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42% of Europe’s banking crisis paid by Ireland

category national | anti-capitalism | other press author Wednesday January 16, 2013 23:00author by fred Report this post to the editors

An article in the examiner states that 42% of Europe’s banking crisis is being paid by Ireland. Thats from a tiny population of 4 million. This is a completely ridiculous state of affairs.

The Examiner penned an article putting a little pressure on the Taoiseach and his FG minions today. It claims that in real terms Ireland has shouldered 42% of the European banking crisis. Those waiting in line at soup kitchens, those surviving in negative equity and other victims of what are euphemistically referred to as "austerity measures" here and those whose businesses have collapsed as the local economy has been hollowed out through lack of bank lending and consumer spending by a cash strapped frightened public, will not be very surprised at this analysis.

"The figures show that while the banking crisis cost Berlin €40bn, Ireland is liable for €41bn. With fractions of the population and GDP of the EU’s biggest state, the crisis has cost Ireland 25% of GDP and Germany 1.5%.

Taoiseach Enda Kenny is due to speak in the European Parliament today on the country’s work during its six months at the helm of the EU and is expected to address bank debt and the need for solidarity.

Labour MEP Nessa Childers urged him to point out that the bank debt is neither just or sustainable and must be written down if Ireland is to exit the bailout programme.

“Without burden sharing on banking debt in Europe, any pretence of solidarity left in the EU will be extinguished. If we have no burden sharing on bank debt, if the failed policies of austerity are pushed and pushed, what in the end will be left of our communities, our economies and our democracies?” she asked.

Michael Taft, research officer with the Unite trade union, said the Eurostat figures show that Ireland is a special case and requires a special solution.

“The Government has a real challenge in the negotiations over bank debt. But there is a bottom line here. If any deal does not qualitatively alter these dismal statistics, then it won’t be a deal worth applauding.

“If people are still paying nearly €9,000 each while the remainder of the EU pays only a fraction of that, then it is no deal at all; just a rearranging of euro notes on the decks of a sunken ship,” Mr Taft said.

The average banking crisis debt across the EU is €192 per person, and the figure of €9,000 for each Irish person does not take into account the €18bn put in from the National Pension Reserve Fund. "

Full article here:

author by Tpublication date Thu Jan 17, 2013 23:10Report this post to the editors

I find that €40 billion figure as the only amount paid out by Germany too hard to believe. I am reasonably sure they have paid out more.

As far as I remember the German's had to bailout one of their own banks Depfa which just before the boom changed its headquarters to the IFSC in Dublin from Germany but due to some legal issue, we avoided having to bail that out too and it cost the Germans over €100 billion, but there were other banks in Germany that went under and were bailed out.

Anyhow in a separate issue there is an interesting site called BondWatch that is tracking what has been paid so far in bonds.

Related Link: http://bondwatchireland.blogspot.ie/
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