Fiscal Treaty Megathread [Poll Reset]

pa990

misread the title..

thought it was a Fisting Treaty

Biggins

pa990 wrote: »

misread the title..

thought it was a Fisting Treaty

Might as well be?
Its just a case of who will get it in the rear!

K-9

Biggins wrote: »

Putting aside for the moment what SF is espousing, the fact is that FG and Labour are slightly (or maybe more intentionally) trying to scaremoner people into thinking that if they don't say "yes" - there will be no further sources of help and funding for Ireland.

This is simply not true.

Now, no matter that way SF or any party spins their view of EU or IMF type bodies after that to their own party ends, the basic facts still hold true and against what FG and Labour are advocating, that there will be no further funds available if Ireland votes "No".
...Which again, is simply NOT true.

To quote another part of the article:


In their rush to try get a "Yes" while advocating that other funds in clear equivocation, won't be available, they either are uneducated to the IMF funding practises and willingness to help OR they conveniently forgot to mention this so their side of what they are trying to espouse, came with added scaremongering to boot!
I personally don't take Enda as that stupid sometimes - I do greatly suspect the latter!

The IMF have lent far past their limit to us, it's a fact, it's undeniable. The IMF generally don't do second rounds of funding, they get in, get what they want and leave.

There are far too many scary myths about the IMF, the idea of the IMF slashing Public Sector Pay and Welfare, being one of them.

At the same time, the IMF will not, and aren't in a position to lend more to Ireland. Going with your idea and assuming they will lend more money, it will involve austerity.

Answer me one question, when has IMF involvement not involved severe austerity? We've seen it and yet the No side are calling on the IMF as a saviour! The harbringer of Austerity now called on as a saviour!

This is bull**** of the highest order, even higher than the FG/Labour bull**** being fed to us.

xflyer

It doesn't matter anyway because as soon as Hollande is elected as French president, which will happen. He will renogotiate the whole deal. So the stupid refernendum will be irrelevant.

If anyone thinks our referendum has any releveance to the great European dream then I have the Eifel tower for sale to you!

Biggins

K-9 wrote: »

The IMF have lent far past their limit to us, it's a fact, it's undeniable. The IMF generally don't do second rounds of funding, they get in, get what they want and leave.
There are far too many scary myths about the IMF, the idea of the IMF slashing Public Sector Pay and Welfare, being one of them.
At the same time, the IMF will not, and aren't in a position to lend more to Ireland. Going with your idea and assuming they will lend more money, it will involve austerity.
Answer me one question, when has IMF involvement not involved severe austerity? We've seen it and yet the No side are calling on the IMF as a saviour! The harbringer of Austerity now called on as a saviour!
This is bull**** of the highest order, even higher than the FG/Labour bull**** being fed to us.

I understand where your coming from but the difference is (if we vote "No" ?) that any further austerity which will be needed, will be brought in per our own Irish state government and we will not be further dictated to by a further foreign banking body even more?
Also we will gain back some control of the running of our state that previously we have seemed to lose?

...Just points to ponder on?

ArmaniJeanss

Biggins wrote: »

Headline From The Times (England) which ye can all read in the morning in the Irish edition.



http://www.thesundaytimes.co.uk/sto/news/ireland/article1027751.ece
Treaty no bar to new IMF bailout

The International Monetary Fund (IMF) said Ireland could apply to the agency for another bailout if required, regardless of how the country voted in the EU fiscal treaty referendum on May 31.

The government has stated several times that if Irish voters reject the treaty, the country will not have access to the EU’s €800m European Stability Mechanism (ESM) fund, thereby cutting off its only source of funds outside the markets. Only countries that have ratified the treaty will have access to the ESM, Europe’s permanent bailout fund, under new rules in Brussels agreed by the government...

Despite repeated saying by a number of sources that this is the case and that Ireland would have access to further funding - the two faced liars that is FG and Labour have up to today, espoused different so that voters will be persuaded to vote their way!
Well one more voice - the one that actually REALLY matters, has said different to the crap lies that Enda Kenny and Gilmore are still spouting in stupidity.



FINALLY - even our own state departments have been forced to admit this is the case!



Enda Kenny and Eamon Gilmore have been saying that a rejection of the treaty would deprive Ireland of its bailout “insurance policy".
Aaa... hello lads, time ye koppped yourselves on and started telling the truth, you pair of gobschites!

