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View Diary: Ireland ready to take the Euro hostage (256 comments)

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  •  I'm of two minds about this (0+ / 0-)

    On the one hand, the Irish people didn't do it and they shouldn't pay.  On the other hand, the EU didn't do it either.  The Irish government did it, not pressured by the EU (in fact, the EU didn't approve of Ireland growing its banks).  Overall it's up to the new Irish government to care about its people and not about the EU, but it;s not quite a case of trashing the Euro as legitimate payback to the villains.

    Todo tiempo pasado fue mejor. I don't believe that, but I hear this sig is permanent.

    by Rich in PA on Sun Feb 27, 2011 at 09:03:33 AM PST

    •  No. The Irish Government (6+ / 0-)

      allowed the banks to do it.

      That's not the same as, you know, doing it.

      Will the revolution be easier if we HR each other a lot?

      by JesseCW on Sun Feb 27, 2011 at 09:22:46 AM PST

      [ Parent ]

      •  You're joking, right? (0+ / 0-)

        I fear that you're not. Oh well, there are scarier things in the papers this morning.

        Todo tiempo pasado fue mejor. I don't believe that, but I hear this sig is permanent.

        by Rich in PA on Sun Feb 27, 2011 at 11:00:24 AM PST

        [ Parent ]

      •  Not so sure. (0+ / 0-)

        There were quite a few reports after the crash about the connections between Fianna Fail, property developers and banks.

        Reading Milton Friedman in Dublin

        Ireland’s economic problems started, like America’s, in the real estate market. Just as in the U.S., free-market ideology and comfortable relationships between businessmen and politicians encouraged the creation of a housing bubble. As a recent report by three National University of Ireland economists emphasizes, Ireland’s financial institutions did not fall prey to exotic financial instruments, but to lax regulation and bad business judgment. The report is tactfully silent regarding the reasons why Irish regulators made "obviously flawed" judgments, although its mention of the fact that "most large property developers in Ireland have been very closely connected to the ruling political party, Fianna Fáil," offers some clues.

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