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Stephen Kinsella: Are we paying too high a price for our stability?

I'm going to become violent with the next person to describe the €67.5bn loan Ireland received in 2010 as a bailout. It wasn't a bailout for anyone except the private bondholders who took the debt of private, badly run, banks, who stood to lose everything, and ended up with all their money back, all to aid in the preservation of the stability of the European banking system.

For everyone else, the banks' shareholders, the government, and especially the taxpayer, it was a loan: a massive loan, to be repaid to our creditors with interest. Ireland's debt servicing costs in 2011 were €5.4bn. To give you a sense of scale, the value of the output of the entire domestic economy in 2011 was around €130bn.


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