Sir, So we have the Troika pissed off at us as well. They are feeling a little peeved about not been invited to our gaining our financial freedom once more. Perhaps they thought that having brought this country to its knees we should somehow be thankful to out lords and masters. Well that is just too bad. I mean to say, should we be thankful to them for what they have done for us?
Let's see now, first we were blackmailed into bailing out the banks to the tune of hundreds of billions so that the E.U. vultures who tossed cheap money into this country bringing it to its knees could get all of it back and probably with interest to boot instead of letting them pay the price for their stupidity. We now own or have huge interests in most of the remaining banks that will never be able to pay back the money that we have given to them. The greed and stupidity of our bankers in firing this money out to whoever wanted it without taking into account what was bound to happen defies any known financial reasoning. Of course they were only looking after themselves and the huge bonuses that they were making. The juggling of billions between the banks to make the books look good was, to my mind, disgraceful.
Let us remind ourselves once more of this wonderful time: Banks giving out any amount of money required to anyone, Developers paying huge sums for property; Government workers getting inflated salary increases (benchmarking) to maintain their status in society; Housing projects being sold from plans before a sod was turned; Huge inflation as house prices rose weekly.
Ah yes, the good times were here and none could see any end in sight. Anyone who made waves was shouted down as stupid and our small country of Ireland was held up by the E.U. to all the countries of the world as a perfect example of capitalism at its very best.
Now the E. U. has come to think that perhaps bailing out of a failing bank might not necessarily be a good thing after all, perhaps letting them fail may well be seen as a warning to the others.
This wisdom comes a bit late in the day for us unless, perhaps, they will accept the cost of bailing out the banks that they forced on us. I think that we should take our case to the European court and sue them for the blackmail that was forced on us. Then once they have paid all of our bank debt they will be more than welcome back to the party.