The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
The Irish central bank and Ireland in general did not really regulate its own banks.
Nobody here is disputing that. Ireland was a massive case of control fraud. People should be going to prison for that. But the fact that several highly placed property developers, bankers and Fianna Fail machine politicians should be dining on prison fare for a few years does not mean that the general public has to be flagellated in order to honour obviously bogus debts.
You could make the argument that those who voted for Fianna Fail bear some measure of responsibility, since Ireland is, after all, a democracy. While I agree that on some moral level they do, as a practical matter the buck has to stop somewhere. You cannot flagellate the entire Irish economy in penance over their corrupt politicians, for the same reason that you couldn't hang every German who voted for the Nazi party, or worked in the German armaments industry during the war.
Personal responsibility is all well and good, but you have to draw a line somewhere, or your quest for personal responsibility will turn into collective punishment.
The exposure to genuine Irish banks, who ruined themselves in real estate, was always low and is after two years almost nonexistent.
Well, that would simplify matters greatly. Then the Irish government just needs to shaft some domestic Irish bondholders. Which is always less complicated than shafting foreign bondholders.
There's just the teensy-tiny problem that it isn't true.
Friends come and go. Enemies accumulate.
by Bernard - Jun 26 29 comments
by Migeru - Jun 26 61 comments
by Frank Schnittger - Jun 27 20 comments
by rifek - Jun 27 24 comments
by Frank Schnittger - Jun 25 91 comments
by Frank Schnittger - Jun 24 72 comments
by Frank Schnittger - Jun 23 40 comments
by tyronen - Jun 22 38 comments
by rifek - Jun 2724 comments
by Frank Schnittger - Jun 2720 comments
by Bernard - Jun 2629 comments
by Migeru - Jun 2661 comments
by Frank Schnittger - Jun 2591 comments
by Frank Schnittger - Jun 2472 comments
by Frank Schnittger - Jun 2340 comments
by tyronen - Jun 2238 comments
by John Redmond - Jun 1726 comments
by Frank Schnittger - Jun 1734 comments
by gmoke - Jun 155 comments
by Frank Schnittger - Jun 1362 comments
by DoDo - Jun 1231 comments
by Democrats Ramshield - Jun 104 comments
by generic - Jun 81 comment
by fjallstrom - Jun 81 comment
by DoDo - Jun 647 comments
by ARGeezer - Jun 617 comments
by DoDo - Jun 568 comments
by ARGeezer - Jun 270 comments