Good news for Gunter but Sean Citizen suffers

GUNTER the German saved his money and lodged it with his German bank and pension fund.

The bank then lent it to Irish banks at around 3% who lent it on to Irish folks who bid against each other, pushed prices up and up and bought all round them and invested in property and assets which are now worth less than half they paid for it and whose income is now greatly reduced or gone altogether.

Gunter wants his money back, so he is now saving even more with his German banks and pension funds who are lending it to the ECB at 3% who is lending it to the Irish Government (people) at 5.8% who are giving it to the Irish Banks at 0% to pay it back to German Banks and ultimately to Gunter.

Makes perfect sense for Gunter, German banks and pension funds (bondholders) and the ECB.

How crazy is it for Ireland Inc and Sean Citizen.

Kevin T Finn

Mitchelstown

Co Cork