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.
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.
In the meantime, Germany has flourished. Could we not be granted more leniency in structuring the payback of our loan, in the hope we can rise from the ashes in the short term, rather than the long term?