Thursday, November 10, 2011

Irish Government standoff with their Banks

There is an interesting little side story to the euro crisis this morning from Ireland. The report from the Irish Times of the Irisn Banks refusal to pass on last week's ECB interest rate reduction to the banks mortgage customers with variable rate loans, highlights the complete anarchy now evident amongst those banks, since they were rescued by the previous administration with a state guarantee which will bankrupt generations of Irish citizens yet to be born. The article may be read from here.

Everything now taking place across the EU can eventually be placed at the door of a lethal mixture between the greed of our bankers and the obscene lust for unlimited and unaccountable power by the Continent's political classes. Just as Cameron could not initially be unlinked from Coulson, so the banks cannot be removed from their government provided taxpayer's drip feeds.

No solutions are available for the euro crisis as long as those who created the chaos remain in command. As PMs Papandreou and Berlusconi have been rejected by the terminally sick system, does this perhaps now uniquely qualify them to begin to perhaps seek out some solutions?

How Ireland removes itself from its pledge to its own bankers, will be most interesting to observe!

Labels: , ,


Post a Comment

<< Home