Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Ignoring the role of the irish banks,their irish creditors, their french, british, american creditors. Or do you want to claim that the average irish bank had no deposits at all?

No, but the depositors are not illegitimate claimants. The interbank lenders are. Depositors should never lose their shirts - interbank lenders should.

The vast, vast majority of irish debt was taken on in the process of coping with the results of the bust of the property bubble.

This is simply false. Contrary to fact. Not true.

And even if it were true, it would not help your case. Because if it were true, the ECB should be carrying it at 0.0 % interest - a major point of having a fiat currency is to permit unrestrained countercyclical spending.

Either the debt is from the bailout - and then it should be defaulted on as a matter of principle, or the debt is from countercyclical spending, and then Ireland should not be paying 5.7 % interest to the ECB for having the ECB do its fucking job and print money to fund countercyclical spending.

Either way, Trichet, Weber and Stark need to STFU and start the printing presses already. And Merkel especially needs to STFU with her neoliberal "debt brake" garbage.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 07:58:10 PM EST
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