+1 . Compounding the problem, have the europeans not exerted pressure on us NOT to consider burning bondholders or defaulting?Yes, but in large part the state was given the money in order to pay back the European banks...hardly seems equitable that the Irish taxpayer shoulders that burden on behalf of Europe?
So we have run a huge budget deficit paying for a social welfare system, a health system, a level of public service and a general lifestyle which our low tax rates couldn't support.
We gave a retrospective government guarantee to the depositors who put money into our risky banks.
We act as a tax haven for multinationals.
Our banks have been given huge amounts of money at 1% and the state, which has been frozen out of the international credit markets, has been given a €65 billion line of credit by the EU/ECB/IMF at around half the rates we could borrow on the international markets.
But shure, let's come up with an oirish solution to this. Let's blackmail these lads into writing off half our debts so that we can continue the party with no hangover.
driven by the massive amounts of money pumped into the building trade by European Banks, there was no deficit.
The eu/imf/ecb may have bailed us out, but the primary beneficiaries were those European Banks.
We may agree to differ on this one
We borrowed the money ourselves. The ordinary Irish punter borrowed money from the banks to buy their homes ( and investment properties and overseas investment properties). Let's not blame the lenders. They did not force it on us.
I don't have a second property in Ireland or abroad... & Yes, "they" did try to force money on myself & other half... any time we made contact with the bank, there was a sales pitch, numerous letters etc... so they were actively looking to give people "easy money".We borrowed the money ourselves. The ordinary Irish punter borrowed money from the banks to buy their homes ( and investment properties and overseas investment properties). Let's not blame the lenders. They did not force it on us.
We borrowed the money ourselves. The ordinary Irish punter borrowed money from the banks to buy their homes ( and investment properties and overseas investment properties). Let's not blame the lenders. They did not force it on us.
, really? We shouldnt hold institutions accountable for lending practices such as 100% mortgages preapproved by post etc?Let's not blame the lenders
We borrowed the money ourselves. The ordinary Irish punter borrowed money from the banks to buy their homes ( and investment properties and overseas investment properties). Let's not blame the lenders. They did not force it on us.
After all, drug dealers don't force people to buy drugs yet as a state, we blame them, not the addicts.
Our banks have been given huge amounts of money at 1% and the state, which has been frozen out of the international credit markets, has been given a €65 billion line of credit by the EU/ECB/IMF at around half the rates we could borrow on the international markets.
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