At a packed public meeting on a snowy December evening, the night before a harsh budget was delivered in the Dail, economic guru Eddie Hobbs told Lucan residents that a new government, with a fresh mandate, needs to renegotiate the terms and conditions of the IMF bail-out. The meeting, organised by local Fine Gael Senator, Frances Fitzgerald heard from a number of experts in the economic field who gave their perspective on ‘What Next For Ireland?’. Leo Varadkar, a Fine Gael colleague of Frances Fitzgerald, explained their party’s proposals for economic recovery while Michael McLoughlin of Amarach, a locally based market research agency, spoke of the need for a new administration to revive consumer confidence. Hobbs urged Fitzgerald and Varadkar to play their part in ensuring that a new government does not push left wing policies that will prolong the current economic conditions.
Fitzgerald, who will be a candidate for the Lucan-Clondalkin area in the next general election, organised the event to give residents the opportunity to share ideas and opinions with these industry experts.
At the meeting, Eddie Hobbs, famed for his television series Rip Off Republic, stated that the fundamental problem with the proposed ‘bail out’ of the Irish economy is the interest rate and the cost to the exchequer of making repayments.
“The next government, which I hope will be Fine Gael led, needs to renegotiate new terms with the IMF,” said Eddie Hobbs at the event.
“People used to ask me is my money safe in the bank? Today they ask is my money safe in Euro? There are three possible negative scenarios. One, Germany, whose economy is actually doing very well at the moment, will leave the Euro weakening it substantially. Two, that the Euro will split into two currencies – the Euro Strong and the Euro Light. And thirdly, the growth of economic nationalism and hard-left policies. The ideal scenario, as far as I’m concerned, is that excess debt is centralised and supported by European bonds and this is something which is being discussed at the moment. The next few months are going to be crucial for the survival of the Euro ,” Hobbs explained to his audience.
“If the Euro breaks up, the EU is over. Political will is needed to get us through the next few months and sensible strategies.
‘We cannot tax our way out of this. We need sound economic policies coupled with job creation. 4 out of every 10 voters went into the ballot box last election and voted rogues into government. Politics shouldn’t be like the X Factor, it shouldn’t be about personalities, it should be about a cabinet team with integrity that can make the right decisions. I have four kids myself, so tonight I say to Leo Varadkar and Frances Fitzgerald, Fine Gael need to save them from having to leave this country,” said Eddie Hobbs.