So says an angry Irishman, Declan Ganley, who is none too happy that despite being in an economic depression, Ireland continues to bailout failed banking institutions elsewhere, here:
“[On Tuesday] Ireland paid, once more, another half a billion euros to unsecured, un-guaranteed failed private bank holders — we don’t know who they are, some of them are French banks, some of them German — it’s not even disclosed [to whom] Irish tax payers money is going. So Irish taxpayers are bailing out failed banks."
“The whole of the European project, it would appear, has been hijacked to subsidize and protect an industry that needs to go through its insolvency purge [and] needs to go through bankruptcy."
Well . . . yeah!
His faith in American-style banking bankruptcy arrangements for Europe, expressed elsewhere at the link, is touching, but we don't really practice them here either, sorry to say, in the cases that really matter. American taxpayers remain on the hook for failed behemoths like Citigroup and Bank of America, and Fannie and Freddie, GM, AIG, et cetera, et cetera, et cetera.
Some French readers will be amused by these additional remarks:
“You cannot take the path that Hollande is taking in France of dropping retirement ages and putting in exploitative, extractive taxation and creating a hostile environment for business [because then] there will be no growth in Europe and the whole European project will fall apart.”
