Ireland Has Been Betrayed by its Leaders

Ireland Has Been Betrayed by its Leaders

It never seemed to matter in the boom years, but strictly speaking, there is no 
such thing as a Celtic Tiger. The image was coined in the mid-90s to compare 
Ireland with voraciously expanding economies in east Asia.

Now that boom has turned to bust, and Ireland is negotiating a European bailout, 
the mythical nature of the beast is poignant. There were no big cats in Dublin 
after all.

But there were fat cats. The Irish boom saw a vast property bubble puffed up by 
appallingly managed banks with the complicity of idle regulators and political 
cronies. House prices between 1994 and 2006 rose by around 520%. The 
relationships between developers, their financiers and the officials who 
authorised the building spree were usually cosy, often corrupt.

Towards the end of the growth years, the country's financial sector descended 
into full-blown mania. Banks doled out credit indiscriminately and borrowed on 
international capital markets on a scale that far exceeded the nation's economic 
output. When the bubble burst, the government stepped in to rescue the banks, 
but their debts were ultimately bigger than the state's capacity to raise 
revenue. Ireland started sliding towards insolvency. Hence, the bailout.'

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And it is not only the Irish that are being betrayed by their leaders. George 
Osborne announced that even though we weren't obliged to help in the bailout of 
the Irish Banks that he would give them £7 Billion of British taxpayers money as 
they were good friends to Britain.!!!!!

Support the Run on the Banks on the 7th December 2010. Just go down to your 
local bank and take out your money before the bastards give it to someone 
else!!!