Jun. 27th, 2013

underthewillows: (Default)
Ireland is in dire straits when it comes to the economy, and the trigger for the collapse was the over-inflated bubble of the property market which finally burst in 2008.

Now, the American banks and investment companies collapse had a knock-on effect globally, but our own little treasures didn't improve matters by basically lying to the government financial regulators, extorting taxpayers' money out of them, and all the time they knew their institutions were dead on their feet.

"The Irish Independent" newspaper has actually turned from celebrity Z-list gossip to doing some real journalism and they've released tapes of Anglo-Irish Bank executives, back in 2008, discussing amongst themselves what was going on and what they were telling the Central Bank and the Minister for Finance (two separate things).

Anglo-Irish was the first domino to fall; it pulled in the government at the time to give them €7 billion in a "loan" - this was, as you will hear, half the total amount the Central Bank had in assets. You can begin to see why the economy crumbled under the burden of propping up all the banks which then fell, one after another.





These are the bastards that broke the country; five years on, we're still in a trough with high unemployment, emigration up once again, and we owe our souls to the Germans. But these lads won't see a day in jail, plus they get to keep their pensions and perks as negotiated!
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