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The question is whether the Irish people should bear the entire cost of solutions that cannot work so that the German, British and other government will not have to confront the insolvency of some of their own banks. The Germans, the British and other creditors would prefer to "extend and pretend". But that keeps in place the problems that led to the current fiasco in the name of saving face for governments and institutions that allowed and even encouraged these loans.
In addition, the policies required of the Irish under the terms obtained by the ECB will greatly impoverish the Irish people to benefit a few wealthy individuals in creditor nations. That is the evil through which I would like to see a stake driven.
As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
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