The Bank Guarantee That Bankrupted Ireland

Ellen Brown • truthdig.com • November 2, 2013

The Irish have a long history of being tyrannized, exploited, and oppressed—from the forced conversion to Christianity in the Dark Ages, to slave trading of the natives in the 15th and 16th centuries, to the mid-nineteenth century “potato famine” that was really a holocaust. The British got Ireland’s food exports, while at least one million Irish died from starvation and related diseases, and another million or more emigrated.

Today, Ireland is under a different sort of tyranny, one imposed by the banks and the troika—the EU, ECB and IMF. The oppressors have demanded austerity and more austerity, forcing the public to pick up the tab for bills incurred by profligate private bankers…

Ireland was the first European country to watch its entire banking system fail. Unlike the Icelanders, who refused to bail out their bankrupt banks, in September 2008 the Irish government gave a blanket guarantee to all Irish banks, covering all their loans, deposits, bonds and other liabilities.

At the time, no one was aware of the huge scale of the banks’ liabilities, or just how far the Irish property market would fall.

Within two years, the state bank guarantee had bankrupted Ireland. The international money markets would no longer lend to the Irish government.

Read the entire article here.

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One Response

  1. “At the time, no one was aware of the huge scale of the banks’ liabilities, or just how far the Irish property market would fall.”

    Bullshit! That is EXACTLY why German banks bribed Irish politicians to sell out their country.

    “No matter how cynical you become, it’s never enough to keep up.”
    Lily Tomlin

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