bailout perversity

[Olympia]

Do I have this right?

1. The Irish state’s bank guarantee protected dozens of billions of euro worth of investments by French and German banks.
2. The consequence of this guarantee was to render the Irish state insolvent.
3. At the behest of the Germans the inevitable bailout carries a 3% punitive interest rate.

In the words of Senator Clay Davis, “Ain’t no soul in the world that fuckin ungrateful.”

[shocked]

That sums it up alright. What we need is debt restructuring (Junior and senior debts) see the David McWilliams thread for his article today, he sums it up quite nicely. Brian lenihan needs to grow a pair and stand up for the Irish people or else history will judge him as a traitor. I still can’t believe there hasn’t been a major demonstration about this yet.

PS not a union or Sinn Fein protest, but a mass of ordinary people on the streets.

[ex-Patrick]

I’d suggest a change to point 2:

2. The consequence of this guarantee was to render the Irish state more insolvent than it was already (as a result of treating a temporary asset bubble as generalized economic growth).

It’s not just a banking crisis - during 2003-08 the Irish government took on more ongoing expenses than it could afford over the medium term.

[ewd3]

Do I have this right?

1. The Irish state’s bank guarantee protected dozens of billions of euro worth of investments by French and German banks.
2. The consequence of this guarantee was to render the Irish state insolvent.
3. At the behest of the Germans the inevitable bailout carries a 3% punitive interest rate.

In the words of Senator Clay Davis, “Ain’t no soul in the world that fuckin ungrateful.”

Bang on

and Fianna fail say it’s the only deal on the table.

[boomshackala]

It will have to be stopped
the dogs on the street know it. I’m voting for Labour, so the political will is there to bring ti down. Dont worry they wont last long