Wednesday 28 June 2017

Bailout blues

•At the height of the financial crisis in Ireland, the Government placed the massive bank debt onto the shoulders of the Irish taxpayer, and was subsequently forced to borrow money to recapitalise the banks so as to keep them functioning. As a result, massive financial pain has been inflicted upon the citizens of this State. The full effect of the conditions attached to this bailout, such as the forced sale of state assets, has yet to be felt.

Now that other countries in Europe are facing into the same banking crisis that Ireland did three years ago, the same solution is being proffered as the best course of action -- state recapitalisation of the banks. However, it would seem that while it was perfectly acceptable for the Irish Government to inflict massive austerity on its citizens in order to solve its banking crisis, some of our larger European neighbours appear unwilling to follow suit and now want a Europe-wide solution to the problem. Where was this Europe-wide thinking when Irish taxpayers were having tens of billions of euros borrowed in our name (at substantial interest rates) in order to keep private banks functioning?

It would seem in this case, what is sauce for the goose is not sauce for the gander.

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