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wonderpup

Revealed - The Troika Threats To Bankrupt Ireland

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If there remains anyone who imagines that the EU is on the side of the 'little guy' this story should set them straight.

Senior European and European Central Bank (ECB) officials agreed to threaten Ireland with national bankruptcy if the government made any attempt to burn bondholders, the Sunday Independent can reveal.

- See more at: http://www.independent.ie/irish-news/politics/revealed-the-troika-threats-to-bankrupt-ireland-30621197.html#sthash.vYCR4jOE.dpuf

When it really mattered the EU chose to side with the banks against the people.

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The people also include savers... some of who waited for better value.... not just those with mad views on what their homes are worth, and all their other entitled claims on assets via debt in their bubble heads.

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If there remains anyone who imagines that the EU is on the side of the 'little guy' this story should set them straight.

Senior European and European Central Bank (ECB) officials agreed to threaten Ireland with national bankruptcy if the government made any attempt to burn bondholders, the Sunday Independent can reveal.

- See more at: http://www.independent.ie/irish-news/politics/revealed-the-troika-threats-to-bankrupt-ireland-30621197.html#sthash.vYCR4jOE.dpuf

When it really mattered the EU chose to side with the banks against the people.

This is no great surprise to me. The governments have been siding with the banks for the last 20 years!!!!

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Surely the story should be that the EU sided with German taxpayers who didn't want to bailout German banks directly?

Or the banks and the hedge funds involved could have (I can hardly bring myself to type the words) lost money?

I know- a truly shocking idea. Far better to have pensioners in Greece foraging in dustbins for food.

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Or the banks and the hedge funds involved could have (I can hardly bring myself to type the words) lost money?

I know- a truly shocking idea. Far better to have pensioners in Greece foraging in dustbins for food.

Yeah just magic up the free money, on top of a crazy boom.

Some sensational isolated instances. Better than whole countries eating each other, cut off from credit markets for trying to dick their creditors, wanting someone else's savings... unwilling to compromise on their bubble.

It's been a thing of joy to see house prices crash in some countries, VIs getting taken down... just a shame assets are still being held off market to try and get above fair value.

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If you recall, it was also the problem that the Irish govt. guaranteed 100% of savings to prevent a full blown bank run, which since they didn't have their own currency/Central bank, they could not fund.

It was that decision which set off similar 100% emergency g/tees elsewhere. Once 1 EU country has done that then they all had to follow else all money flows to Ireland. That was the moment Darling was forced to g/tee 100% of deposits in UK banks else the money would have run to Ireland.

At that point the game was over. Govts. had decided to bail out savers 100% and the liabilities were de facto trasnferred to the govts

Savings g/tee in UK went from £33k/35k instantly to inifinity. Then they agreed to equalise it at E100k (£85k) but in truth they've never resolved this issue of savings g/tee. It's 'parked' until the next time a UK bank goes bust. Then we'll see if they have the cojones to enforce bail-ins or bail out savers again.

Edited by R K

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Living where all the houses are mostly all half a million pounds+, and talking about saver bail-ins... another world indeed.

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