Sunday 19 February 2012

The Dirty Dozen w/e Feb 26th 2012

Today, Monday 20th February 2012, AIB pays an unsecured bond of £750,000,000, which translates to approx. €911,300,000. There are those who say that the bank bonds payments is a dead issue, that it doesn't matter anymore; almost a billion euro going from an Irish bank to a British financial institution at a time when our economy is going through the floor, when Irish business is crying out for investment the banks can't afford to offer - that doesn't matter? €19bn in bank bonds leaving our economy this year, €55bn leaving over the next four years, that doesn't matter? What's left in the Irish banking system to invest in Irish business?

While that money is going out our overseer government will be carrying out the orders of our new slavemasters the ECB/EU/IMF troika and bringing in austerity budgets combining increased taxation/spending cuts of €3.8bn (2012), €3.5bn (2013), €3.1bn (2014), €2bn (2015) - we're going to GROW our way out of this mess? Oh, AND we're going to destroy €3.1bn every March 1st?

Comical Kenny and Happy Gilmore fiddle on...

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