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CREDITORS of the Icelandic Landsbanki bank will get very little return on their investments after preferential shareholders are dealt with.
Major European and international banks have no option but to accept their losses and move on. The write-off on this bank will exceed €20 billion.
The bondholders in the other two collapsed banks, Kaupthing and Glitner, will also metaphorically end up, more or less, having to whistle ‘Dixie’.
The global banking giants which chose to invest in such dubious Anglo Irish-type Icelandic banks decided to gamble and they lost – it’s that simple. Big banks give little banks big money to make them more money.
In all, €68bn will be the ‘hit’ the foreign banks will now have to accept from their Icelandic misadventures. They failed to realise the Icelandic people would be able to throw them all out through the democratic referendum process – just as the Irish people no doubt would have done had we been given the opportunity. Sadly, the Irish people were denied this direct democratic right, thanks to the 1937 constitution, rewritten by the then Taoiseach, Éamon de Valera.
Instead we were led to believe by our quisling government that if we did what the Icelandic people choose to do our European glory days would end and Ireland’s reputation would be in tatters. This is a national urban myth and the taxpayers of Ireland are being bullied into accepting it.
The fact that the Government did nor pursue a more rational course of action is what has now increased our downward spiral rather than help resolve our problem.
Not only today’s generation but the next three or four generations will have to carry this can of bank garbage which was not of the people’s making.
The international banks are delighted at how the Government collapsed under their pressure and duped the taxpayer into agreeing to make good their reckless Irish gamble.
Imagine, however, if a new party emerges before the next election which will have as its manifesto a clear statement that, if elected, it will revise, and if necessary reverse, all dubious bank deals.
It will seriously deal with all state employees and state pension beneficiaries who have feathered their own nests. It will decide on a new rigorous tax code that will be totally transparent, however harsh it may be. It will terminate the days of wine and roses and dramatically increase the Dáil’s working calendar and procedures. It will restore ‘direct democracy’.
If such a party presented itself, would you vote for it? Would you support it? I know I would.
If you would like to know more, log on to the email address below and you will become part of a future Ireland that will keep only the very best of the past and only accept what is the very best for the future.
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