Nailing the big lie about bailout

Mark Twain said “a lie can travel half way around the world while the truth is putting on its shoes”.

The people of Ireland need to take very careful note of the revised EU narrative, now that the cruel circus of austerity/reparation imposition, is reaching the inevitable endgame stage in Greece. Initially, we were all informed that the euro would collapse and a devastating domino effect would ensue, unless total member solidarity was maintained, and that ‘bond-holders’ were accommodated. Now we are being asked to consider that the euro could survive if Greece ‘moved out’ of the eurozone.

In reality, the coming Greek default will have to be accommodated; the bondholders are finally and inevitably going for the proverbial ‘bath’.

The simple, economic truth has finally got its shoes on. So too, the EU, it seems clear now, is all at sea in this crisis.

The ‘this is going to hurt you more than it hurts us’ argument has clearly not succeeded in Greece.

Where will the pressure points of the ‘managed denial’ policy being pursued by the EU next show up?

Before long, it will emerge that our funding stream from the ECB ESFS ‘bailout’ fund will dry up.

The big lie at the heart of this crisis is that failed and lost capital can be recovered.

It can’t.

Declan Doyle

Lisdowney

Kilkenny