EU Observer: what exactly are the Irish being punished for?


Wise, he is

From Bruno Waterfield, writing at EUobserver.com – Danger! EU aid!:

The punitive amounts of interest the Irish will pay on the EU “loans” they were forced into accepting are beginning to emerge…

Irish families [will be] paying an extra €4600 in austerity taxes every year

Irish borrowing rates only went through the roof, above the 5.7 per cent Ireland is being charged, after Germany rocked the boat for its own narrow national interest at the end of October…

Ireland, which has no money and was not allowed by the EU to give a “haircut” to the banks that fuelled the bubble that destroyed its economy, is effectively being fined an interest surcharge of €658 million every year to encourage it to pay back the cash quickly…

It’s punishment time, and the EU has also drawn up a savage programme of cuts to social welfare, just to rub salt into the wound. But what exactly are the Irish being punished for?

Ireland was forced into this loan and Irish people will be paying it off at profiteering rates for years to save the big banks (and the big Treasuries that have bailed them out) of Britain, Germany and France.

There’s a word for this sort of aid and the word is extortion…

The EU has become the mechanism by which big countries, such as Britain and Germany, coerce small countries, such as Ireland, in their own protectionist interests.

Read more. You should also read Mr. Waterfield’s brilliant rebuttals of critical comments from “the College of Bruges infant class” here and here.

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This entry was posted in Accountability, Bankers' Bailout, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EU, Leo Varadkar versus the World and tagged , , , . Bookmark the permalink.

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