irishtimes.com/newspaper/bre … ing15.html
Irish taxpayers ‘should foot bank bill’
Irish taxpayers should not complain about having to bailout the country’s crisis-hit banks and, in future, regulation should be steered at a European level, according to ECB executive board member Lorenzo Bini Smaghi.
In an opinion piece in today’s Financial Times, Mr Bini Smaghi said Ireland’s taxpayers should foot the bill as they are the ones that benefitted during the pre-crisis boom years and elected the governments that regulated the banks as the problems built.
“The principle of ‘no taxation without representation’ should work both ways. If taxpayers have the right to share in decision-making, they must also accept the consequences,” Mr Bini Smaghi wrote.
There is more.
BottomsUp:
https://www.irishtimes.com/newspaper/breaking/2011/0413/breaking15.html
Irish taxpayers should not complain about having to bailout the country’s crisis-hit banks and, in future, regulation should be steered at a European level, according to ECB executive board member Lorenzo Bini Smaghi.
In an opinion piece in today’s Financial Times, Mr Bini Smaghi said Ireland’s taxpayers should foot the bill as they are the ones that benefitted during the pre-crisis boom years and elected the governments that regulated the banks as the problems built.
“The principle of ‘no taxation without representation’ should work both ways. If taxpayers have the right to share in decision-making, they must also accept the consequences,” Mr Bini Smaghi wrote.
There is more.
ECB are telling us where to shove it.
More than 150 years later we haven’t forgotten that Potatoes must be protected from blight.
We need to suffer severely to ensure this banking crisis never happens again.
Until there are half clothed kids with ribs sticking out being driven to gas chamber by FF ministers, some people will continue to vote FF. Can those who didn’t vote FF opt out of “our obligations” ?
not very politic of him but he has a point.
coc
April 13, 2011, 12:48pm
6
I thought the lesson learned was not to leave your fate in the hands of foreigners who couldn’t care less if you starved or not?
jamesblonde:
Irish taxpayers should not complain about having to bailout the country’s crisis-hit banks and, in future, regulation should be steered at a European level, according to ECB executive board member Lorenzo Bini Smaghi.
In an opinion piece in today’s Financial Times, Mr Bini Smaghi said Ireland’s taxpayers should foot the bill as they are the ones that benefitted during the pre-crisis boom years and elected the governments that regulated the banks as the problems built.
“The principle of ‘no taxation without representation’ should work both ways. If taxpayers have the right to share in decision-making, they must also accept the consequences,” Mr Bini Smaghi wrote.
There is more.
ECB are telling us where to shove it.
Fine.
We’ll let Mr Smaghi explain to the Germans, English & French why their Bond holders won’t be getting their money back.
Seeing as he has such a firm grasp of the basics of international finance !
Perhaps he can also act as a spokesperson for the Icelandic taxpayers as well, in their efforts to tell the English to stick there losses where the sun don’t shine ?
mairz
April 13, 2011, 12:53pm
8
Now, THERE’s a splendid idea
I agree with this 100% - under the “You break it? You bought it!” rule.
I also agree that we should be 100% free to choose how we work this debt out.
Deal?
jonny
April 13, 2011, 7:11pm
11
I’m very happy with it all being lumped on the taxpayer. Should bring a default along sooner. Can’t be paid no matter how much people think it should be.
I can’t see any EU-related referendum passing in the next 10 years. Hope they like the treaties they have.
This is where we’re at.
We’re so deep in the shit that an Italian bureaucrat is lecturing us on governance.
spqr64
April 14, 2011, 7:29am
14
Good point and their track record of electing politicians isnt exactly great is it.
irishtimes.com/newspaper/fin … 70216.html
Swift return in blame game: John Bruton hits back at ECB member
THE EUROPEAN Central Bank (ECB) executive board member who said that the Republic’s taxpayers must carry the cost of bailing out the banks should look to his own organisation’s role in the financial crisis, according to former taoiseach John Bruton.
Yesterday, ECB executive board member Lorenzo Bini Smaghi argued that the State’s taxpayers should not complain about having to pay for the consequences of the credit boom.
Mr Bini Smaghi said that the Republic’s citizens elected the governments which were responsible for supervising the banks as the crisis built.
Mr Bruton, a former EU ambassador to Washington, said that the ECB had supervisory powers that were either not used through its own omission or because individual European governments did not want to activate them.
There is more.
