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The "BAILOUT"
Irish politicians of all parties and persuasions, especially European integrationist's, continually refer to the EU / IMF "Bailout", as some kind of rescue of the Irish economy, hoping that the knock on effect on public opinion, of being grateful to the Europeans, or at least encouraging the belief among the Irish people, that we as a Nation could not survive without intervention, thereby making integration with Europe easier.
This is NOT a "BAILOUT"
The use of the word "bailout" has connotations which imply rescue, or of getting something for nothing. Neither of these features apply to the "Debt Restructuring" involved in the financial arrangement with the EU / IMF, with regards to the debt crisis of the Irish Government. Indeed the cost of this "Debt Restructuring", is both punitive and excessive, particularly when it is borne in mind that
this money is being borrowed by the Irish Government to pay back Bank debts which it did not incur, and should never have guaranteed.
the Government is borrowing from bondholders (moneylenders), in order to pay back Bank Debts to sometimes the very same bondholders (moneylenders).
The term "Bailout" could however be properly applied to the arrangement between the Irish Government and The Irish Financial Institutions (the Banks). We have "Bailed Out" the banks, and put the Irish Nation in debt for generations to do so.
Why are we involved in this "Debt Restructure"
When it became clear that the banks and financial institutions, (all privately owned), due to irresponsible lending, and boardroom corruption, could probably not repay the bondholders (the Moneylenders), the Irish Government took the decision to act as Guarantor, for the borrowings of the banks, thereby assuring the bondholders (the Moneylenders), that the Taxpayer would repay all monies owed to them by the banks.
Why did the Government issue the blanket guaranteed
Many of our politicians had good reason to fear a public scrutiny of their involvement in any possible banking collapse. As has since been proven they were up to their neck in conspiring to deceive the Irish people as to their incompetence, and the corruption which took place during their economic management of the Nation. The opposition parties cannot escape criticism either, some of their former colleagues were themselves engaged in dubious activities, which may yet end up before the Courts. Many of the public enquiries held before now have shown that corruption affected politicians from almost all of the parties.
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