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¤750m bill for investors hard to take

TODAY'S payment of €750m of taxpayers' money to unguaranteed bondholders is a bitter pill to swallow. The money is being handed over to speculators who invested in Anglo Irish Bank and lost. Their losses were unsecured.

Many people have asked -- rightly -- why the Irish people must pay for debts that they did not incur, which arose from arrangements between private banking institutions.

This payment comes just a month before the country's fourth austerity Budget.

The Government has mounted a defence of the repayment. Taoiseach Enda Kenny has claimed default would kill off foreign investment and lead to higher borrowing costs.

The chairman of the rebranded Anglo Irish Bank, Alan Dukes, has warned of serious implications if we walk away from our responsibilities.

Are we to believe our politicians and bankers? Whatever their rationale, most taxpayers regard today's move as unfair and unjust.


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