Thursday, October 25, 2012

Treasures from the threads number 82 - Irish Bailout

Two consecutive comments to the Lenihan letter of November 2010 requesting the Irish Bailout from the Troika, released following an FOI request and published in the Irish Times, linked here:

Now the sovereignty is gone, emigration of young people from 15 -24 was 70000 in the two years to last April, there is over 7billion paid in interest a year by the Irish government, and the 64 billion debt from promissory note and bank rescue will burden the State for the next 40 years. Better to have defaulted, and then recovered after 10 years, according to your scenario, rather than live hopelessly, and condemn future generations to penury, or more emigration.

So it does come down to a signature on a piece of paper. Very curious that the term, Irish Authorities is used. There is the Republic of Ireland and, there is the Government of the Republic. Now we have the Irish Authorities on behalf of whom, the Minister for Finance makes formal application for external assistance, and who will cooperate in preparation of a programme of assistance for the Irish State. Who constitutes the Irish Authorities precisely? 

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