Monday 23 September 2013

THE DIRTY DOZEN - w/e Sep 29th 2013

Just so you know - today, EBS (we own it by the way) pays yet another unsecured bond, a mere €50,000,000 but sure what would you buy for a mere fifty mil these days eh?

Go to the '3-yr debt summary' tab in the table below and check out the combined projected debt payments of our banks and our government for the three years 2013/14/15, then tell me how a banking system already up to its tonsils in mortgage problems, how a government up to its tonsils in debt (€192.5bn at the end of 2012, and growing rapidly), can survive - either one of them.

Our government and its media cheerleaders are living in lu-lu land, whistling past the graveyard as they continue to try to convince the world that Ireland is thriving, recession over. As our friend - Ireland's friend - Constantin Gurdgiev puts it, however, we are not a patient in recovery, we're a patient in an induced coma. Europe has helped put us in that coma, Europe is helping keep us there, but not in the way they would have it portrayed, the way they do have it portrayed.

The incomplete launch of an incomplete currency is at the root of this Europe-wide crisis; in Ireland it was the subsequent influx of cheap European hundreds of billions to this tiny economy, fuelling a property bubble that subsequently and inevitably exploded. To save the euro, to save the big European banks, the EU/EC/ECB ordained that Ireland would have to bail out every one of its banks and every one of the bondholders in those banks, thus the continuing bond payments above.

In Ballyhea we've been campaigning for 134 weeks against that bank-debt imposition, marching every week. In our efforts to get that bank-debt written off we have developed our own proposals, we have walked the corridors of the highest powers in Europe, sat face-to-face with senior people from the EU Parliament, the European Commission, the ECB, the European Council.

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