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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.
This should be interesting. The more left-wing Fianna Fail is out after ruling for 60 years and the center-right Fine Gael is in but must deal with the fiscal mess.
The unprecedented and historic defeat, Fianna Fail's worst result in 85 years, makes the Irish government the first eurozone administration to be punished by voters in the aftermath of the EU's debt crisis. Voter turn-out was exceptionally high at more than 70 per cent, indicating public anger at the government and the EU.

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  

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