Madam, – On Thursday morning, Minister for Finance Brian Lenihan made the point on RTÉ radio more than once that when you are looking to borrow more money from the bank manager, you do not start by telling him that you are going to default on a prior loan. This analysis is entirely correct, but misses the point that bond-holders are investors, not bankers. Professional investors understand that sometimes they win and sometimes they lose . . . they look forward and not backwards.
Ireland is so small that the proportion of the investment population we might disappoint in the short-term is tiny. There are many other investors who will be attracted by the pruning and stimulus actions we must take to facilitate new growth. Experience shows that as we begin to edge forward, many of those investors who swore that they would never again support us will begin to feel they are missing an opportunity and will invest again. That is their nature. – Yours, etc,
Madam, – Article 45 of the Constitution says: “(1) The State shall strive to promote the welfare of the whole people by securing and protecting as effectively as it may a social order in which justice and charity shall inform all the institutions of the national life”.
It goes on to say: “(4.1) The State pledges itself to safeguard with especial care the economic interests of the weaker sections of the community , and, where necessary, to contribute to the support of the infirm, the widow, the orphan, and the aged.
“(4.2) The State shall endeavour to ensure that the strength and health of workers, men and women, and the tender age of children shall not be abused and that citizens shall not be forced by economic necessity to enter avocations unsuited to their sex, age or strength.”
In light of the unbelievably excessive demands being placed on the ordinary workers of the State, I do not see much evidence of a safeguarding of the economic interests of the weaker sections of the community. Rather the reverse – the rich are protected and the poor are being fleeced and forced to live in misery.
It is unknown the number of suicides that will and have resulted from the Government’s current policies. For me, it’s far more important that the citizens of the State be protected than that the reputation of the State be protected and upheld.
If what’s happening here in Ireland were happening in, for example, North Korea, we would be appalled. And no one seems able or willing to say STOP.
Everything – strength and health of workers, men and women and the tender age of children and especially the weaker sections of the community – is being abused and sacrificed to maintain our failed and failing banking system.
If we can’t afford to prop up Anglo Irish Bank, (and we can’t, as evidenced by the appalling hardships being imposed by the Government on the citizens of the State), then we should let the bank go under and let us concentrate instead on the welfare of the people.
The ship is sinking and Anglo is dragging it down quicker. And our legislators won’t even countenance any alternative except propping it up at any cost.
The Government talks about the tough and unpopular decisions it is determined to make. I doubt any of our politicians will suffer as a consequence of these decisions, cosseted as they are by their exorbitant salaries and expenses.
Once again it’s the poor and underprivileged who will have to pay.
I ask, why not let the bondholders pay for their gambles? The analogy I would draw is that we, the people, have been mugged and grievously injured and now the muggers are suggesting that they are the ones most capable of tending to our injuries and bringing us back to health.
I don’t think so! – Yours, etc,
A chara, – Declarations that “Ireland must not default on its sovereign debt” are being overtaken by “Ireland cannot escape finishing up in sovereign default”.
Common to both is the belief that an ocean of private debt must be transferred to the taxpayer.
Any government which accepts such a transfer fails the Irish people. Promises of improvement are not believable from any aspiring government which tolerates it.
Various views exist on whether Anglo Irish is wound up now, wound up more slowly, nationalised or broken into a good and bad bank, etc. But the difference between any of the choices is negligible, if the taxpayer has to pick up the bill.
A major spin campaign described Iceland as a “basket case”. It was supposed to suffer badly for refusing to repay certain international loans. But the latest news is that Iceland pays less interest on international loans than Ireland.
There has been a further innovation by the “basket case”. Now, Iceland is charging a politician for his actions – an ex-prime-minister no less (World News, September 30th).
Following this example, a prima facie case may well exist in Ireland. How about criminal prosecution of those who unnecessarily donate unparalleled amounts of public money to private interests? – Is mise,
Madam, – The Taoiseach recently stated that Ireland is “fully funded” for now. Why does this Government persist in such spin?
Ireland is not “fully funded”. Ireland has secured sufficient borrowings from money lenders, at penal rates of interest, to pay its bills up to the first quarter of the new year. However, these are not funds, they are loans and both they and the interest must be repaid in full.
Given the state of financial affairs in this country, it would be more accurate to say that Ireland is “fully borrowed”. – Yours, etc,
Madam, – I note that on Wednesday, 74 of our elected representatives voted against the extension of the bank guarantee scheme (Home News, September 30th), that is, the scheme that protects the deposit monies of us, the voters? Who are our TDs representing and how can we be hopeful for the future, when nearly 50 per cent of our TDs voted not to protect our monies? It’s early to be festive but this definitely seems to be a case of 74 turkeys voting for Christmas. – Yours, etc,