For what is said about Ireland and it's wild lending to the sub-prime market, vast amounts of cash were handed over to anglo-irish (a sub-prime bank who's borrowers were risky at best) by the german banks before to the bailouts to fund the wild lending that was going on to a building trade and mass inflation to the housing market. The germans won't let Ireland die and go bankrupt because they have invested too much pre 2008.
Now I'm all for blaming people but as far as I'm concerned the ''super being'' that is the
EU failed to monitor the Irish banks as it was supposed to do with all of europe the Irish central bank failed to do the same and the opposition in government sat there and and let the bubble grow. (I don't remenber the opposition once questioning the government in the good times because they were too preoccupied with getting re-elected than running the country)
Now for all the bad that Ireland did on it's own it was let to eat all it could from the biscuit tin because it's mammy was busy chatting up the neighbours for business deals.
In my opinion if europe had monitored it's banks things would look a little brighter.
P.S. Any one else remember how Sarkozy talked about how to fix Frances economy in his election campaign because it was living on borrowed money and had been for some time. Yet all this was forgotten about when he was elected. Every country has it's dirty little secrets under the carpet it's just that the P.I.I.G.S.'s have caught fire under there. It's only a matter of time before the rest of what's hidden rears it's ugly head.
Automatically Appended Next Post: Da Boss wrote:
Many Irish people would agree with you.
Our last government had no spine and agreed to guarantee the banks when it was a very silly thing to do for us.
Sure the banks would have collapsed, but at least the country itself wouldn't be bankrupt.
Iceland got over it pretty quickly.
Not entirely as the guarantee was based on false information from the banks, who had a good hold on the dáil.
Iceland had it's own currency to devalue and get investors. Ireland has lost the punt so long as it's in the
EU and as such can't fix itself that way. one of the failings of the way the euro works. Any way Ireland should have been kicked out of the
EU as it's economy failed to pass basic requirement tests to be a member state prior to the bust (having a growth in excess of 5%) but was never removed why the
EU can't monitor itself is a mystery hidden in a mountain of red tape.