The €90bn double or quits gamble
Brian Lenihan's Nama plan may save the banks but it is wrecking the country, writes Daniel McConnell
Published 07/03/2010 | 05:00
"This is a letter of hate to those men of my country who have defiled it, men with manic fingers that led the feeble body of my country to its death." - John Osborne
Eighteen months ago, at the end of September 2008, this country was pushed off a cliff by the actions of a group of bankers. Late at night, our government was panicked into saving the cancerous Anglo Irish Bank and, in doing so, they mortgaged the future of this country on the fly.
Much has happened since then and, last week, AIB, the country's largest bank, announced a massive €2.6bn loss, the first in its history. It already has received €3.5bn from the taxpayer and is set to get another €4bn at least shortly.