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Failure to do deal on legacy bank debt will cost every citizen €13,553 each

category national | eu | other press author Monday January 21, 2013 03:39author by lefty Report this post to the editors

Interesting story in the independent regarding the promissory notes. The government is so worried that they have assembled a crack team of expensive lawyers (paid for by the people) to act against the interests of the people. Noonan, attendee of the last bilderberg meeting is apparently hopping mad that his new banking friends in Europe may have a problem getting all the billions of our money on time, which might require emergency legislation.

The independent is running this story which everyone should read. In my opinion It reveals the true loyalties of our servile government and shows whose interests they truly serve. Not ours!

EVERY man, woman and child in Ireland will have to pay €13,553 unless Finance Minister Michael Noonan can obtain a deal on the promissory notes and on our legacy bank debt, newly compiled figures reveal.

Mr Noonan will travel to Brussels tonight to assume the chairmanship of Ecofin, the powerful committee of European finance ministers, with time running out for him to secure a "structural rearrangement" of the controversial €3.1bn annual promissory note payment, due in 70 days' time.

Mr Noonan, armed with the ammunition that Ireland has paid 42 per cent of the total cost of bailing out Europe's banks since 2008, now has near universal political support for a better deal for Ireland, but has yet to convince the implacable European Central Bank (ECB) to accede to his calls to reduce our banking debt.

Based on the shocking new figures, the Irish people are paying more than six times more per person for the cost of bailing out our banks than the European average.

The figures come as a legal challenge to the promissory notes deal – the Irish taxpayer pays €3.1bn a year for 10 years to the European Central Bank – which will be heard in the High Court next week, could force the Government to bring through emergency laws to legitimise the payments.

Senior legal sources have told the Sunday Independent that the Coalition will be faced with this politically appalling vista if they lose a court challenge being taken by businessman and mortgage arrears advocate David Hall."

Full article here

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