Banks and nation in dire straits

TSB’s huge losses of €424 million only seek to confirm the dire straits the commercial sector is in across the board.

There is hardly a financial institution anywhere that has not been touched by our national debt crisis. The only reason why exports are up is because of the very weak euro that is continuing to trade down, but weakening investor confidence.

The banks haven’t a great deal of money to lend and are fighting for their lives in the international debt markets that are looking for early margin calls.

The reality is that this country is now sharply in decline and leveraged up to the hilt.

On top of all that ‘stagflation’ has become a reality where the economy is contracting and prices are beginning to rise, such as fuel.

Mexico borrowed left, right, and centre in the eighties and still ended up no better off and crippled itself permanently.

To make matters worse, we have the cute crowd who are not paying their fair share and throwing their companies into liquidation when their creditors or the Revenue come calling.

We have seen far too many examples of these quick buck artists who have no difficulty in refusing to pay their dues.

This is leaving many people in the lurch and crippling good will for a better economy.

At the end of the day whether it is companies or individuals, the margin calls and tax bills are going to come hot and heavy in a country that appears to be sinking and stinking.

Maurice Fitzgerald

Shanbally

Co Cork