IMF and the Banksters. Why do we pay?

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ocoonassa

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OK so there's these banks with cancer that for some bizarre and possibly criminal reason our government decided to put on life support. It seems like a great injustice to be honest, I wouldn't care if they failed.

What I would like to know though is this, if these banks are having a problem and need money, why is it that ourselves and not the banks that will be billed the interest for the loan? Can anybody explain?
 


LongShanks

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I've been wondering the same thing actually. I presume the answer is patently obvious but it eludes me.

From my understanding the ECB has the jitters about Irish banks (we have 1-2% of the economic wealth of the EU but our banks owe about 20% of the ECB loans). The markets have turned their attention on us as predicted after Greece. We can't borrow at the rates they've set. However that's not a problem till next year apparently as we don't need to borrow until then.

But the banks have been less that truthful regarding their books and they can't borrow either so they've been tapping the ECB. But the ECB is fed up propping up the Irish banks hence they suggested the IMF might be better placed to give us a dig out. So the IMF will give us a loan at 5% but we pay it, not the banks. Privatise profits, socalise losses. That's my understanding of it anyway. Like yourself I cannot undertand it nor can I understand why we take it.
 

karldaly

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"Why do we pay"

WE didn't pay - Brian Cowen and Brian Lenihan did and then stuck us and our children with the bill.

"They sold their souls for penny rolls and lumps of hairy bacon (plus huge salaries, pensions and enormous unvouched expenses)"

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Sync

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There are a million threads on this exact topic.
 
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