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Ireland’s Debt Servitude
Stripped to its essentials, the 85bn package imposed on Ireland by the Eurogroup and the European Central Bank is a bail-out for improvident British, German, Dutch, and Belgian bankers and creditors.
The Irish taxpayers carry the full burden, and deplete what remains of their reserve pension fund to cover a quarter of the cost.
This arrangement I am not going to grace it with the term deal was announced in Brussels before the elected Taoiseach of Ireland had been able to tell his own people what their fate would be.
The Taoiseach said afterwards that Brussels had squelched any idea of haircuts for senior bondholders: a lack of political and institutional support in his polite words: or they hit the roof, according to leaks.
One can see why the EU authorities reacted so vehemently. Such a move at this delicate juncture would have set off an even more dramatic chain reaction in the EMU debt markets than the one we are already seeing.
It is harder to justify why the Irish should pay the entire price for upholding the European banking system, and why they should accept ruinous terms.
Continue http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100008812/irelands-debt-servitude/
bflr
Ireland and other parts of Europe are moving away from the international marxism that is the EU.
Meanwhile, our pres__ent (no ID) and Senate (including the CINOs such as Conyers) are moving us toward it.
Which side of this shift wins will define if we live in prosperity or blood.
Sorry if I’m not optimistic...
Get ready to watch the European version of the American Civil War.
The powerful people in Brussels in 2011 won’t be willing to let member states secede from the EU without a fight any more than the powerful people in Washington, DC were prepared to let member states peaceably secede from the US 140 years earlier in the spring of 1861.
There is too much power and wealth at stake for this to have a happy ending.
Related:
‘The Euro Game Is Up! Just who the hell do you think you are?’ - Nigel Farage MEP
http://www.youtube.com/watch?v=Fyq7WRr_GPg&feature=player_embedded
http://www.freerepublic.com/focus/f-news/2635396/posts