No Deal on the Anglo Burden

 Posted by on January 29, 2013  Add comments
Jan 292013

So much for the promissory note deal.  Despite all the posturing by Kenny and Rabbitte, we’re as far away from getting a break as we ever were, so why precisely would we continue with this nonsense?  Fitzy and Fingers between them ran up a loss of €34 billion in their privately-owned lending institutions.  These companies had nothing to do with mainstream banking and even less to do with the broader economy.  They were little more than funding vehicles for the small bunch of cronies who destroyed our country.

If they had been allowed to collapse, no-one would have suffered except the international investors who routinely calculate such ups and downs into their plans, but the two Brians decided to bail them out anyway by placing a huge burden on the Irish people.  Of course, both Anglo and Irish Nationwide are dead banks  that will never trade again and never make a profit.  Therefore, the huge cash injection went straight to the bondholders and the huge corresponding debt burden went straight onto the shoulders of our children.

Why did Brian and Brian decide to bail out the investors in two failed businesses?  Perhaps we’ll never know.

Would they have done the same thing if Anglo and Irish Nationwide happened to manufacture clothing or hamburgers?  Almost certainly not, and yet, they chose to enslave future generations of Irish people in order to protect the investors in these two private companies.


The consequence is that every year for the next ten, our government must pay €3 billion to pay off this awful promissory note.  Not to the bondholders, remember, since they already got all their money, but to our central bank which, in turn, destroys that money in order to balance the books.  It’s utterly absurd.   €3 billion every year, to pay for the incompetence of two failed banks, even though we don’t own the debts they ran up.  This money is the difference between decency and misery, between people dying on trolleys or going home alive, between police protection and rampant crime.

That’s the cost of bailing out the Anglo billionaire investors to make sure we won approval in Europe and got a pat on the head.

Fast forward to today.  Enda Kenny, Pat Rabbitte, Eamon Gilmore and Michael Noonan in their various ways have reassured us that a deal was on the cards.  Draghi was behind it.  Von Rompuy was behind it.  Osborne was in favour.  Barroso thought it should happen.  Olli Rehn said it was only right.

Well, guess what?  The governors of all the central banks have said no.  There isn’t a deal for Ireland, even though we took onto ourselves a huge burden in order to save the Eurozone.  It turns out that paid officials, and not elected representatives, are in charge of Europe.

Maybe it’s  time to stop being the best kids in the class and instead threaten to pull down the whole tent on top of everyone, just as we should have done nearly five years ago when the whole scandal first began to emerge.

The French would do it in a blink, but of course, they have some self-respect, unlike us.


  8 Responses to “No Deal on the Anglo Burden”

Comments (8)

    The frightening ineptitude of the above mentioned Euro sycophants is now laid bare. Unfortunately,its matched only by the credulity of the electorate. We got what we deserve….again.


    The deal the politicans want, might not be to help us. but as a small price to pay to save their long term plans for the euro and europe.
    Why have the governors of all the central banks said no? Could this be because we can still pay our consultants twice what they get in europe. Maybe it the fact that we have the money to pay our TD’s more than any other country in europe. After all they look at Brian Cowen who is retired at 53 on 150,000 Euro a year index linked for the rest of his life.
    The money men look at this and see that some things we have no shortage of money.


    One of the main problems of this whole farce is that the public has never been a credible answer to the question of why we have to pay this sum of money each year. It is telling that January 2012 was the last time that the Troika had one of their press conference following their periodic visits. Of course that was when Vincent Browne asked Klaus Masuch of the ECB for an answer to the question about why we are required to pay unguaranteed bondholders billions of euros.

    If people knew this €3 billion a year was going to improve the economy in any tangible way, rather than just depleting the public services and increasing the tax burden. Sadly, nobody in leadership has given a credible answer.


    The whole sorry mess, the unworkable forced integration of states that are economically and culturally diverse needs to come to an end and we have a golden opportunity to light the touch paper. The “common market” has evolved into something unsustainable. We need to thank our European “friends” and gracefully go back to our own currency; set our own interest rates, tell bondholders what they already know; that they must follow the rules of capitalism and take their goddam losses like the rest of us.
    Our unique problem is that we are a sovereign state in name only. Of course we can also reach an understanding with our European masters based on the current system; it will lead to stagnation; and massive emigration. People of a certain age who did well out of the tiger and who have no debt feel they have nothing to fear, however they have much to fear. Our young, the future taxpayers are leaving in their droves; at least the ones with ability and courage are. Those left behind aren’t going to be able to support the greedy generation in their dotage.
    If we continue this disastrous economic policy, Ireland will look more like a nursing home than a country in 20 years time. What no one seems to see is that Germany has more to lose when the wheels come off the wagon than we have. Let it roll.


    Emigrated to Canada last year. Sick to bloody death of gutless politicians and constant bad news about the economy. Wen I first arrived I had a conversation with an in-law who emigrated in the 80’s. As far as he was concerned kenny was a great guy who has single handedly rescued ireland from an economic apocalypse. When I corrected him on this, saying that our economy was already post apocalyptic and that kenny and his predecessors were utterly incompetent and gutless and that ireland was buried under generations of debt he simply refused to believe me. People here have some funny ideas about the great enda kenny.


    Well Bock, how do you fancy some crow? At least give us your thoughts on this.


    I will indeed, once I’ve had a chance to analyse exactly what has been agreed. Meanwhile, I’m not sure if you’ve noticed, but there’s no sign above the store that says “Infallible”. Since I get paid nothing for doing this, “occasionally right” is a pretty good return.


    i would give you an A in getting things occasionally right, mister Bock

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