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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.


1 cookiejill { 11.30.10 at 12:04 am }

It’s heartbreaking. I suppose one story out of Ireland that strikes a chord with me is the estimated 20,000 horses that have been abandoned because their owners could no longer afford them. Ireland is a horsey country and has more horses per capita than any other country.


2 Bryan { 11.30.10 at 12:41 am }

Yes, it’s like the pets left behind in foreclosed houses. The pain is spreading, but the politicians don’t get it.

3 jams o donnell { 11.30.10 at 1:41 pm }

It’s gong to be an utter disaster for the people of Ireland. The ruling party Fianna Fail(ure) are certainly heading for a John Major style drubbing at the next election. The problem is that there is little that another government can now do to improve things.

4 Bryan { 11.30.10 at 4:37 pm }

If Ireland accepts the conditions attached to this bail-out, it will be decades, if ever, before they come back. The people deserve better – they didn’t create this situation.