Where did the government ever say that we wouldn't have access to IMF funding? afaik they have only ever said we wouldn't have access to ESFM funding.
You seem to continually create these strawmen, inventing some position/argument that has never been actually made by the government and then dramatically proving it false.
It's very disappointing from someone with political ambitions.

Wild Bill

Realizing that the current debt repayment scam is a complete fantasy is the key to this.

Some folk who can add, subtract and multiply (ie can do maths) know that this house of cards is doomed.

Folk who cannot add, subtract or multiply will vote "yes".

Simple as. :cool:

The sooner we face reality the less long-term damage we will do.

Joko

I'm going to vote no. Ireland hasn't done enough for itself. We are still paying out €180 to people on the dole. Crazy. We need to renegotiate the Croke Park deal and slash public sector pay. We need to pull ourselves out of this mess and stop the FF vote getting levels of pay to the public sector. Handing over more power to the unelected toolbags in Europe is not the solution.

K-9

Biggins wrote: »

I understand where your coming from but the difference is (if we vote "No" ?) that any further austerity which will be needed, will be brought in per our own Irish state government and we will not be further dictated to by a further foreign banking body even more?
Also we will gain back some control of the running of our state that previously we have seemed to lose?

...Just points to ponder on?

Getting down to the jist of it, No matter what the vote, we'll have Austerity·

We'll agree on that and probably agree on the unfairness of it all..

This Treaty isn't the answer to anything as far as I can see.


Yes and No sides share a nothingness and half of nothing means nothing to me.

Read too many Le Carre novels!

Biggins

ArmaniJeanss wrote: »

Where did the government ever say that we wouldn't have access to IMF funding? afaik they have only ever said we wouldn't have access to ESFM funding.
You seem to continually create these strawmen, inventing some position/argument that has never been actually made by the government and then dramatically proving it false.
It's very disappointing from someone with political ambitions.

Really?
Thay have stated such things for the news media cameras a number of times but in links, here is also a few other bits:

* Fiscal Treaty: No other funding for Ireland if it’s rejected says Eamon Gilmore
http://www.independent.ie/business/irish/fiscal-treaty-no-other-funding-for-ireland-if-its-rejected-says-eamon-gilmore-3094113.html

* "Minister Noonan said the IMF had made it “crystal clear” during its bailout negotiations with Ireland, Greece and Portgual that it would not provide unilateral assistance to Eurozone countries."
http://www.thejournal.ie/noonan-theres-no-backup-fund-if-ireland-votes-no-434003-Apr2012/

* "Tánaiste Eamon Gilmore has rejected as irresponsible a claim that the State could secure alternative funding in the event of a No vote in the upcoming fiscal treaty referendum."
http://www.irishtimes.com/newspaper/breaking/2012/0427/breaking17.html

* "Minister Noonan says if Ireland votes No in the referendum, we will not have access to European Stability Mechanism (ESM) funds, which will be the only source for a bailout when the current Irish programme ends."
http://m.brne.ws/ireland/noonan-rejects-counter-claims-on-access-to-imf-funds-549529.html

Now to be fair to you, some points are debateable but I myself have heard consistantly in voice from some Dublin heads, stating (in scaremongering - see post 302) that no further funding would be available to us of Ireland says "No".
Hell, they are even backing this up this morning by further additionally stating that the Sunday Times report was wrong - when that paper said other funding would be available!
They are trying to cut the legs off that route of supposedly funding too now.

Joko

ArmaniJeanss wrote: »

Where did the government ever say that we wouldn't have access to IMF funding? afaik they have only ever said we wouldn't have access to ESFM funding.
You seem to continually create these strawmen, inventing some position/argument that has never been actually made by the government and then dramatically proving it false.
It's very disappointing from someone with political ambitions.

Eh, do some research yourself.

