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U-turn on bondholders has hurt our democracy

At midday on Wednesday, one billion dollars was paid by Irish taxpayers to unguaranteed bondholders in the now non-existent Anglo Irish Bank. Less than one year ago Michael Noonan described such an act as "indefensible" and "obscene". Next year he intends to pay another €2.7bn, with the first €1.25bn coming up in January, straight after the Budget cuts.

The reasons for not paying these bondholders are well known. So let's take a look at the background to these bonds and the reasons given for paying them.


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