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Monday, June 01, 2009

Stop the taxpayer bailout of Anglo-Irish Bank

Are you annoyed that 4 billion euro has just been added to the national debt in order to bail out the big property speculators and Fianna Fail funders who owe around 7.5 billion in bad debt to Anglo-Irish bank?

Do you feel sickened that your grandchildren will still be paying taxes in order to save the asses of a small golden circle of ultra-rich elite?

Well, then it's time to ask the EU to block the deal. Brian Lenihan cannot go ahead with this robbing of the taxpayer to bail out his cronies if Europe blocks it.

So, let the EU know what the Irish people think of this shoddy backroom backscratcher of a deal.

Send an email to this address, SG-PLAINTES@ec.europa.eu , and highlight your feelings about the bailout NOW. Tell Europe you object to this deal and believe it is a betrayal of the Irish people.

Because it is.


claus said...

The report is wrong and rather juvenile for two reasons, firstly, not to support Anglo would initiate the government bank guarantee scheme not just for Anglo but for all the Irish banks and financial institution since depositors would withdraw their money en mass that would cost the state several hundreds of billions EURo's which the Irish State has not got, thus it would default on the guarantee.
This would destroy the Irish economy for decades with all that entails for the Irish people, that is to say poverty and emigration.
Secondly, the European Union can not interfere for the reason stated, the regulator will only check that the Anglo input will not cause competitive problems with other European financial institutions, and has no power to interfere with Ireland for the reason stated, (rather silly)
Lastly, it is wrong to publish such articles in order to incite anger and disorder within Irish society when the opposite is needed that is to say togetherness and support, not in support of the current government, but in support of Ireland as a country and sovereign state, and whilst the current government, the regulators, and the bankers were in the past totally inefficient and incapable and must eventually pay the price, but what they are doing now in order to rectify the situation is correct, and the Irish people by enlarge support them which is essential, political opposition parties will of course try to get a political advantage this is of course wrong but somewhat understandable and therefore of little importance, but the media in general and blog writers in particular should not incite the public with publishing such comments.

Fericho said...

The bank is nationalised though, they can "bail it out" as it were and keep the thing afloat and hope to turn it into a money making state asset over time. The only other alternative is to liquidise the whole thing, but it is nationalised so the goverment would still pick up the slightly smaller bill after all assets have been liquidated. This course of action would also see people losing jobs.

JC Skinner said...

The nationalisation was conducted without the approval of the Irish people, as was the indemnification of the criminals who presided over that bank's downfall.
I would like to see both rescinded by the government and permit the bank to go to the wall, and the same with AIB and BoI if necessary.
This is nothing less than corporate welfare - the transfer of billions from public to already well-greased private hands.
Claus seems to be languishing under the delusion that the economy in Ireland isn't ALREADY destroyed for decades. Obviously it is, when the manufacturing base is gone, and young families are trapped in 40 year mega-mortgages. Consumer spending is permanently damaged due to the property bubble, at least for a generation and likely for the duration of these mortgages.
Meanwhile property prices have collapsed, our bonds are virtually junk, and we're running a monthly deficit in the billions.
This is a classic line spun by the vested interests - we somehow NEED to bail out the bankers and the property speculators because they are somehow SYSTEMIC to our economy.
In fact both have proven to be cancerous to the economy.
Time to excise them, and preferably, jail the culpable.

claus said...

I agree with the economic problems as outlined by JS in his blogs and I confirmed this in my first reply, and that is the very reason why the government can not allow Anglo to go bust since it would totally destroy Ireland economy because investors and depositors will leave en mass and will not come back and economic recovery will be frozen for a long time, the Irish people (and not only grassroots) will pay a heavy price for this, heavier than they are paying now, since there would be no chance of recovery.
By supporting Anglo Ireland will keep its economical reputation as a solid sovereign state intact since total support of its financial institutions will give Ireland the chance of a recovery, as is well known banks are able to make huge profits when matters improve, and this will be beneficial for the country and the population will benefit in all aspects of their lives including getting their banks rescue packages back as a tax repayment bonus,

claus said...

The last point in my recent post was accidentally erases and reads as follows ... When the recovery takes place the prices of land and property will also recover, history has proved this many times and every time, thus the massive sums absorbed by NAMA regarding the impaired loans will decline substantially, in addition the land & property "developers" will begin to start repaying their loan commitments, thus all the "taxpayers" money to which you refer will come back to the treasury, and if NAMA holds the impaired loans for some time before selling them on to potential investors, the taxpayers will via the treasury end up with a profit.
It is important therefore that the government supports Ireland's financial reputation in order to achieve recovery.
Thus I state again ... Anglo must be supported for the time being until recovery is on the horizon there is no other sensible alternative.

JC Skinner said...

Who else reckons Claus is on the Anglo board?
Enjoying your indemnity, Claus?

From Germany said...

Bash the bank. The bankers are criminals anyway. And average citizens do not understand what this is all about anyway!