However Minister for Communications Pat Rabbitte said it had been made clear to the Government that the IMF would not provide funding to Ireland without support from the EU.

http://www.rte.ie/news/2012/0429/no-access-to-imf-funds-if-treaty-fails-ministers.html

S&P's head of European Ratings, Moritz Kraemer, said the referendum on the fiscal treaty set for 31 May was "one of the flashpoints to observe in the coming months."
The ratings agency note says "It is our understanding that if the Irish electorate does not pass the amendment, Ireland would likely be excluded from the ESM's financial assistance programmes.
“As a result we believe that the outcome of this vote could affect Ireland's creditworthiness.”
"We believe that if the government cannot access the ESM [Europe’s permanent crisis resolution mechanism], this could exacerbate Ireland's funding difficulties when its current programme expires at the end of 2013.
“As a result Ireland could need additional official financial support. We consider it unlikely that the IMF or other potential providers of official funding would agree to fully finance a successor programme without significant co financing from Ireland's eurozone partners.
http://www.rte.ie/news/2012/0427/standard-poors-retains-bbb-irish-credit-rating.html

K-9

Biggins wrote: »

I understand where your coming from but the difference is (if we vote "No" ?) that any further austerity which will be needed, will be brought in per our own Irish state government and we will not be further dictated to by a further foreign banking body even more?
Also we will gain back some control of the running of our state that previously we have seemed to lose?

...Just points to ponder on?

I ike practical examnples.

So we were far better off in 93, tell me how we were, convince me?

Biggins

K-9 wrote: »

I ike practical examnples.

So we were far better off in 93, tell me how we were, convince me?

K-9 wrote: »

Getting down to the jist of it, No matter what the vote, we'll have Austerity.

The above statement IS true but at least MAYBE by us voting no, be it austerity brought in fully by our own hands/people more so, we gain back further semblance of control over where and when the cuts will be made, at what speed/rate - and not be further tied to another foreign body, yet again, for even longer still, with additional exported money going outwards, charged with additional interest rates on top!

K-9

THE IMF ARE OUR SAVIOURS.

Ponder that.

Biggins

K-9 wrote: »

THE IMF ARE OUR SAVIOURS.

Ponder that.

O' everything is fine then...

K-9

Biggins wrote: »

O' everything is fine then...

The IMF aren't saviors. I've seen so many right wing posters soooo disappointed at a 18/19% cut in PS pay, the same sort who said the IMF will sort you out.

The IMF don't care about fairness, they care about targets. A 18/19% cut in pay is fantastic, on target, brilliant achievement.

The truely amazing thing is seeing hardline right and left wingers seeing the IMF as the knight in shining armour to save the damsel in distress.


The IMF is now the salvation for both the right and left wing.

Biggins

K-9 wrote: »

THE IMF ARE OUR SAVIOURS.

K-9 wrote: »

The IMF aren't saviours...

I must be tired. I'm getting confused. :pac:

My bed is calling!

ArmaniJeanss

Biggins wrote: »

Really?
Thay have stated such things for the news media cameras a number of times but in links, here is also a few other bits:

* Fiscal Treaty: No other funding for Ireland if it’s rejected says Eamon Gilmore
http://www.independent.ie/business/irish/fiscal-treaty-no-other-funding-for-ireland-if-its-rejected-says-eamon-gilmore-3094113.html

* "Minister Noonan said the IMF had made it “crystal clear” during its bailout negotiations with Ireland, Greece and Portgual that it would not provide unilateral assistance to Eurozone countries."
http://www.thejournal.ie/noonan-theres-no-backup-fund-if-ireland-votes-no-434003-Apr2012/

* "Tánaiste Eamon Gilmore has rejected as irresponsible a claim that the State could secure alternative funding in the event of a No vote in the upcoming fiscal treaty referendum."
http://www.irishtimes.com/newspaper/breaking/2012/0427/breaking17.html

* "Minister Noonan says if Ireland votes No in the referendum, we will not have access to European Stability Mechanism (ESM) funds, which will be the only source for a bailout when the current Irish programme ends."
http://m.brne.ws/ireland/noonan-rejects-counter-claims-on-access-to-imf-funds-549529.html

Now to be fair to you, some points are debateable but I myself have heard consistantly in voice from some Dublin heads, stating (in scaremongering - see post 302) that no further funding would be available to us of Ireland says "No".
Hell, they are even backing this up this morning by further additionally stating that the Sunday Times report was wrong - when that paper said other funding would be available!
They are trying to cut the legs off that route of supposedly funding too now.

Cheers - having gone through your links I still don't see what lie the government has told.

The IMF have consistently taken the viewpoint that bailouts for Euro countries are done in co-operation with the various mechanisms within the currency, hence we ended up with the famous Troika. Theres no indication anywhere that a unilateral IMF loan is a probability - the Sunday Times story that there is 'nothing to stop us applying' seems pointless. Heck, theres nothing to stop me applying for €10M from my local credit union, very little possibility of me getting it though.

