Tuesday 14 August 2012

THE DIRTY DOZEN w/e Aug 19th 2012

Apologies, last week was a hectic week on the day-job front, two All-Ireland senior hurling semi-finals on the horizon, writing about one, doing interviews etc. for the other.  A few minutes to draw breath this week so herewith the latest 'dirty dozen', the next 12 bonds as they fall due from our various banks.

You'll note that the next bond due is for €10,000,000, an unsecured unguaranteed bond from Anglo; you'll note also that a few weeks later, on Monday fortnight (Sep 3rd) Anglo is paying out again, this time a bond of €600,000,000, those billions drained from the Irish economy.

You'll note all of this but only if you happen on to this site. Those who don't will note nothing because none of this detail will appear on any mainstream Irish national media outlet. If there is any mention of the €600,000,000 bond it will probably be to point out that this is a 'Covered' bond, as though this means we have a moral obligation to pay. But that bond was issued two years ago, for what? To pay other bonds, that's for what, because at that stage - as at the moment - Anglo was being kept alive for that purpose and for that purpose only.

Look down a few lines, to October 1st - a billion-euro bond, this one from another bank we own outright, AIB, this one also unsecured and unguaranteed. Will you read about this in our mainstream national media, will you hear about it?

We are sold out by successive weak governments but we are betrayed by our media. The fourth estate? Protecting the interests of the people? Objective, investigating, exposing, challenging? As ever there are honourable exceptions but where is the coverage of this issue?

You will have read Enda's trumpeted 'triumph' after the Eurozone Leaders' Summit a few months ago, splashed across every front page, the €40bn won back for Ireland; you won't have read on those same front pages with the same prominence the subsequent realisation that this was all just hype and hot air, that not a single cent has yet been won back by anyone.

We'll keep banging on here, nonetheless, even if we're only sharing this among ourselves!

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