Ballyhea Says No

From my research what I can gather is pre 2008, Ireland was doing well and in a good position financially with a lot of money (67Million euro) in the pension reserve fund. The source of our problem was all the money that flooded into Ireland from core countries in the E.U such as Germany, France. Private banks in Ireland began borrowing hundreds of millions of euro from these core private banks. No due diligence was applied and the responsibility of that lies with the lender. The Ballhea Says No , are a group against this debt to private bankers. They have been protesting every week for 5 years now and it is spreading. This bank debt is their focus.

They have highlighted how we went from a bank guarantee of 5 million to a 69.7 billion debt that will be carried through for generations. A very informative link explains it here,

And a quicker one here.

When all this borrowing was going on nobody was controlling what was happening with the euro. Ireland within the euro system cannot control its own books. Germany was decreasing interest rates, it suited them, it did not suit Ireland. The 2008 bank guarantee ( in which the Brian Lenihan was told it was a 5billion liquidity problem) lasted 2 years.  It Jumped to a 400 billion exposure. How did this happen? Why to Ireland?

After the guarantee the ECB it appears washed their hands of the situation. They wanted to make sure no bondholder felt pain. From the Ballyhea link, it seems the EU abused their political muscle, by not stepping in and trying to help Ireland. However, the IMF wanted to burn the bondholders. Ireland now had a 69bn euro of debt. The 67 million pension reserve fund was gone, to two defined banks pension funds, Anglo 35 m, AIB 20 million. This interest on this debt is to be paid over the next 40 years and bubble payments over the next 30/40 years after that. This debatable debt is expected to be paid for by Ireland till 2038 when the ECB will come looking for the original debt amount.

Ballyhea Says No

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