The IMF has funding problems at the moment whilst theres an €800 Billion ESFS pot - this looks by far the more realistic source of any future financing.

Biggins

ArmaniJeanss wrote: »

Cheers - having gone through your links I still don't see what lie the government has told...

...The IMF has funding problems at the moment whilst theres an €800 Billion ESFS pot - this looks by far the more realistic source of any future financing.

The former could be debated about till the cows come home.
I've heard numerous times in the last few weeks say that IMF funding will cease is we say "no", you seem to say different... so be it... moving on...

As regards the latter, the ESFS pot, that seems to be the latest scaremongering persuasion stick which is being used to beat the heads of the populace, in trying to get them to vote with the government.
With at ESFS pot, its then up to the population as to if they are willing to give away further austerity controls to someone/some official banking body beyond our borders - or are they willing to say "No", still have austerity measures but maybe retain some better control of our own affairs more so, as harsh as they might be?

Scofflaw

Biggins wrote: »

The above statement IS true but at least MAYBE by us voting no, be it austerity brought in fully by our own hands/people more so, we gain back further semblance of control over where and when the cuts will be made, at what speed/rate - and not be further tied to another foreign body, yet again, for even longer still, with additional exported money going outwards, charged with additional interest rates on top!

Goodness - where to start? Having access to the ESM isn't the same as using it, and if we need a bailout and don't have access to ESM, we're going to be living with somebody's set of terms and conditions. That somebody won't be the Irish government, whether we have access to ESM or not, because the Irish government isn't providing the funding for the State in a bailout, and therefore doesn't get to call the tune.

So at first base the question of whether we can tap ESM funding has no bearing on our economic sovereignty. All that matters is whether we need a second bailout, and no matter where we get that from we don't have economic sovereignty - unless you can think of someone who'll lend us the money no strings attached.

And "charged with additional interest rates on top!"? The IMF does that - 300 basis points if you're over quota. The European funds we're currently tapping are giving us funding at cost:

Lender|Nominal Loan Amount|Date of Draw Down|Maturity Date|Term from Date of Drawdown|Interest Rate1
|||||
EFSM|€5.00 billion|12/01/11|04/12/15|4.9 yrs|2.50%
EFSM|€3.40 billion|24/03/11|04/04/18|7 yrs|3.25%
EFSM|€3.00 billion|31/05/11|04/06/21|10 yrs|3.50%
EFSM|€2.00 billion|29/09/11|04/09/26|15yrs|3.00%
EFSM|€0.50 billion|06/10/11|04/10/18|7yrs|2.38%
EFSM Total|€13.9 billion|||8 years weighted|2.97%
|||||
EFSF|€4.2 billion2|01/02/11||5.5 yrs|2.75%
EFSF|€3.0 billion|10/11/11|04/02/22|10.2yrs|3.50%
EFSF Total|€7.2 billion|||7.5 years weighted|3.06%
UK Bilateral|€0.46 billion|14/10/11|14/04/19|7.5 yrs|4.83%
IMF|||||
IMF|€5.84 billion|18/01/11|18/01/21|Amortises from July 2015 to Jan 2021|
IMF|€1.58 billion|18/05/11|18/05/21|Amortises from Nov 2015 to May 20214|
IMF|€1.48 billion|07/09/11|07/09/21|Amortises from Mar 2016 to Sep 20214|
IMF Total|€8.90 billion|||7.5 yrs average life|4.79%
Overall Total|€30.46 billion|||7.5 years weighted|3.55%

Source: http://debates.oireachtas.ie/dail/2011/11/17/00058.asp

So, of the two main sources - IMF and Europe - the one giving us loans at cost is Europe, while tapping either for bailout money will involve being subject to their terms and conditions.

cordially,
Scofflaw

Justice for the individual

Biggins wrote: »

Looks like the last few words in my last post was actually right!



Story continues: http://www.independent.ie/national-news/fg-pledges-to-put-the-frighteners-on-electorate-3095196.html

So there you have it DIRECT from the mouth of the man running the campaign for FG.

Nice eh?

Not really - but then not just I but many suspected this was the case for some time!

