The people have spoken: no bondholder bailout

WE live in a great country. Throughout the last century, we have built a civilised inclusive society by providing universal, free, quality education, accessible healthcare, basic social security and impartial justice. Without these, life in Ireland would be closer to that in the developing world.

However, these services are currently being eroded so that funds can be diverted to pay off private sector bondholders that made bad loans to Irish banks. Not only is this unjust — it also creates risk — if the current bondholders don’t suffer a loss, future bondholders won’t hesitate to make similar risky loans in the future. It is heartening to see the protests against the enormous costs of the bank bailouts gathering pace.

Weekly marches are taking place in Cork, Dublin and hundreds of cities across the world demanding that fairer use be made of ordinary people’s taxes. Though there are protesters from very diverse backgrounds, the basic message is the same: No Bondholder Bailout. Taxpayers of the world unite!

Robert Hamilton

Oakwood Farm

Rochestown

Cork