More On Ireland

Susie Madrak found more coverage at Counterpunch:

And don’t believe the hype about European unity or saving Ireland. My ass. This is about bailing out the banks. The bondholders get a free ride while workers get kicked to the curb. Here’s a clip from the Financial Times that spells it out in black and white:

“According to data compiled by the Bank of International Settlements, the three largest creditors to the Irish economy at the end of June…were Germany to the tune of €109bn, the UK at €100bn and France at €40bn. These sums amount to 2 per cent of France’s gross domestic product, 4.5 per cent of Germany’s GDP, and 7 per cent of British GDP.”

See? Another bank bailout. Ireland is being asked to cut to social services, slash wages, renegotiate contracts, and dismantle the welfare state so that undercapitalized banks in France and Germany can get their pound of flesh. But, why? They’re the ones who bought the bonds. No one put a gun to their head. They knew they could lose money if Irish banks went south. That’s the risk they took. “You pays your money, and you takes your chances.” Right? That’s how capitalism works.

France and Germany have pushed this bailout and structured it so their banks will get their money, even if people in Ireland have to starve. They are the big push behind the high interest rate being charged. They don’t mention that their banks were part of the problem.

This isn’t about Ireland, this is about over-extended banks in other countries. Most of the money is going to be shipped to foreign banks, and will do nothing to help Ireland.