You can see why our government/s want the IMF and ECB to run our fiscal affairs - because they are incapable of doing it themselves! We have lost confidence in them and now they are blundering about, (despite highly paid advisers, hired at our expense) and trying to frighten the general population into voting yes by scaremongering. Why do we elect governments? Is it not to run the affairs of our country - but do they? Therefore, are they surplus to our needs. What a sad "State" of affairs. We have got to vote NO to put them in their place. This referendum must be soundly rejected. The question is, do you trust them now? At present, funds are available to Ireland at cheaper rates from the ECB than the IMF, but how long will that last when other countries begin their demands. Is it time to stop paying for the larger bondholders losses ( the smaller bondholders have taken the hit). The Irish people have no more to give. You cannot get blood from a stone. We are seriously at risk of default. Four years, 2008 - 2012 and we have got nowhere. How long more can we survive?

Noreen1

K-9 wrote: »

The IMF aren't saviors. I've seen so many right wing posters soooo disappointed at a 18/19% cut in PS pay, the same sort who said the IMF will sort you out.

The IMF don't care about fairness, they care about targets. A 18/19% cut in pay is fantastic, on target, brilliant achievement.

True.

K-9 wrote: »

The truely amazing thing is seeing hardline right and left wingers seeing the IMF as the knight in shining armour to save the damsel in distress.


The IMF is now the salvation for both the right and left wing.

Which says a great deal about the perceived attitudes of our "friends" in Europe.

Personally, when I hear the IMF say things like "Ireland needs assistance" - I get seriously worried.
The IMFs sole concern has always been to get its money back. They really don't care about the social consequences for the Irish people.
If they are suggesting that their partners in the Troika need to give us further assistance, it is purely because they do not believe that we can grow our way out of this, and are at risk of default.

That being the case - how is contracting to further austerity - with penalties for failure to comply - supposed to work?
If it hasn't worked in the time since 2008 - why would it suddenly, magically, work now?

Remember when we were the poster boy of Europe, for observing measures very similar to those contained in the compact?
The same ones that led us to the mess we are in now?

What we need is a competent Government, answerable to the people - all the people - not those they choose to pander to.
Giving more control to Europe, while Enda runs over and tugs the forelock, by blaming all the Irish people for the mess, rather than representing them, and trying to negotiate a workable solution, is not the answer, imo.

We will have further austerity, one way or another.
However, giving control of that austerity to external powers, who have shown that their sole concern is the risk of contagion, rather than social consequences, or, justice, is not something I'm willing to do.
Had Europe been more supportive of allowing investors to accept their losses, I might think differently.

Ghandee

Anyone else read Shane Ross's views on the whole fiasco?

We could be on the point of our first stroke of luck for years. No thanks to the Irish Government, we may secure a better deal on the fiscal treaty.

Ireland could ride to salvation on the back of Francois's victory. If the socialist candidate wins and sticks to his promise to renegotiate, the treaty will be amended in Ireland's interests.

Francois wants to loosen Germany's manacles of austerity. Last week, he was surprising pundits by refusing to back-pedal on his earlier promises.

Indeed, as next Sunday's final vote approaches, his election pledges are firming up.

Not only did he insist that "there will be a renegotiation", he added that "the treaty, as is, will not be ratified". No wriggle room there.

Francois is far from backsliding. The probable president-designate of France will not sign the current treaty. France is on the hook.

Not half as big a hook as Ireland. If Francois wins, Enda Kenny and Eamon Gilmore could be foolishly campaigning for a treaty that is about to be confined to history. Fiscal treaty mark one will be dead in the water everywhere in Europe -- except in Dublin.

This weekend, Enda and Eamon were insisting that the "campaign proper" starts tomorrow. They could be the only political leaders in the world advocating the merits of a treaty when there is a better deal in prospect.

Will our two leading politicians hit the road, frantically seeking support for a vanishing deal? Will they keep on flogging the dead horse of a May 31 vote on a defunct agreement?

Imagine the global headlines: 'Ireland Endorses Redundant Fiscal Treaty'. And then a strap-line: 'President Hollande wins concessions on growth from Merkel'. We will be a laughing stock.
Last week, the Financial Times reported strong rumours from Berlin that Germany was delaying its ratification of the treaty, in anticipation of an Hollande victory. Only three European nations had ratified. Nervous nations are holding their horses.

