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When should a bust bank be liquidated? Answer: when it is Cypriot, but not when it is Anglo Irish.
The ECB/IMF/EC’s response to the ongoing banking crisis is a testament to its failed flip-flop economics. First bondholders could not be burned, now they can, apparently. Then banks could not be let go to the wall, now they can. Then the Greek rescue was a “once off special case”, then another and then another.
Once upon a time it was good for sovereigns (taxpayers) to pick up the debts of bust banks; then it was bad, and the decision came to separate bank and sovereign debt totally; then Ireland Inc was handed the debts of IBRC (Anglo) Bank and that was good apparently.
Once upon a time the small/medium saver under €100K could not be burned, then they could, and now they kind of can’t be again. Flippidy floppidy. A case of the blinder leading the blind, or should that be ‘the blunderer’ leading the blunted.
Confidence? I ask you, in God’s name, where and in what? Confidence has been lost in the mire of incompetence, false promises and outright fraud at the highest levels.
If it were a Christian issue one might think: ‘Forgive them Lord for they know not what they do.’
But economics are not about Christianity, so I say get rid of this lot and that other lot who drove us here in the first place now, and consign them to history for good and all, and let some sanity reign on this once great country of ours.
Kevin T Finn
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