It's been a few weeks since this
blog was updated, hectic times in the All-Ireland hurling championship,
the day-job taking precedence. However, time, tide and now Irish bank
bond payments wait for no man, the haemorrhaging continues unabated.
In
the week that's in it though, the continued leaking of the Anglo tapes,
a bit of advice to all so outraged by the damage to our national
reputation, in Germany especially. You see Germany - especially - has
gained hand-over-fist since this whole crisis began.
When
the reduced interest rates they're paying on their bonds is added to
the income their banks are gaining from the influx of deposits, the
Germany economy has already benefited to the tune of
well over €100bn.
Add in what the German banks got directly from the so-called 'Greek' bailout (
Greek-default-watch website:
'Foreign creditors received back €59.9 billion in maturing debt and
they
received a (likely) majority of the €37.9 billion spent on interest. In
all, therefore, almost half the funds provided by the European
governments went back to pay foreign (largely European)
investors' - the 'largely European' surely includes quite a few German
institutions!); throw in the additional billions we've donated from our
total bank bailout (to date) of €69.7bn, and well, you know, dear old
Angela and her constituents aren't doing half badly from all of this.
Ireland? Well, we don't have that €69.7bn anymore and we've left our kids and grandkids
a legacy of debt
but aren't we restoring our reputation? By the way, that link is to a
short video which explains in crystal clear fashion the 'deal' done by
Michael Noonan when he transformed the Promissory Notes to Sovereign
Bonds. Watch this clip, then decide for yourself if it was indeed a
great deal.
Meanwhile,
back at the banks, €50,000,000 unsecured bond will be paid today,
another €15,000,000 likewise in the next couple of weeks. Drip, drip,
drip, the life-blood drained from our economy...
