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Stephen Kinsella: Stephen Kinsella: Is the troika more damaging than 800 years of English rule? Discuss (Irish Independent, 05 MARCH 2013)
THE troika aren't our friends. They are not here to help Ireland. They are here to protect the interests of the creditor countries to whom Ireland is in debt. Ireland's banks must be saved to prevent any contagion to other core countries' banking systems.

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Sometimes, caricatures of this austerity-at-all-costs argument come to the fore. David Begg, General Secretary of the Irish Confederation of Trade Unions, recently said that "the troika has done more damage to Ireland than England ever did in 800 years".

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But it's not at all credible to say that Ireland's experience from 2010 to today is comparable to 800 years of British rule. You just can't compare the two.

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But without the troika, Ireland would have had to drop its government spending by more than 20pc in one year, not over five years. That's the big difference. The correction would still have had to be made, but much, much more quickly, and without giving people time to adjust. I'm no fan of the austerity approach, but the troika aren't the ones imposing it on us. Simple accounting has dictated it. We'd have had to do it ourselves, in some shape or form.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Tue Mar 5th, 2013 at 03:26:13 PM EST
Ireland would have had to deal with the aftermath the collapse of a giant real estate bubble. It did not and should not have bailed out the private speculators who had been the agents of that collapse and, had it not, it would have been in much better shape to deal with the subsequent downturn. Furthermore, finance would have been given a sharp lesson in the consequences of financial sector fecklessness. Instead that lesson was gratuitously inflicted on the Irish people.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 5th, 2013 at 07:21:33 PM EST
[ Parent ]
but the troika aren't the ones imposing it on us. Simple accounting has dictated it.
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Creditors...who exactly they are? And how is it possible that they " accidentally" borrowed money to those who never had a chance to repay it? Are they incompetent?
I wouldn't think so.
The bubble was CREATED and what bothers me is that no one is in jail for bankrupting entire countries...intentionally...just because of lack of regulation...or corrupted politicians being oh so willing to deregulate financial sector. Same politicians are not only in power but are now imposing austerity left and right to "save" our countries...while banksters have never better time to do their dirty business. It is hopeless because the whole situation is schizophrenic...  

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Wed Mar 6th, 2013 at 10:20:30 AM EST
[ Parent ]
but the troika aren't the ones imposing it on us. Simple accounting has dictated it.
Stephen Kinsella, common sense conservative.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Wed Mar 6th, 2013 at 10:21:19 AM EST
[ Parent ]
And propagandist.

There is no alternative (to propaganda), of course.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Mar 7th, 2013 at 04:26:09 PM EST
[ Parent ]

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