO missile defense shield that’s being built under U.S. leadership.
-Other:
*Suspend sales of state-owned shares of companies.
*Impose limits on leveraged buyouts to exclude participation by financial firms.
*Allow same-sex marriage and adoption.
*Ban the word “race” in the French constitution.
*Amend the constitution to make it say that France is a secular state.
*Achieve gender parity in the government.
*Hold a parliamentary debate on immigration quotas.
*Build 500,000 housing units per year of which 150,000 are rent controlled.
*Decentralize the French state and give local and regional leaders more power.
Does he want a job? He can have Kenny’s!
Glad to know Rabbit understands what’s on Hollande’s mind so well.
He didn’t actually say that, I watched an interview with him the other day & his exact words were ‘ I would include a growth pact in addition to the fiscal pact’ (not a renegotiation but an addition)
Rabbitte added: “When you’re in a hole, the first step is to stop digging”
Good advice Rabbitte you would do well to take heed of that. I’m sure your quite convinced that no politician would have the guts to stand up for their country and their fellow citizens but Pat don’t judge all politicians on your own and your governments low standards.
I am voting a NO loud and clear to the rip-off treaty.
When you’re in a hole, get everyone to form a pyramid so the rich can climb out and maybe they will take me with them.
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