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Europe | |
Irish elect new govt, pushback to EU austerity program | |
2011-02-27 | |
Ireland's new government is headed for confrontation with Brussels after the country's ruling party was wiped out on Saturday by voters in a huge popular backlash against a European-IMF austerity programme.
Late last year, Ireland was forced to accept a £72 billion EU-IMF bailout to cover huge public debts that were ran up to save failed Irish banks. The bail-out was designed to prevent financial contagion that threatened the existence of the euro, but according to economic forecasts, the cost of servicing Irish bank debt and the EU-IMF bank loans will consume 85 per cent of Ireland's income tax revenue by 2012, a burden that a majority of voters find intolerable. | |
Posted by:lotp |
#1 > Late last year, Ireland was forced to accept a £72 billion EU-IMF bailout to cover huge public debts that were ran up to save failed Irish banks. Bailing out politically connected bondholders at taxpayer expense was a VAST mistake/fraud. |
Posted by: Bright Pebbles 2011-02-27 10:35 |