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 DoDo - Sep 3 103 comments
by marco - Aug 24 26 comments
by car05 - Aug 27 10 comments
by gmoke - Aug 17
by john_evans - Aug 18 26 comments
by Metatone - Aug 14 24 comments
by Helen - Aug 3 38 comments
by DoDo - Sep 3103 comments
by car05 - Aug 2710 comments
by marco - Aug 2426 comments
by john_evans - Aug 1826 comments
by gmoke - Aug 17
by Metatone - Aug 1424 comments
by DoDo - Aug 1191 comments
by Helen - Aug 338 comments
by Frank Schnittger - Jul 2246 comments