Its only right that we should vote no, for the forseeable future anyway.
We're putting the cart before the horse!!!!!


http://www.independent.ie/opinion/columnists/shane-ross/shane-ross-french-revolution-guillotines-treaty-3095143.html

K-9

Biggins wrote: »

I must be tired. I'm getting confused. :pac:

My bed is calling!

The capital one was a bit sarcastic, it's funny seeing SF argue for the IMF.

K-9

Noreen1 wrote: »

Which says a great deal about the perceived attitudes of our "friends" in Europe.

Personally, when I hear the IMF say things like "Ireland needs assistance" - I get seriously worried.
The IMFs sole concern has always been to get its money back. They really don't care about the social consequences for the Irish people.

That's for the Irish Government to work out. Eg. scrap the Croke Park agreement or let numbers fall by not replacing retirees.

If they are suggesting that their partners in the Troika need to give us further assistance, it is purely because they do not believe that we can grow our way out of this, and are at risk of default.

Nobody is suggesting anything of the sort. It's part of the Treaty, hence the debate over if we actually will need it.

That being the case - how is contracting to further austerity - with penalties for failure to comply - supposed to work?
If it hasn't worked in the time since 2008 - why would it suddenly, magically, work now?

If we need another bailout the clauses don't apply to us.

Remember when we were the poster boy of Europe, for observing measures very similar to those contained in the compact?
The same ones that led us to the mess we are in now?

There is nothing particularly wrong with the measures, it's how you achieve them that is the problem, as we found out.

What we need is a competent Government, answerable to the people - all the people - not those they choose to pander to.
Giving more control to Europe, while Enda runs over and tugs the forelock, by blaming all the Irish people for the mess, rather than representing them, and trying to negotiate a workable solution, is not the answer, imo.

Poor Enda does get mixed up. Depending on the audience it isn't our fault and is!

have further austerity, one way or another.
However, giving control of that austerity to external powers, who have shown that their sole concern is the risk of contagion, rather than social consequences, or, justice, is not something I'm willing to do.
Had Europe been more supportive of allowing investors to accept their losses, I might think differently.

Well I assume that's the IMF and EU out. Rather limits our options as Scofflaw pointed out.

andrew

Gonna vote yes, because I can't think of any good, legitimate reasons to vote no.

My name is URL

I'm surprised that the UN International Labour Organization's report on unemployment hasn't been brought up here yet. They say that austerity measures introduced in countries like Ireland have been counter productive, failed to reduce deficits and may in fact lead to further recessions.

http://www.thejournal.ie/austerity-measures-are-devastating-job-creation-says-un-body-434365-Apr2012/

bnt

The way I understand it these days, the experiment of separating Monetary policy from Fiscal policy has failed: they go together like your left leg and your right leg. The same entity needs to be charge of both, and the argument is over who that should be:
- should it be each country's national government? If so, that requires each country to leave the Eurozone;
- should it be the European government? If so, they require greater control over each country's fiscal policy - hence the referendum.

The situation in Ireland today is that we have an above-average number of foreign companies here, thanks to the low corporate tax rate. The govt. has defended that rate because they know what will happen if the rates are "harmonised" - which will happen if the fiscal policy treaty is passed. Ireland's low corporate tax rate is a thorn in the sides of Merkel, Sarkozy, and others, they have said so in so many words, and it's in their sights.

If that tax rate goes, many of those companies will have no reason to be here, and leave. They left somewhere else to come here, they can do it again. All those other "soft" selling points aren't as compelling as they used to be e.g. innovation and education aren't going to save Ireland, not after the decimation of higher education funding over the last few years. The goose that laid the golden eggs is heading for the oven - but (as noted above) political developments in France may offer it a stay of execution.

dsmythy

Boards poll at odds with actual poll shocker.

I like the idea of government's spending being checked but wary of the influence from afar at the same time. Might have to vote no and hope Sinn Féin don't get in government anytime soon!

Gurgle

bnt wrote: »

we have an above-average number of foreign companies here, thanks to the low corporate tax rate

Apparently low corporation tax is not the main reason for so much FDI here.
http://www.rte.ie/news/2011/0225/fdi-business.html
http://www.forbes.com/lists/2011/6/best-countries-11_Ireland_CHI009.html

Also, we're the only native English speakers in the Eurozone.
I can't remember where, but I have heard that listed as the top reason for FDI here.