Madam, – As a 90-year-old man, I have lived through British rule, Irish rule, and due to the actions of others, Ireland is now unfortunately being subjected to rule by the EU and the IMF. Maybe, we can turn this “ill wind” to our benefit.
I think that now would be a very opportune time for the IMF to draw up a proper constitution for a small bankrupt island like Ireland. My suggestions would include: 1. Limiting the number of TDs to one per county. 2. Abolishing the Senate. 3. Establishing a minimum education standard for all TDs, including a requirement that all ministers hold a relevant basic university degree. 4. Salaries, pensions, expenses, cars for our public officials that are appropriate for a small island.
Regarding the suggested bailout loans themselves, it is not clear to me why Ireland should borrow money from Britain and Europe, to the extent that it is used to bailout British, French, and German bondholders. These foreign investors chose to invest in Ireland’s reckless property boom, and must bear the consequences now that the boom has turned to bust. The Irish taxpayer has paid more than enough to protect the banks; shareholders have lost everything, but for some reason bondholders seem to be untouchable.
Perhaps the British and Europeans should keep their money and look after their own interests themselves. Ireland could then borrow a reduced amount from the IMF, and if necessary, avail of loans generously offered by Denmark and Sweden to deal with the Government’s borrowing needs, as well as a contingency which could be used to stimulate investment in areas where Ireland has a natural advantage such as wave power, wind power and fishing. – Yours, etc,
Madam, – The bond-holders to whom we are beholden are just financial organisations that took an investment risk. Fine. It turns out that their money was on the wrong horse. Such is life in the “free market”. Why should we pay a cent to dig them out? Indeed, what does it have to do with the Irish people at all? The thin argument that our financial trustworthiness will be damaged by defaulting can easily be addressed by a systematic spring-cleanout starting with an immediate general election. – Yours, etc,