Minister Leo Varadkar : Ireland “in receivership”

national | miscellaneous | news report

Saturday September 03, 2011 13:39

by Joe Mcivor

JoeMcivor at gmail dot com

RTE’s website carried a story yesterday about cancellations in Dublin’s transport building program . The article said that it was now “ [by] no means certain that any of the major transport projects for Dublin will be built in the next five years “. The report’s first paragraph reads:

“Transport Minister Leo Varadkar said the country is in receivership and it is by no means certain that any of the major transport projects for Dublin will be built in the next five years.”
The accompanying RTE News report does not include a full quote or a reference to where and when the government minister said that Ireland was “in receivership”.

Leo Vardaker has been accused in the recent past of being gaffe-prone in his public statements on the economy . In May he drew sharp criticism for suggesting that Ireland was "very unlikely" to resume its borrowing in 2012 and might need a second bailout. Blaming the media for "spinning" his words at the time , he said that when it comes to commenting on such matters in future he would be more careful.

http://www.rte.ie/news/2011/0902/transport.html

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explains

by Joe

Fri Nov 18, 2011 09:52

Enda Kenny’s “fury” on being told that his plans for the upcoming budget have somehow found their way to Germany for prior consideration .

Insolvency Ireland

Sat Sep 03, 2011 15:20

A google news check this morning didn’t turn up anything more on the above startling admission that implies Ireland is in a state of insolvency , and which comes from a government minister . Without seeing the quote from the minister in full, it is impossible to determine to what extent he was speaking metaphorically when he said that the country was “in receivership”. But the choice of words from a member of the cabinet belies official government claims that its austerity measures are “ turning the economy around”. Receivership is defined as an “insolvency procedure where a receiver, or receiver and manager, is appointed over some or all of the company’s assets.”
http://www.asic.gov.au/asic/pdflib.nsf/lookupbyfilename....pdf/$file/insolvency_glossary.pdf

Former finance minister Brian Lenihan said late last year that it is "simply not the case" that the bank bail-outs could bankrupt the state . He said shortly before the election that debt incurred by transferring private debt to the public were "infuriating but manageable." The present government has also been at pains to point out that Ireland is not bancrupt . Mr Vardaker’s statement would appear to be the first admission from a government source that Ireland is trading while insolvent.

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Minister Leo Varadkar : Ireland “in receivership”

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