By: Daniel F

Daniel F — Wed, 09 Mar 2011 10:03:49 +0000

I think you’ve managed to ignore what I wrote, Collis. The EU is not enforcing “national economic responsibility” on Ireland. The interest rate on the loan Ireland has received is much higher than what it costs the EU to borrow the money itself. The rationale for that difference is that it’s meant to be punitive, and discourage bad behaviour in the future. But the “bad behaviour” being punished was the responsibility of private banks, not the Irish people – aided and abetted by European banks that made equally reckless loans to the Irish banks.

It was Fianna Fáil who decided that the private debts of the Irish private banking sector were the responsibility of the Irish people – they never consulted the people on that decision, and now they’ve been wiped out electorally. Instead of helping the Irish people to remove the disastrous bank guarantee, the EU is now insisting that Ireland honour Fianna Fáil’s committment, and even demanding that Ireland bail out bondholders who weren’t covered by the terms of the original guarantee.

If these people are friends, I’d really like to see what enemies would look like. There is no possibility of Irish politicians “sorting out the current mess” as long as the EU-IMF deal remains in its current form – it is far more likely that the state will head towards a sovereign default in a year or two. Ireland certainly needs as much support as it can muster in the EU – it doesn’t need Rehn and Trichet giving us a “friendly” push over the cliff.

By: Collis Gretton

Collis Gretton — Sun, 06 Mar 2011 13:20:50 +0000

“EU officials demonstrate such contempt for the will of the electorate” Absolute rubbish.

EU membership does not absolve any country from national economic responsibility.

It is up to Irish politicians to sort out the current mess with as much support as it can muster in the EU.

Don’t ‘scapegoat’ your friends.

Comments on: The EU ignores the Irish people, again

By: Daniel F

By: Collis Gretton