Saturday 21 January 2017

We need time to pay our debts

Published 26/05/2011 | 07:56

ECB president Jean-Claude Trichet needs to cut us some slack
ECB president Jean-Claude Trichet needs to cut us some slack

JUST so I have this right: the international banks loaned money to our banks, who loaned and lost it on the property bubble. Our Government then said we would make our taxpayers pay back the loans. But there's a small problem: we don't have the money to pay you back.

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The international banks said, leave that to us, we will loan you the money to pay us back the original loans and then you can pay back the second loan. However, we want it back over a short period at high interest.

Our previous government agreed to this and it looks like our new Government is following the same road. May I remind the international banks, and in particular the German banks, that after World War One the Treaty of Versailles demanded a war debt from Germany of the equivalent of about €785bn, and the final payment of that debt was only made in October 2010.

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